Reference no: EM132315840
Question
1) Maplewood Properties bought three lots in a subdivision for a? lump-sum price. An independent appraiser valued the lots as? follows:
Lot 1 Appraised Value $294,000
Lot 2 Appraised Value $122,500
Lot 3 Appraised Value $73,500
Maplewood paid $380,000 in cash. Record the purchase in the? journal, identifying each? lot's cost in a separate Land account. Round decimals to two? places, and use the computed percentages throughout. ?(Record a single compound journal entry. Record debits? first, then credits. Select the explanation on the last line of the journal entry?table.)
2) 4. South Shore Petroleum holds huge reserves of oil. Assume that at the end of 2017?, South Shore Petroleum?'s cost of oil reserves totaled $408,000,000?, representing 240,000,000 barrels of oil. Suppose South Shore Petroleum removed and sold 30,000,000 barrels of oil during 2018. Journalize depletion expense for 2018. ?(Assume no residual value. Record debits? first, then credits. Select the explanation on the last line of the journal entry? table.)
3) Peter Company purchased equipment on January ?1, 2018 $28,000. Suppose Peter Company sold the equipment for $4,000 on December 31, 2019. Accumulated Depreciation as of December ?31, 2019 $11,000. Journalize the sale of the? equipment, assuming? straight-line depreciation was used.
First. calculate any gain or loss on the sale of the equipment. (Enter a loss with a minus sign or parentheses.)
Market value of assets received
Less: Book value of asset disposed of Cost
Less: Accumulated Depreciation Gain or (Loss)
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