Reference no: EM132439127
Questions -
Q1. Porter Business Products acquired equipment on January 1, 2008 for $470,000. The equipment has an estimated useful life of 5 years and an estimated residual value of $30,030. The equipment is expected to produce 150,000 units. During 2008, the equipment produced 24,000 units and during 2009, the equipment produced 60,000 units. Calculate depreciation expense for 2008 and 2009 under each of the following methods.
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Depreciation Method
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2008
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2009
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Straight-line
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Double-declining balance
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Units-of-production
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Q2. Taylor Computer Services purchased a tract of land and contracted with a builder to build an office building, a parking lot, and landscaping. The following transactions resulted from the contractor's activities. Determine the total costs allocated to the land, building, and land improvements accounts.
Purchased land for $135,000.
Paid a demolition company $40,000 to remove an old structure on the property.
Paid $14,000 in delinquent taxes on the property.
Paid the contractor $333,000 to design and build the office building.
Paid $34,700 for fencing. Paid $39,500 for paving.
Paid an electrical contractor $14,900 for outdoor lighting.
a. Cost of land
b. Cost of building
c. Cost of land improvements
Q3. Jones Construction purchased a group of assets for $740,000. The individual assets and their market values are listed as follows. Prepare the journal entry to record the transaction.
Land $450,000
Building 400,000
Equipment 150,000.
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