User Account

All Pages

Find the year-end adjusting entry will include

Assignment Help Accounting Basics
Reference no: EM132787357

Problem 1: On January 1, 20x1, NURTURE REAR Co. acquired a building with an estimated useful life of 10  years and residual value of ?400,000 for a total cost of ?4,000,000. The fair value of the building on January 1, 20x1 is ?4,800,000 while the fair value on December 31, 20x1 is ?5,200,000. NURTURE estimates that if the building is sold currently on December 31, 20x1, costs to sell amount to ?200,000. NURTURE uses the straight line method in depreciating its PPE. NURTURE uses the fair value model for its investment properties. The year-end adjusting entry will include

a. 360,000 depreciation

b. 400,000 unrealized gain

c. 200,000 unrealized gain

d. 1,200,000 unrealized gain

Reference no: EM132787357

Questions Cloud

What entry to record transfer of the building to investment : The fair value of the building on December 31, 20x1 is ?6,000,000. The entry to record the transfer of the building to investment property includes a
Discuss about gender development and moral development : Emotional development, attachment to caregivers as infant, play, gender development, moral development, peer groups/peer pressure, relationships with parents.
What will these equal payments? be : Question - Mr. Bill S.? Preston, Esq., purchased a new house for ?$150,000. What will these equal payments? be
Name two properties of a good marker : Name two properties of a good marker and explain why good markers are important.
Find the year-end adjusting entry will include : The straight line method in depreciating its PPE. NURTURE uses the fair value model for its investment properties. The year-end adjusting entry will include
Correlation between sickle cell anemia and resistance : Discuss the correlation between sickle cell anemia and resistance to malaria. What is your opinion on the good, bad, or neutral mutation of sickle cell anemia.
Determine the equivalent units of production for materials : Marvellous Inc. uses the weighted-average method in its process costing system. Determine the equivalent units of production for materials
Determine the acceleration of the car : A race car accelerates uniformly from 20.0 m/s to 62.0 m/s in 3.0 seconds. Determine the acceleration of the car.
Compute the differential costs between the two plan : Assuming that both plants call for the production of 10,000 units of the poduct, compute the differential costs between the two plan

Reviews

Write a Review

Accounting Basics Questions & Answers

  What amount is included in norton gross estate

What amount is included in Norton's gross estate? Describe your analysis. Which properties added to the value of his gross estate

  How much revenue from this sale should Reggae recognize

Assuming that collection of the note is very uncertain, how much revenue from this sale should Reggae recognize in 2020

  How many coca cola common shares are outstanding

What percentage of authorized shares was issued by Coca-Cola at December 31, 2007, and by PepsiCo at December 29, 2007?

  Determine if goodwill is impaired

A goodwill impairment test is done as part of the year end closing process. Grier estimates the fair value of Walters to be $1.4 million. The fair value of Walters identifiable net assets, excluding goodwill, is $1.3 million.

  What is the company''s predetermined overhead rate

If overhead is applied on the basis of direct labor costs, what is the company's predetermined overhead rate

  Make a cvp income statement

Wildhorse Company bottles and distributes B-Lite, a diet soft drink. Make a CVP income statement for 2020 based on management's estimates

  Discuss crimson tide music academy offers lessons in playing

Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments

  Computing the margin of safety ratio for current operations

Mary Willis is the advertising manager for Bargain Shoe Store. She is currently working on a major promotional campaign. Her ideas include the installation.

  Describe what is important to include in the contract

You have been hired to oversee a major systems development effort to purchase a new accounting software package. Describe what is important to include in the contract with the software vendor.

  Find the amount of the impairment loss

In 2015, Antle Inc. had acquired Demski Co. and recorded goodwill of $320 million as a result. The net assets (including goodwill) from Antle's acquisition.

  Describe substantive procedures to obtain sufficient

Pineapple Beach Hotel Co. (Pineapple), Describe substantive procedures to obtain sufficient and appropriate audit evidence in relation to the issue.

  What is the companys increase in cash flows provided

A company is preparing its year-end cash flow statement using the indirect method. What is the company's increase in cash flows provided by financing activities

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd