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Question
Part A)
Bowie Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element:
PP&E Element Amount
Land $15,000
Building 25,000
Equipment 40,000
Bowie paid $70,000 cash for the lump sum purchase. What value should be allocated to the building? (Enter only whole dollar values.)
Part B)
Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $23,000 for the truck. The truck is expected to have a $3,000 residual value and a 5-year life. Cambridge has a December 31 fiscal year end. Using the double-declining balance method, how much is the 2019 depreciation expense? (Enter only whole dollar values.) Hint: what is the year 2 depreciation amount?
Part C)
Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $25,000 for the truck. The truck is expected to have a $2,500 residual value and a 7-year life. Cambridge has a December 31 fiscal year end. Using the straight-line method, how much is the 2019 depreciation expense? (Enter only whole dollar values.)
Vincent pays $20,000 for equipment to use in his trade or business. He pays sales tax of $800 as a result of the purchase. Must the $800 tax be capitalized as part of the purchase price?
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The company produces various consumer products and is presently considering the introduction of a new product line.
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Since both are happy with the arrangement, they asked you to handle the transaction. What are your comments to them and explain why?
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