User Account

All Pages

Make a journal to record the depreciation of the building

Assignment Help Accounting Basics
Reference no: EM133077317

Question - To expand the factory, on January 2, 2020, PT Nugraha purchased land and a new building on a lumpsum basis by spending IDR 550,000,000,- . In addition, PT Nugraha also paid a fee of IDR 50,000,000 as administrative costs of buying and selling these assets. The market price of each of these assets at the time of the transaction is as follows:

Land IDR 500,000,000,-

Building IDR 300,000,000,-

The building will be depreciated using the number of years method, with an estimated useful life of 10 years and no salvage value.

Required -

a. Calculate the acquisition value of Land and Buildings and make a journal when they are acquired.

b. Make a journal to record the depreciation of the building in December 2020 with the necessary calculations, and make a program (schedule) that shows the amount of depreciation of the building each year.

Reference no: EM133077317

Questions Cloud

What type of market structure is frank in : a) Assume Frank owns a café along Chapel Street, where there are 10 other similar cafes within walking distance. What type of market structure is Frank in.? Exp
Compute the allocated manufacturing overhead be for the year : If Slow Silver Company uses direct labor cost as the allocation base, compute the allocated manufacturing overhead be for the year
What is the revised demand forecast for the shoes : Nike Store at Lee Plaza in Dumaguete City wants to know the optimal price of one of their Clarkson shoe model, taking into account the purchases of socks and in
What is the optimal temperature for ingredients : 2. What is the optimal temperature for ingredients and work surfaces areas when producing pastries? Explain your answer thoroughly, minimum answer
Make a journal to record the depreciation of the building : Make a journal to record the depreciation of the building in December 2020 with the necessary calculations, and make a program
What journal entries must be made : Assume Shoes uses the cost method to record its investment in Bags. What journal entries must be made to convert this investment from the cost method
What is the year end gross and net accounts receivable : The company estimates that the required year- end balance in the allowance for uncollectible account should be $40,080. What is the year end gross
What is the total cost of the ending inventory : Refer to McCain Corporation. What is the total cost of the ending inventory on the balance sheet under absorption costing
How many shares do you receive : There are 3 million founders' shares and the option pool contains an additional 3 million shares. How many shares do you receive

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the current market value of the firm debt

The yield to maturity is 12%, so the bonds now sell below par. What is the current market value of the firm's debt

  Create a new t-account in excel titled income summary

Create a new T-account in Excel titled Income Summary. Close out the revenue and expense accounts to the income summary account.

  Open the general ledger accounts and accounts receivable

Incredible Sounds is a wholesale business that sells musical instruments. Transactions involving sales and cash receipts for the firm during April 2016 follow. The firm sells its merchandise for cash and on open account.

  What is the maximum amount that can be deducted

After-school day care fees of $4,000 for the 9 year-old. What is the maximum amount that can be deducted from G's income for tax purposes in the current year?

  Journalize the transactions of november

Augusta Gardens Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. Journalize the transactions of November 10

  Global economy-between free trade and protectionism

Globalization was welcomed around the world at the beginning of the 1990s. Different trade theories were used to explain benefits of free trade and market liberalization. However, by the end of the twentieth century, voices of discontent were begi..

  Ottawa corporation owns machinery that cost

Ottawa Corporation owns machinery that cost $20,000 when purchased on July 1, 2007.

  At the end of 2009 tatum co has accounts receivable of

at the end of 2009 tatum co has accounts receivable of 700000 and an allowance for doubtful accounts of 28000. on

  Prepare a payroll register for Gridiron Industries Inc

Prepare a payroll register for Gridiron Industries, Inc., for the week ended December 7, 2012. Use the following columns for the payroll register

  Determine the amount per unit that should be used

Determine the amount per unit that should be used as the market value to apply the lower of cost or market rule to determine Black's ending inventory

  At december 31 20x8 before adjusting entries were made the

at december 31 20x8 before adjusting entries were made the salary expense account of a company showed a balance of

  What is the present value of the technology

Shawn Paschal has been working on an advanced technology for use in the green fuel production at King Fisher Aviation. What is present value of the technology

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