Moore corporation follows a policy of a 10 depreciation

Reference no: EM13570430

Moore Corporation follows a policy of a 10% depreciation charge per year on all machinery and a 5% depreciation charge per year on buildings. The following transaction occured in 2011:

March 31, 2012- Negotiations which began in 2011 were completed and a warehouse purchased 1/1/03at a cost of $3,200,000 with a fair market value of $2,000,0000 was exchange for a second warehouse which also had a fair market value of $2,000,000. The exchange had no commercial substance. Both parcels of land on which the warehouses were located were equal in value, and had a fair value equal to book value.

June 30, 2012- Machinery with a cost of $240,000 and accumulated depreciation trhough January 1 of $180,000 was exchange with $150,000 cash for a parcel of land with a fair market value of $230,000.prepare all appropriate journal entries for Moore Corporation for the above dates.

Reference no: EM13570430

Questions Cloud

Bill and mary plan to marry in december of 2012 bills : bill and mary plan to marry in december of 2012. bills salary is 32000 and he owns a residence. his itemized deductions

Airflow company sells a product in a competitive : airflow company sells a product in a competitive marketplace. market analysis indicates that their product would

Calculate the aftertax cost of debt under each of the : calculate the aftertax cost of debt under each of the following conditions6.0 yield with a 16 corporate tax rate12.6

Even though you could treat every single item above : chateau sneuti is a family owned winery in the bordeau region of france. harvesting season in early fall is the busy

Moore corporation follows a policy of a 10 depreciation : moore corporation follows a policy of a 10 depreciation charge per year on all machinery and a 5 depreciation charge

Your firm must raise capital immediately and debt will be : suppose you believe that the economy is just entering a recession. your firm must raise capital immediately and debt

Joes store has net working capital of 1800 total assets of : joes store has net working capital of 1800 total assets of 12600 and net fixed assets of 9700. what is the value of the

A business issued a 30-day 7 note for 150000 to a creditor : a business issued a 30-day 7 note for 150000 to a creditor on account. journalize the entries to record a the issuance

For tonights meeting the summervillage community coalition : assignmentfor tonights meeting the summervillage community coalition has asked each member to find an interesting

User Account

All Pages