Reference no: EM132652523
Problem 1: The following events occurred during Sterling's December 31, 20X6, fiscal year: Pass the required journal entires
a. On December 20, 20X6, the existing motor, pulley and lifting system was sold for $2,500. The original cost of these components was $35,000. They had an expected life of 10 years and an estimated salvage value of $2,000. They had a net book value of $10,250. The cash received was recorded as a gain on sale of $2,500.
Installation of the replacement components was not finalized, and the components were not ready for use before year end. Thus, no amortization or capital cost allowance (CCA) are claimed for 20X6 on the replacement component.
b. Sterling's insurance company sent a bill for additional insurance premiums of $350. This bill covers from the December 15 delivery date until the annual policy expires on March 31, 20X7. This bill was paid and the amount expensed. The cost of the policy used should be added to the cost of the asset under construction.
c. Many of the manufacturers whose products Sterling carries provide a warranty. Sterling also provides an additional warranty on several lines/items. Based on experience over the years, the warranty costs average 0.25% of total sales. The provision is accrued quarterly but has not been recorded yet for the fourth quarter of 20X6; fourth-quarter sales were $3,280,000.
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