User Account

All Pages

Prepare the appropriate journal entries for december

Assignment Help Accounting Basics
Reference no: EM133150114

Question - On January 1, 2019, Sage Corporation acquires a building at a cost of $360,000. The building is expected to have a 30-year life and no residual value. The asset is accounted for using the proportionate revaluation method and revaluation is carried out every two years. On December 31, 2020, the fair value of the building is appraised at $352,800 and on December 31, 2022 its fair value is $312,000. Prepare the appropriate journal entries for December 31, 2020 and December 31, 2022. Assume depreciation has been recorded.

Reference no: EM133150114

Questions Cloud

Identify a management problem : Evaluate and justify theoretical and practical knowledge of researching of a business context - ethical and societal issues with respect to managing research
Introducing To Businesses : Your friend, Kairee, is an aspiring graphic designer and is already fluent in web design. Explain to Kairee which form of ownership you recommend she pursue.
How do you diagnose the issues and get the project : How do you diagnose the issues and get the project back on track? Use examples from your own experience to illustrate how actions you might take could affect
The oil-for-food program : In what year was the oil-for-food program established? What made monitoring the oil-for-food program so difficult?
Prepare the appropriate journal entries for december : The fair value of the building is appraised at $352,800 and on December 31, 2022 its fair value $312,000. Prepare the appropriate journal entries for December
Amazon most recent financial statements : Review Amazon's most recent financial statements. Based on your analysis of Amazon's most recent financial statements,
What are the equilibrium interest rates today : According to the Expectations Theory of Term Structure, what are the equilibrium interest rates today for otherwise comparable 2-year, 3-year, and 4-year bonds
Define trade or business : Define a trade or business, and then discuss the concepts of ordinary, necessary, and reasonable in relation to trade or business expenses.
When depreciation is deducted on rental property : When depreciation is deducted on a rental property, why is it beneficial for the taxpayer to allocate the cost of the property to other assets

Reviews

Write a Review

Accounting Basics Questions & Answers

  What was the annual internal rate of return

BBM sells it for $2,900mm at that time. What was the annual internal rate of return that BBM earned on this investment

  What are examples of irregular items how does a change in

what are examples of irregular items? how does a change in accounting principles affect the financial statements? who

  Should house hunting trip expenses be deducted

He also paid $200 expenses for various utilities connections at his new address in Ottawa. Should house hunting trip expenses be deducted

  Prepare the journal entries

Prepare the journal entries and the shareholders' equity section of the balance sheet of Saturn Corporation as of December 31, 2014

  Describe the changes in cost structure

Describe the changes in cost structure that are likely to have occurred at Cravings for Cakes over the last 20 years, and discuss their causes

  Prepare a scattergraph and plot the tons mined and

companys cost analysis has concluded that utilities cost is a mixed cost and they are attempting to find a base which

  Prepare the appropriate journal entry to record transaction

The recourse provision has a fair value of $2,870. Prepare the appropriate journal entry to record this transaction on the books of Kingbird Inc

  What is the ipo and sec

Define each of the following terms: Securities and Exchange Commission (SEC); registration statement; shelf registration; margin requirement; insiders.

  Why a trip to hawaii next year would be valued more

Use the concept of present value to explain why a trip to Hawaii next year would be valued more to most people than the same trip in the year 2015.

  Determine the variable cost per unit and total fixed cost

Question - High-low method - Using the high-low method, determine (a) the variable cost per unit and (b) the total fixed cost

  What are the book values of the preferred stock

If all dividends have been paid on the preferred stock as of December, what are the book values of the preferred stock and the common stock

  Discuss an engineering company provides services

Assume an engineering company provides services for three types of clients

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