Prepare the entry to record the purchase

Assignment Help Accounting Basics
Reference no: EM132514032

Question - On January 1, 2020, Bona Vista Co. purchased land, a building, equipment, and tools for a total price of $5,020,000, paying cash of $1,244,000 and borrowing the balance from the bank. The bank appraiser valued the assets as follows: $1,313,400 for the land; $1,432,800 for the building; $1,074,600 for the equipment; and $159,200 for the tools. Prepare the entry to record the purchase.

Reference no: EM132514032

Questions Cloud

Evaluate the auditors sampling plan : An auditor used a non-statistical sampling plan to audit the inventory of an auto supply company. Evaluate the auditors sampling plan
What is the interest rate should invest money in : You set a target of having $100 000 from the current amount of $50 000 over ten years, what is the interest rate should you invest your money in
What are the first visual elements that you see : When analyzing the viewer's sensory response to a particular visual, it is important to consider the visual elements that attract the eyes. Close your eyes.
How will be the formula for each year : 4 years are given like d1,d2,d3,d0 then how to calculate the dividend growth rate using the given formula. how will be the formula for each year.
Prepare the entry to record the purchase : The bank appraiser valued the assets as follows: $1,313,400 for the land; Prepare the entry to record the purchase
Inventory management and capacity design : Compute the demand forecast for period 15 using the Simple Moving Average of order 1, 3, and then 5 - total inventory costs for that order quantity
Prepare journal entries to record Barnett transactions : Dec. 31 Made an adjusting entry to record the accrued interest on the Karuthers note. Prepare journal entries to record The Barnett Company's transactions
What projected net cash flow for five year life of machine : What is the effective interested rate if the purchase payments are compounded monthly? What is the projected net cash flow for five year life of machine?
What you believe personally about the topic : This assignment is not an opinion piece about what you believe personally about the topic or the questions asked. Instead, please focus upon highlighting your.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How would an investor use the earnings per share

how would an investor use the earnings per share information reported on the income statement in making investment

  List the numbers of the preceding transactions

List the numbers of the preceding transactions and describe the effect of each transaction on assets, liabilities, and stockholders' equity. For example, the first answer is: (1) Increase in assets and increase in stockholders' equity.

  Recognize income under the constructive receipt

Recognize income under the constructive receipt

  Consider the following information pertaining to a years

consider the following information pertaining to a years operations of youngstown manufacturingunits sold 1400 units

  Lockhart corporation is a calendar-year corporation.

Lockhart Corporation is a calendar-year corporation. At the beginning of 2013, its election to be taxed as an S corporation became effective. Lockhart Corp.'s balance sheet at the end of 2012 reflected the following assets (it did not have any earnin..

  Describe role of managerial accounting in your current place

Describe the role of managerial accounting in your current or former place of business. If you have not been employed by company that use managerial accounting.

  Show the general journal entry to record this transaction

The firm made a down payment of $5,000 cash and signed a long term note payable for the balance. Show the general journal entry to record this transaction

  What is his capital gain or loss

If Tony sells 1,460 shares of Microsoft for $105,120 on December 20, 2018, what is his capital gain or loss in each of the following assumptions

  Prepare the liabilities section of Sanchez balance sheet

Sanchez, Inc. reports the following liabilities (in thousands) on its December 31, 2017, balance sheet and notes to the financial statements.

  Clarence weatherspoon a super salesman contemplating

clarence weatherspoon a super salesman contemplating retirement on his fifty-fifth birthday decides to create a fund on

  What is the budgeted operating income

Platz Company makes chairs. What is the budgeted operating income for 3,200 chairs sold in a month

  Assume that in month 6 the move time process time and so

inverness corporation has recently begun a continuous improvement campaign. as a consequence there have been many

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd