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Virginia Equipment, Inc., sold and issued 4,000 share for $20 per share on January 1, 2012. On the same day, the company purchased a piece of land valued at $30,000 and a building valued at $80,000. The building will be used for 40 years and has a zero estimated salvage (residual) value. The company uses straight-line amortization.
Prepare the general journal entries to record the share issue and the purchase of the land and building on January 1 and the amortization expense on December 31, 20B.
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Sophia inherited 1,000 shares of IBM. The father's cost was $2 per share at the time of purchase and 484 per share at the time of his death. Sophia sold them at $86 per share. Calculate the total amount of her capital gain.
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Leah, Inc. has machinery with a cost of $100,000. The machinery has an estimated useful life of 10 years, and an estimated salvage value of $10,000. The machinery is expected to be able to produce a total of 1,000,000 units during its estimated li..
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