Prepare the journal entries to record the purchase

Assignment Help Accounting Basics
Reference no: EM133042501

Question - Sandhill Enterprises purchased a new piece of equipment for its factory under a new government incentive program in exchange for cash. The equipment cost $140,000 and had an estimated useful life of 10 years. The program was intended to encourage companies to invest in new, innovative technologies. The new piece of equipment purchased by Sandhill qualified for a government grant of $25,700. Sandhill collected the grant after providing proof of the purchase. Assuming that Sandhill uses the cost reduction method, prepare the journal entries to record the purchase of the equipment and the receipt of the government grant.

Reference no: EM133042501

Questions Cloud

C11IB International business context Assignment : C11IB International business context Assignment Help and Solution, Heriot-Watt University - Assessment Writing Service
Record all the transactions in stock ledger cards : Record all the transactions in stock ledger cards using three methods of inventory control, i.e. LIFO, FIFO and AVCO
Does the company require an australian market license : In both the situations described above, contracts are negotiated directly between the investor and the dealer, Does company require an Australian market license
What is the percentage of completion : Accounts Receivable P1,200,000; Construction in Progress P6,500,000, Costs incurred to date 5,500,000. What is the percentage of completion in 2019
Prepare the journal entries to record the purchase : Assuming that Sandhill uses the cost reduction method, prepare the journal entries to record the purchase of the equipment and the receipt of government grant
Argumentative research paper : Argumentative research paper can be related to any of the themes/concepts you have learned in class or in another area related to popular culture
What is the monetary value of fringe benefits : Fringe benefit tax expense 53 846 fringe benefit expenses 400,000. What is the monetary value of fringe benefits given to rank and file employee
What is yoshi purchase price : Yoshi purchased a Treasury bond with a coupon rate of j2=3.32% and face value of $100 on 18/5/2020. What is Yoshi purchase price
What is the amount and character of the gain recognized : Beige Corporation, a C corporation, purchases a warehouse on August 1, 2002, for $1 million. What is the amount and character of the gain recognized

Reviews

Write a Review

Accounting Basics Questions & Answers

  In december handy announced 202400 net income for 2013 and

1 on january 1 2013 nana company paid 100000 for 6200 shares of papa company common stock. these securities were

  What is the difference between primary and secondary sources

What is the difference between primary and secondary sources as applied to company, industry, and economic data

  How much will george have to repay to the bank at the end

How much will George have to repay to the bank at the end of each month after interest has been compounded. in order to clear his debt in 25 years?

  Discuss what is the partnership''s basis for the property

What is the partnership's basis for the property after the distribution

  What is the gross income for a single taxpayer

What is the gross income for a single taxpayer that has: Interest on bank savings account 1,410 and Ordinary dividend income from mutual fund 300

  Prepare the journal entry at the date of the bond purchase

On January 1, 2017, Buffalo Company purchased 8% bonds having a maturity value of $360,000, Prepare the journal entry at the date of the bond purchase

  Describe some of the similarities between us gaap and igaap

Briefly describe some of the similarities and differences between U.S. GAAP and iGAAP with respect to balance sheet reporting.

  Calculate material labor and overhead variances

During 2015, 7,800 cans were produced; 13,000 liters of material were purchased at a cost of $60,000; Calculate material, labor and overhead variances

  Calculate the maximum depreciation expense

During April of the current year, Ronen purchased a warehouse that he used for business purposes. The basis was $1,600,000. Calculate the maximum depreciation expense during the current year?

  Included in the cost of factory supplies are obsolete items

maddox specialty company a division of lost world inc. manufactures three models of gear shift components for bicycles

  What are internal controls why do companies need them what

what are internal controls? why do companies need them? what are some examples of internal controls? who is responsible

  What is gray tax basis in fabco on december

Gray is a 50% partner in Fabco Partnership. Gray's tax basis in Fabco on January 1, year 4, was $5,000. What is Gray's tax basis in Fabco on December

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