Reference no: EM132998583

Question - Hayes Company acquires real estate at a cash cost of $100,000. The property contains an old warehouse that is razed at a net cost of $6,000 ($7,500 in costs less $1,500 proceeds from salvaged materials). Additional expenditures are the attorney's fee, $1,000, and the real estate broker's commission, $8,000. Required: Determine the amount to be reported as the cost of the land.

A. Hobart Enterprises retires its computer printers, which cost $32,000. The accumulated depreciation on these printers is $32,000. Prepare the entry to record this retirement.

B. Sunset Company discards delivery equipment that cost $18,000 and has accumulated depreciation of $14,000. The journal entry is?

C. On July 1, 2017, Wright Company sells office furniture for $16,000 cash. The office furniture originally cost $60,000. As of January 1, 2017, it had accumulated depreciation of $41,000. Depreciation for the first six months of 2017 is $8,000. Prepare the journal entry to record depreciation expense up to the date of sale.