Reference no: EM133150981
Question - Selling & Trading of Capital Asset - Complete the following journal entries on the general journal page provided.
1. Olympic Company acquired land and a building on January 1, 20- for a total purchase price of $280 000. The company made an $80 000 cash down payment, and signed a mortgage for the remainder. Management estimated the fair market value of the land was $100 000 and of the building $200 000. Prepare the journal entry to record the acquisition. Be sure to show your calculations to the side of this journal entry.
2. Basler Company incurs the following costs in purchasing a used truck for cash. The price was $25 000, safety inspection $500, insurance $1000, motor vehicle license $75. **Make sure you review which costs are capitalized and which are not!!
3. On September 12, Campbell Construction trades an automobile with the historical cost of $27 000 and a fair market value of $18 000, for a skyjack. The skyjackbelonged to Wanna Be Campbell Construction and had a historical cost of $12 000 and a fair market value of $8 000.
a. Record the transaction for Campbell Construction.
b. Record the transaction for Wanna Be Campbell Construction.
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