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Question - Capital Assets - HEMI purchased land and building for $280,000,000 on September 1, 2019. Accountant recorded this amount in the Land general ledger account because he did not know how to allocate the costs between land and building. Your research indicates that land was appraised at $80,000,000 and the building was appraised at 240,000,000 for insurance purposes. Management estimates the residual value of the building to be $20,000,000 at the end of its useful life of 20 years. The Accountant wants you to:
Q1: Provide an adjusting journal entry to transfer the building costs to the Building general ledger account from the Land general ledger account (show your calculations).
Q2: Provide an adjusting journal entry for building depreciation expense using the straight-line depreciation method (show your calculations).
If the required rate of return is 12%, evaluate the project's desirability using The net present value method,The profitability index method
During 2017, Larkspur Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Larkspur for a lump sum of $54,400 because it is discontinuing manufacturing operations and wishes to dispose of its entire stock. What..
Record the journal entries for the dividend declaration and payment on Page 2 of the General Journal. Explanations are optional and prepare the Stockholders' Equity section of the balance sheet for June 30, 2015.
How many phones of each needs to sell to breakeven? BC is considering selling another type of phone. The new phone has a cost of $1,400 and will be sold
Materials equal to one-half of the next month's requirements are to be on hand at the end of each month. This requirement was met on January 1, 19A. Prepare a budget showing the quantities of each type of material to be purchased each month for th..
Distinguish between research and development. Using the 'Selective Capitalisation Method' required by AASB138 outline treatment of research
The tax agency fund of Orange County collected $7,000,000 for a private school district; $3,000,000 for the county General Fund; and $5,000,000 for a town located in the County. County General Fund employees handle the collections, and a 2.5 percent ..
At the start of November, Penco Refinery had Work in Process inventory consisting of 4,800 units that were 80 percent complete with respect to materials and 40 percent complete with respect to conversion costs. Calculate the cost per equivalent unit ..
What additional reporting and disclosure will be required and how it may benefit the decision-making of the various company stakeholders?
The estimated useful life of the car is four years with an estimated salvage value of $1,000. Prepare the necessary adjusting journal entry on March 31
Suppose you and a friend developed, Which of the business type would be best suited to help the company raise the necessary capital to begin production.
For a given six year period the nominal interest rate, What was the likely exchange rate at the end of the period between the US and the Kshs?
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