Reference no: EM13914978
At Dec 31,2014, Grand Company reported the following as plant assets.
|
Land
|
|
$4,103,00
|
|
Buildings
|
$28,440,000
|
|
|
Less: Accumulated depreciation-buildings
|
10,867,000
|
17,573,000
|
|
Equipment
|
48,544,000
|
|
|
Less: Accumulated depreciation-equipment
|
5,458,000
|
43,086,000
|
|
|
|
|
|
Total plant asets
|
|
$64,762,000
|
During 2015, the following selected cash transactions occurred.
April 1 Purchased land for $ 2,082,000.
May 1 Sold equipment that cost $1,134,000 when purchased on January 1, 2011. The equipment was sold for $680,400.
June 1 Sold land purchased on June 1, 2005 for $1,472,000. The land cost $401,000.
July 1 Purchsed equipment for $2,370,000.
Dec 31 Retired equipment that cost $497,000 when purchased on Dec 31, 2005. No salvage value was received.
Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildingd are estimated to have 50 years life no salvage value. The equipment is estimated to have a 10 years useful year and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement.
b. Record adjusting entries for depreciation for 2015.Dc 31.
C. Prepare the plant assets section of Grand's balance sheet at Dec 31, 2015.
|
Show that fauberts new system engages all the components
: Show that Faubert's new system engages all the components of internal control by matching each of the steps with the internal control components that follow.
|
|
Find a strategy to get positive gain
: For a stock, initial price is 100, the price of a put option is 3, the price of a call option is 5, and exercise time is 3 months and exercise price is 80, nominal interest rate is 10%. Decide if there is arbitrage and why? If there is find a strateg..
|
|
Illustrate potential changes and ultimate effect
: Consider a corporation's decision to undertake a pollution prevention program as part of its pro- duction process. Briefly describe how this undertaking might affect the market for the company's product, and use a supply and demand model to illust..
|
|
How much interest rate will he earn after
: Tom deposits $100 in a bank; nominal interest rate is 10%. How much interest rate will he earn after
|
|
Sold land purchased
: Sold land purchased on June 1, 2005 for $1,472,000. The land cost $401,000-Purchsed equipment for $2,370,000.
|
|
E-learning for training and potential barriers
: In Chapter Five of the textbook, e-learning as a method of training is discussed. In Chapter Six, potential barriers of e-learning readiness to implementing e-learning as a training method are examined. In a two- to three- page paper (excluding th..
|
|
Assuming the continuously compounded interest rate
: Assuming the continuously compounded interest rate is r, what is the present value of a cash flow that returns the amount of M at each of time s, s+t, s+2t…….
|
|
Individuals performing ratio analysis
: Individuals performing ratio analysis include (1) banks evaluating potential loan applications from small businesses, (2) investment analysts evaluating the investment quality of a firm’s stock, and (3) internal management, assessing the firm’s curre..
|
|
Technology provides a vast array of communication outlets
: Communicating in the workplace coupled with advances in technology provides a vast array of communication outlets. Various forms include formal writing, cell phones, pagers, e-mail, snail mail, and a culmination of social media networks. As indivi..
|