Reference no: EM133092667
Questions -
Q1. Swifty Corporation purchased equipment for $30400. Sales tax on the purchase was $1440. Other costs incurred were freight charges of $480, repairs of $630 for damage during installation, and installation costs of $430. What is the cost of the equipment?
A. $33380
B. $30400
C. $32750
D. $31840
Q2. Bonita Football Co. had a player contract with Watts that is recorded in its books at $8250000 on July 1, 2020. Sandhill Football Co. had a player contract with Kurtz that is recorded in its books at $10250000 on July 1, 2020. On this date, Bonita traded Watts to Sandhill for Kurtz and paid a cash difference of $1025000. The fair value of the Kurtz contract was $12600000 on the exchange date. The exchange had no commercial substance. After the exchange, the Kurtz contract should be recorded in Bonita's books at?
A. $12600000
B. $9275000
C. $10250000
D. $11275000
Q3. Crane Company is constructing a building. Construction began in 2020 and the building was completed 12/31/20. Crane made payments to the construction company of $3060000 on 7/1, $6348000 on 9/1, and $5810000 on 12/31. Weighted-average accumulated expenditures were
A. $3117000
B. $9408000
C. $15218000
D. $3646000
Q4. Sandhill Co. traded machinery with a book value of $575000 and a fair value of $975000. It received in exchange from Bonita Industries a machine with a fair value of $877500 and cash of $97500. Bonita's machine has a book value of $926250. What amount of gain should Sandhill recognize on the exchange (assuming lack of commercial substance)?
A. $ -0-
B. $400000
C. $97500
D. $40000
Q5. Bramble County owned an idle parcel of real estate consisting of land and a factory building. Bramble gave title to this realty to Blossom Company as an incentive for Blossom to establish manufacturing operations in the County. Blossom paid nothing for this realty, which had a fair value of $295000 at the date of the grant. Blossom should record this nonmonetary transaction as a
A. credit to Comprehensive Income for $295000
B. credit to Donated Capital for $295000
C. credit to Contribution Revenue for $295000
D. memo entry only
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