What is the cost of the land based upon the data

Assignment Help Accounting Basics

Reference no: EM133526503

Problem

I. A machine costing $63,650 with a 8-year life and $57,961 depreciable cost was purchased January 1. Compute the yearly depreciation expense using straight-line depreciation. Round your answer to the nearest whole dollar.

II. What is the cost of the land, based upon the following data?

Land purchase price	$176,121
Broker's commission	17,743
Payment for the demolition and removal of existing building	3,897
Cash received from the sale of materials salvaged from the demolished building	2,633

Using the following information:

1. The bank statement balance is $4,013.
2. The cash account balance is $4,539.
3. Outstanding checks amounted to $669.
4. Deposits in transit are $1,164.
5. The bank service charge is $22.
6. A check for $75 for supplies was recorded as $66 in the ledger.

Prepare a bank reconciliation for Candace Co. for May 31.

Reference no: EM133526503

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