Reference no: EM132786822
Problem 1: A business acquired land and two buildings for a single, lump-sum purchase price of 140,000. The land was assessed for tax purposes at 50,000 and the buildings at 30,000 and 20,000, respectively, for a total assessed value of 100,000. The land would be recorded at a cost of
a. 50,000
b. 70,000
c. 60,000
d. 140,000
Problem 2: An asset having a four-year service life and a salvage value of 5,000 was acquired for 45,000 cash on June 28. The amortization expense at the end of the first year, December 31, will be
a. 10,000, using the straight-line method
b. 22,500, using the double declining-balance method
c. 7,000, using the straight-line method
d. 11,250, using the double declining-balance method
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What the amortization expense for year ending december
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What the amortization expense at the end of the first year
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