Reference no: EM132314969
Question
Please help with explanations on how to solve the following problems
These are examples from an assessment that provides the answers.
1.Alpha Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element:
PP&E Element Amount
Land $10,000
Building 20,000
Equipment 30,000
Alpha paid $45,000 cash for the lump sum purchase. What value should be allocated to the following?
1. Land
2. Building
3. Equipment
2. Bravo Company purchased equipment on October 1, 2016. Bravo paid $60,000 for equipment and paid an additional $500 for shipping and $200 to place the equipment in service. The equipment is expected to have a $6,000 residual value and a 8-year life. Bravo has a December 31 fiscal year end. Using the double-declining balance method, what is the following
the 2018 depreciation expense
the accumulate depreciation after the fiscal year 2018 adjusting entry
the book value of the truck after the fiscal year 2018 adjusting entry
3. On July 1, 2016, Alpha Company purchased for $76,000, equipment having a service life of eight years and an estimated residual value of $4,000. Alpha has recorded depreciation of the equipment using the double-declining balance method. On December 31, 2018, before making any annual adjusting entries, the equipment was exchanged for new machinery having a fair value of $35,000. The transaction has commercial substance. Use this information to form General Journal entries to record the events for December 31, 2018.
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