Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 15 Aug 2017 My Price 9.00

Crow Co

Basket purchase allocation Crow Co. purchased some of the machinery of Hare, Inc., a bankrupt competitor, at a liquidation sale for a total cost of $50,400. Crow’s cost of moving and installing the machinery totaled $4,800. The following data are available:

 

 

 

 

 


Item

 

Hare’s Net Book Value on the Date of Sale

 

List Price of Same Item If New

 

Appraiser’s Estimate of Fair Value

 

Punch press                     $30,240                              $54,000                            $36,000

Lathe                                    24,192                                27,000                              18,000

Welder                                    6,048                                  9,000                                 6,000

 

 

 

Required:

a.       Calculate the amount that should be recorded by Crow Co. as the cost of each piece of equipment.

b.      Which of the following alternatives should be used as the depreciable life for Crow Co.’s depreciation calculation? Explain your answer.

The remaining useful life to Hare, Inc. The life of a new machine.

The useful life of the asset to Crow Co.

Answers

Maurice Tutor
(5)
Status NEW Posted 15 Aug 2017 11:08 AM My Price 9.00

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