Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 4 Days Ago
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 22 Jul 2017 My Price 7.00

InTech Co

In January 2011, InTech Co. pays $1,350,000 for a tract of land with two buildings. It plans to demolish Building A and build a new shop in its place. Building B will be a company office; it is appraised at $472,770, with a useful life of 15 years and a $90,000 salvage value. A lighted parking lot near Building B has improvements (Land Improvements B) valued at $125,145 that are expected to last another six years with no salvage value. Without the buildings and improvements, the tract of land is valued at $792,585. The company also incurs the following additional costs.

Cost to demolish Building A

$ 117,000

Cost of additional land grading 

172,500

Cost to construct new building (Building C), having a useful life of 20 years and a $295,500 salvage value

1,356,000

Cost of new land improvements (Land Improvements C) near Building C, having a 10-year useful life and no salvage value

101,250

Required

1. Prepare a table with the following column headings: Land, Building B, Building C, Land Improvements B, and Land Improvements C. Allocate the costs incurred by InTech to the appropriate columns and total each column (round percents to the nearest 1%).

2. Prepare a single journal entry to record all incurred costs assuming they are paid in cash on January 1, 2011.

3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the 12 months of 2011 when these assets were in use.

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 11:07 PM My Price 7.00

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