Depreciation and Beneficial Life

 Depreciation and Useful Your life Essay

A. Diaz Firm was prepared on January 1 . Throughout the first year of functions, the following grow asset costs and invoices were documented in random order. В | Debits

1 ) | Cost of filling and grading the land| $4, 000

installment payments on your | Total payment to building contractor| 700, 1000

a few. | Property taxes upon land paid for the current year| 5, 000| 4. | Cost of real-estate purchased as a plant web page (land $22.99, 000 and building $45, 000)| 145, 000| your five. | Excavation costs for new building| 35, 000

six. | Architect's fees about how to build plans| 15, 000

7. | Accrued real estate taxation paid for time of purchase of real estate| 2, 000| 8. | Cost of car port and driveways| 14, 500

9. | Cost of demolishing building to create land ideal for construction of new building| ------------------------------------------------- 15, 000

| В | ------------------------------------------------- $930, 000

| Credits| В

10. | Proceeds from repair of demolished building| ------------------------------------------------- $3, 500

Q. Precisely what is the cost of the land?

Q. What is the expense of the building?

B. On January you, 2011, Pele Company acquired the following two machines use with its creation process. Machine A| The amount price with this machine was $38, 000. Related costs included: sales tax $1, seven-hundred, shipping costs $150, insurance during shipping $80, set up and tests costs seventy dollars, and $22.99 of olive oil and moisturizers to be combined with the machines during its first 12 months of functions. Pele estimations that the beneficial life in the machine is definitely 5 years with a $5, 000 repair value remaining at the end of these time period. Assume that the straight-line method of downgrading is used. | Machine B| The documented cost of this machine was $160, 1000. Pele quotes that the valuable life of the machine is usually 4 years with a $12, 000 repair value leftover at the end of that time period. | Prepare this for Machine A.

1 . The journal entry to...


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