Answer: See explanation
Explanation:
The appropriate entries for Maywood on January 1, 2021 and December 31, 2021, related to the lease goes thus:
January 1, 2021:
Debit Right of use asset $368291
Credit Lease payment $368291
December 31, 2021:
Debit Ammortization expense $92073
Credit Rights of use asset $92073
Debit Interest expense $25780
Debit Lease payable $78220
Credit Cash $104000
The working to the above entries has been attached
I believe the answer is “a” or “paying cash dividends.”
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<h3>Amount of cost to the building is $69,645
</h3>
Explanation:
The total property value of Tonto Company = $140,000.
The total property (building, equipment and land) value of Tonto Company = $140,000.
The building was appraised at $98,000,
The land was appraised at $63,000
The equipment was appraised at $36,000.
- The total current value of the 3 assets = $98,000 + $63,000 + $36,000
- The total current value of the 3 assets = $197,000.
- Amount of cost to the building = ($98,000 x $140,000) / $197,000.
- Amount of cost to the building = $69,644.67
Amount of cost to the building = $69,645
