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andriy [413]
2 years ago
12

On August 1, Red Company purchased computer equipment for $10,000 cash and also gave 100 shares of White common stock that Red C

ompany held as an investment. The White common stock cost Red Company $5,000 and on August 1 had a fair value of $4,200. The installation costs for the computer equipment were $700 and shipping costs were $500. What amount should be the total amount debited to the computer equipment account
Business
1 answer:
hodyreva [135]2 years ago
7 0

Answer:

Explanation:

A capitalized cost of an asset is made up of

1 . Purchase price import duties and non refundable taxes less trade discount and rebate

2. Direct cost of bringing the asset to its present position

3. Fair value given in exchange for the the assets

Cost of Computer

Purchase Price -                                $10,000

Fair value of White common stock - $4,200

Installation cost -                                  $  700

Shipping cost -                                      $  500

Total Cost -                                             $15,400

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3 0
3 years ago
On January 1, 2021, Splash City issues $460,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and
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Answer:

The journal entry is shown below:

Explanation:

Journal Entry.

Jan.1  Cash A/c Dr    $460,000

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Dec.31  Interest Expense A/c Dr    $18,400

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3 years ago
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Explanation:

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2 years ago
Actual fixed overhead is $33,300 (12,000 machine hours) and fixed overhead was estimated at $34,000 when the predetermined rate
Anuta_ua [19.1K]

Answer:

C. $34,500

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