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miskamm [114]
3 years ago
10

​Land, a building and equipment are acquired for a lump sum of . The market values of the​ land, building and equipment are ​, a

nd ​, respectively. What is the cost assigned to the​ equipment? (Do not round any intermediary​ calculations, and round your final answer to the nearest​ dollar.)
Business
1 answer:
Rashid [163]3 years ago
4 0

Answer: b. $250,000

Explanation:

The value assigned to the Equipment from the lump sum will be the proportionate value of the Equipment from the total market value.

Total Market Value = 300,000 + 600,000 + 300,000

= $1,200,000

Equipment = (300,000 / 1,200,000) * 1,000,000

= $250,000

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a) Trial Balance

December 31, 2015:  

Cash                                         $15,000

Accounts receivable                   11,000

Supplies                                       4,000  

Prepaid insurance (12-month)    6,000

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Accumulated depreciation – equipment  28,000

Note payable, due 6/30/16                        70,000

Common stock                                           42,000

Retained earnings (1/1/15)                          60,000

Dividends                                   14,000

Service revenue                                        133,000

Advertising expense                 21,000

Depreciation expense              12,000

Insurance expense                    3,000

Rent expense                           17,000

Salaries and wages expense 32,000

Supplies expense                     6,000

Totals                                   $351,000 $351,000

Income Statement for the year ended December 31, 2015

Service revenue                                      $133,000

Advertising expense                 21,000

Depreciation expense              12,000

Insurance expense                    3,000

Rent expense                           17,000

Salaries and wages expense 32,000

Supplies expense                     6,000     $91,000

Net income                                              $42,000

Statement of Retained Earnings

For the year ended December 31, 2015

Retained earnings (1/1/15)                        $60,000

Net income                                                 42,000

Dividends                                                    (14,000)

Retained earnings (December 31, 2015) $88,000

Equity:

Common stock     $42,000

Retained earnings  88,000

Total equity         $130,000

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