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Lubov Fominskaja [6]
2 years ago
10

Your uncle repays a $300 loan from Tenth National Bank (TNB) by writing a $300 check from his TNB checking account. Assume these

funds are the
only loans and deposits available for your uncle and the bank.
Business
1 answer:
Alina [70]2 years ago
7 0
What’s the question?
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If a firm accepts less than all of its prospective projects with positive NPVs when evaluated at their own risk-adjusted costs o
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What is a contact list
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Graham Freightway provides freight service. The company's balance sheet includes Land, Buildings, and Motor-Carrier Equipment. G
PIT_PIT [208]

Answer:

Graham Freightway

Journal Entries:

Jan. 1:

Debit New Motor-carrier Equipment $236,000

Debit Accumulated Depreciation $92,000

Credit Old Motor-carrier Equipment $131,000

Credit Cash Account $173,000

Credit Gain on Equipment Disposal $24,000

To record the trade-in of old equipment for a new one.

July 1:

Debit Cash Account $90,000

Debit Note Receivable $590,000

Debit Accumulated Depreciation 286,750

Credit Building $580,000

Credit Gain on Building Disposal $386,750

To record the sale of building.

Oct. 31:

Debit Land $204,000

Debit Building $396,000

Credit Cash Account $600,000

To record the purchase of land and building for cash.

Dec. 31:

Depreciation Expense on New Motor-carrier Equipment $34,080

Credit Accumulated Depreciation on Equipment $34,080

To record the depreciation expense for the year.

Dec. 31:

Depreciation Expense on Building $2,225

Credit Accumulated Depreciation on Building $2,225

To record the depreciation expense for the 3 months.

Explanation:

a) Data and Calculations:

1. Gain on Equipment of $24,000 is based on the difference between the net book value of the equipment and the trade-in cost.

2. The same is also applicable on the Building.

3. Allocation of the purchased cost of $600,000:

Land = 234,600/690,000 * $600,000 = $204,000

Building = 455,600/690,000 * $600,000 = $396,000

4. Depreciation on New Motor-carrier equipment:

Depreciable amount = $213,000 ($236,000 - 23,000)

Useful life = 1 million miles

Estimated residual value = $23,000

Depreciation rate = $213,000/ 1 million = $0.213

1st year depreciation = $0.213 * 160,000 = $34,080

5. Depreciation on Building:

Depreciable amount = $356,000 ($396,000 - 40,000)

Useful life = 40 years

Estimated residual value = $40,000

Depreciation rate = $8,900 ($356,000/40)

For three months, depreciation expense = $8,900/12 * 3 = $2,225

4 0
2 years ago
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