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Cynthia Co. exchanged Building 24 which has an appraised value of $4,800,000, a cost of $7,600,000, and accumulated depreciation

DENIUS [597]

Answer:

See the journal entries below.

Explanation:

In the Book of Cynthia Co.

Book value of Building 24 = Cost of Building 24 - Accumulated depreciation of Building 24 = $7,600,000 - $3,619,000 = $3,981,000

Gain on disposal of Building 24 = Building 24 an appraised value of - Book value of Building 24 = $4,800,000 - $3,981,000 = $819,000

Basis for Building M = Building M appraisal value - Gain on disposal of Building 24 = $4,560,000 - $819,000 = $3,741,000

Cash = Accumulated Depreciation of Building 24 + Basis for Building M - Cost of Building 24 - Gain on Disposal of Building 24 = $3,619,000 + $3,741,000 - 7,600,000 - $819,000 = $1,059,000

The journal entries will look as follows:

Accounts Title Debit ($) Credit ($) 

Accumulated Depreciation 3,619,000

Building M 3,741,000

Cash 1,059,000

Building 24 7,600,000

Gain on Disposal 819,000

To record the exchange of Building 24 for Building M from Waterway Co.

In the Book of Waterway Co.

Building 24 = Building M cost + Cash - Building M depreciation = $9,096,000 + $1,059,000 - $4,747,000 = $5,408,000

The journal entries will look as follows:

Accounts Title Debit ($) Credit ($) 

Accumulated Depreciation 4,747,000

Building 24 5,408,000

Building M 9,096,000

Cash 1,059,000

To record the exchange of Building M for Building 24 from Cynthia Co.

4 0

2 years ago

Which of the following is not something your group might do while selecting the best solution?

kipiarov [429]

Answer:

The group would not use brainstorming to select the best solution. It would use any of the other answers.

I did that question

Hope I Helped

3 0

3 years ago

A year ago, Kim Altman purchased 160 shares of BLK, Inc. for $20.50 on margin. At that time the margin requirement was 40 percen

Semmy [17]

Answer:

85.66%

Explanation:

Calculation for what is the percentage return on the funds she invested in the stock

First step is to calculate the Cost of the shares

Cost of the shares=160 × $20.50

Cost of the shares= $3,280

Second step is to calculate the Margin

Margin=$3,280 × 0.4

Margin= $1,312.00

Third step is to calculate the Funds borrowed

Funds borrowed= $3,280-$1,312.00

Funds borrowed= $1,968.00

Fourth Step is to calculate Interest paid

Interest paid=$1,968.00 × 0.12

Interest paid= $236.16

Fifth step is to calculate Profit on the stock

Profit on the stock=$4,640.00 - $3,280

Profit on the stock = $1,360

(160*29=$4,640.00)

Last step is to calculate the Return on the investment

Return on the investment:m= ($1,360.00 - $236.16)/$1,312.00

Return on the investment=$1,123.84/$1312.00

Return on the investment=85.66%

Therefore the percentage return on the funds she invested in the stock is 85.66%

6 0

2 years ago

The Sugar Sweet Company will choose from two companies to transport its sugar to market. The first company charges

Harlamova29_29 [7]

Answer:

Both will charge $6,904 when they transport 16 tons of sugar.

Explanation:

The amount of sugar to be transported is S, since we need to calculate at which amount of sugar both truck companies charge the same total price, we need to solve the following:

first company charges $4,500 + $150.25 S

second company charges $3,696 + $200.50 S

since both companies will charge the same total amount, then

$4,500 + $150.25 S = $3,696 + $200.50 S

$4,500 - $3,696 = $200.50 S - $150.25 S

$804 = $50.25 S

$804 / $50.25 = S

S = 16

$4,500 + ($150.25 x 16) = $4,500 + $2,404 = $6,904

5 0

3 years ago

At the beginning of the current period, crane company had balances in accounts receivable of $192,800 and in allowance for doubt

Ainat [17]

This is too confusing

6 0

3 years ago