ACG 3131 - Exam 4 with all Correct & 100% Verified
Answers |Latest Version |Already Graded A+
1. The cost of land purchased as a building trans-action?
site does not include:
a. costs of removing old buildings 4. On February
b. special assessments 1, 2014,
c. costs of improving with limited lives Nelson
d. costs of grading, filling, draining, and Corporation
clearing pur-chased
a parcel of
2. On February 1, 2014, Nelson Corporation land as a
pur-chased a parcel of land as a factory site
factory site for for
$241,540. An old building on the property was
de-molished, and construction began on a
new build-ing which was completed on
November 1, 2014.
Costs incurred during this period are listed
below: Demolition of old building $20,560
Architect's Fees $33,302
Legal fees for title investigation and
purchase con-tract $4,382
Construction Costs
$1,263,504 Cost to fence
property $3,871
What is the cost of any land improvements?
3. Dodson Company traded in a manual
pressing machine for an automated
pressing machine and gave $15,136 cash.
These machines have dissimilar future cash
flows. The old machine cost $185,339 and
had a net book value of $141,075. The old
machine had a fair value of $143,070.
What is the amount of gain or loss from this
1/
17
, ACG 3131 - Exam 4 with all Correct & 100% Verified
Answers |Latest Version |Already Graded A+
c. costs of improving with limited lives
$3871
$1995 ; Fair value - net book val-ue = gain/loss
2/
17
, ACG 3131 - Exam 4 with all Correct & 100% Verified
Answers |Latest Version |Already Graded A+
$234,300. An old building on the property was a. Debit
de-molished, and construction began on a Accumulated
new build-ing which was completed on Depreciation
November 1, 2014. $10,000, Credit
Costs incurred during this period are listed Cash $10,000
below: Demolition of old building $20,773 b. Debit
Architect's Fees $31,781 Building,
Legal fees for title investigation and purchase $10,000,
con-tract $5,968 Credit
Construction Costs $1,258,360 Accumulated
De-
Cost for fencing and sidewalks
$3,558 What is the cost of the
land?
5. Nirvana Company traded in a automatic
pressing machine for a manual pressing
machine owned by Dodson Company.
These machines have simi-lar future cash
flows. Nirvana's old machine cost
$253,344 and had a net book value of
$182,440. The old machine had a fair value
of $191,209. They received $30000 boot in
the deal.
What is the amount of gain or loss from this
trans-action?
6. A company does a major upgrade ($10,000)
to a building that is expected to extend the
useful life of the building.
Data for building before the
upgrade: Cost $100,000
Accumulated Depreciation $20,000
What is the journal entry to record the
upgrade?
3/
17
Answers |Latest Version |Already Graded A+
1. The cost of land purchased as a building trans-action?
site does not include:
a. costs of removing old buildings 4. On February
b. special assessments 1, 2014,
c. costs of improving with limited lives Nelson
d. costs of grading, filling, draining, and Corporation
clearing pur-chased
a parcel of
2. On February 1, 2014, Nelson Corporation land as a
pur-chased a parcel of land as a factory site
factory site for for
$241,540. An old building on the property was
de-molished, and construction began on a
new build-ing which was completed on
November 1, 2014.
Costs incurred during this period are listed
below: Demolition of old building $20,560
Architect's Fees $33,302
Legal fees for title investigation and
purchase con-tract $4,382
Construction Costs
$1,263,504 Cost to fence
property $3,871
What is the cost of any land improvements?
3. Dodson Company traded in a manual
pressing machine for an automated
pressing machine and gave $15,136 cash.
These machines have dissimilar future cash
flows. The old machine cost $185,339 and
had a net book value of $141,075. The old
machine had a fair value of $143,070.
What is the amount of gain or loss from this
1/
17
, ACG 3131 - Exam 4 with all Correct & 100% Verified
Answers |Latest Version |Already Graded A+
c. costs of improving with limited lives
$3871
$1995 ; Fair value - net book val-ue = gain/loss
2/
17
, ACG 3131 - Exam 4 with all Correct & 100% Verified
Answers |Latest Version |Already Graded A+
$234,300. An old building on the property was a. Debit
de-molished, and construction began on a Accumulated
new build-ing which was completed on Depreciation
November 1, 2014. $10,000, Credit
Costs incurred during this period are listed Cash $10,000
below: Demolition of old building $20,773 b. Debit
Architect's Fees $31,781 Building,
Legal fees for title investigation and purchase $10,000,
con-tract $5,968 Credit
Construction Costs $1,258,360 Accumulated
De-
Cost for fencing and sidewalks
$3,558 What is the cost of the
land?
5. Nirvana Company traded in a automatic
pressing machine for a manual pressing
machine owned by Dodson Company.
These machines have simi-lar future cash
flows. Nirvana's old machine cost
$253,344 and had a net book value of
$182,440. The old machine had a fair value
of $191,209. They received $30000 boot in
the deal.
What is the amount of gain or loss from this
trans-action?
6. A company does a major upgrade ($10,000)
to a building that is expected to extend the
useful life of the building.
Data for building before the
upgrade: Cost $100,000
Accumulated Depreciation $20,000
What is the journal entry to record the
upgrade?
3/
17
