C10C1010_Principles of Accounting I_HWTemplates_M6_M11M12.xlsx

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Baker CollegeACC 1010 Principles of Accounting IProblem 9-2Allocation of total acquisitiAssetAppraisal value% of totalPurchase priceConsultantLand$120,00015%$114,000 $1,500Building440,00055%418,0005,500Trucks144,00018%136,8001,800Equiptment96,00012%91,2001,200$800,000100%$760,000$10,000bGeneral JournalDescriptionDebitCredit1-Jul land114,000building418,000trucks136,800equiptment91,200Cash760,000To record purchase of assets1-Jul land1,500building5,500trucks1,800equiptment1,200cash10,000To record payment of consultant for appraisalGeneral JournalDescriptionDebitCredit1-Jul Land115,500referencereference
Building423,500Trucks138,600Equiptment92,400cash770,000to record purchase of plant assetscGeneral JournalDescriptionDebitCredit31-Dec depreciation expense- building9,538Accumulated depreciation- building9,538To record building depreciation expense423500-42000/20x6/12=9537.5031-Dec depreciation expense- Equiptment5,150Accumulated depreciation- Equiptment5,150To record equiptment depreciation expense92400-10000/8x6/12=515031-Dec depreciation expense- Truck34,650Accumulated depreciation- Truck34,650To record truck depreciation expense138600x50%x6/12= 34650reference
tion costTotal$115,500$423,500$138,600$92,400$770,000

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Term
Spring
Professor
Roger Powell
Tags
Counting, Depreciation, Generally Accepted Accounting Principles

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