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ORIE 4150 Homework #6

ORIE 4150 Homework #6 - ORIE 4150/5150 Homework#6 Due March...

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ORIE 4150/5150 Homework #6 Due March 9, 2012 Please keep a copy of this homework as it will not be graded and returned to you prior to the prelim. 1. Wicks Company purchased an asset on July 4, 2007 and immediately put it into service. The asset was in the mid-quarter 5-year MACRS asset class. The asset cost $100,000 including installation. Show the journal entry needed to record the sale of the asset for $10,000 cash on February 10, 2012. There was no section 179 or bonus depreciation associated with the asset. 2. Leslie Manufacturing purchased a warehouse building on September 2, 2004, and immediately put it into service. The total cost was $1,200,000, of which $100,000 was assigned to the land upon which the warehouse was situated. The warehouse (and the land) was sold to Breitner Inc. on December 10, 2011 for $950,000.
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