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Dakota Equipment, Inc issued 4,000 shares of its $1 par value common stock for $20 per share on January 1, 2008. On the same day, the company purchased a piece of land valued at $11,000 and a building valued at $50,000. The yearly depreciation on the building is $3,000.
Required: Prepare the general journal entries to record the stock issue and the purchase of the land and building on January 1 and the depreciation expense on December 31, 2008.
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The Very Poor Company is involved in making installment sales whose probability of collection is extremely low. Accordingly, it has elected to use the cost recovery method. Information regarding the years 19A and 19B.
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A fixed asset has a cost of $12,000 and a salvage value of $3,000. The asset has a three-year life. If depreciation in the third year amounted to $1,500, which depreciation method was used?
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Omar acquires used 7-year personal property for $100,000 to use in his business in February 2010. Omar does not elect §179 expensing or additional first-year depreciation, but does take the maximum regular cost recovery deduction. As a result, Oma..
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Given the probability of the required contingency payment and utilizing a 4% discount rate, the expected present value of the contingency is $5. Compute consolidated buildings at date of acquisition
steckelburg inc. produces and sells a single product. the selling price of the product is 150.00 per unit and its
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