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On October 1, 2007, Tri-State Power Company added transmission lines costing $25,000 to improve transmission capacity on a transmission system having a book value of $90,000. The transmission system has 25 years of estimated remaining life with a $5,000 residual value on October 1.
In addition, on October 1, a generator with an original cost of $40,000 and accumulated depreciation of $36,000 was overhauled at a cost of $20,000. The overhaul extended the remaining life of the generator to 12 years with no residual value.
a. Record the journal entries on October 1 for the transmission system improvement and generator extraordinary repair.
b. Record the adjusting journal entry on December 31 to record the depreciation expense for the two fixed assets.
c. Determine the book value of the two fixed assets on December 31.
Create the entry in the Investment Trust Fund to record the distribution of the interest earned on pooled investments, assuming that the interest will be reinvested by the town and school district.
Davis Hardware Company uses a periodic inventory system. How should Davis record the sale of inventory costing $620 for $960 on account?
BUACC5930 Accounting Concepts and Practices. You are an accountant at West Group Accountants & Investment Advisers. You have been approached by a group of investors for your professional advice on investing in Harvey Norman Holdings Limited.
What is the future value of $7,000 at the end of 5 periods at 8% compounded interest? What is the present value of $7,000 due 8 periods hence, discounted at 11%?
Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. The rent is prepaid for three months at $1,200 per month. Develop the adjusting entry at the end of the first month that rent should be ..
Present the entries to record the following transactions: Received $400 upon sale of supplies, Disposed of the merchandise inventory, receiving $22,000 and Sold the equipment for $3,000.
As you learned in this week's reading, account receivables record bad debts or other promises to pay by debtors (Porter & Norton). To understand the accounting for the sale of investments and the generation of notes receivable,
During the installation, a component of the equipment is carelessly left on a lane and hit by the automatic lane-cleaning machine. The cost of repairing the component is $2,250. Illustrate what is the total recorded cost of the automatic scorekee..
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Exhibit 18.2 of your textbook lists a number of impediments to project success. How might you minimize or eliminate these impediments?
Radisson Manufacturing Corp. The company uses 10,000 units of the 300th piece as a component to assemble one of its products. An external supplier offers to supply this piece for $ 16 per unit. If the company stops production of this piece, you can a..
What was change in dollars in the company’s net income from its most recent annual reporting period to the previous annual reporting period?
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