Reference no: EM131191428
(Dispositions, Including Condemnation, Demolition, and Trade-In)
Presented below is a schedule of property dispositions for Hollerith Co.
Schedule of Property Dispositions
|
|
Cost
|
Accumulated Depreciation
|
Cash Proceeds
|
Fair Value
|
Nature of Disposition
|
Land
|
$40,000
|
-
|
$31,000
|
$31,000
|
Condemnation
|
Building
|
15,000
|
-
|
3,600
|
-
|
Demolition
|
Warehouse
|
70,000
|
$16,000
|
74,000
|
74,000
|
Destruction by fire
|
Machine
|
8,000
|
2,800
|
900
|
7,200
|
Trade-in
|
Furniture
|
10,000
|
7,850
|
-
|
3,100
|
Contribution
|
Automobile
|
9,000
|
3,460
|
2,960
|
2,960
|
Sale
|
The following additional information is available.
Land:
On February 15, a condemnation award was received as consideration for unimproved land held primarily as an investment, and on March 31, another parcel of unimproved land to be held as an investment was purchased at a cost of $35,000.
Building:
On April 2, land and building were purchased at a total cost of $75,000, of which 20% was allocated to the building on the corporate books. The real estate was acquired with the intention of demolishing the building, and this was accomplished during the month of November. Cash proceeds received in November represent the net proceeds from demolition of the building.
Warehouse:
On June 30, the warehouse was destroyed by fire. The warehouse was purchased January 2, 2011, and had depreciated $16,000. On December 27, the insurance proceeds and other funds were used to purchase a replacement warehouse at a cost of $90,000.
Machine:
On December 26, the machine was exchanged for another machine having a fair value of $6,300 and cash of $900 was received. (The exchange lacks commercial substance.)
Furniture:
On August 15, furniture was contributed to a qualified charitable organization. No other contributions were made or pledged during the year.
Automobile:
On November 3, the automobile was sold to Jared Winger, a stockholder.
Instructions
Indicate how these items would be reported on the income statement of Hollerith Co.
(AICPA adapted).
How they can help accounting information system to be better
: In the data-flow diagrams, there are four basic symbols that are used. Why these symbols are important? How they can help accounting information systems to be better understood?
|
Examine at least three key legal and ethical issues
: Create an organizational behavior modification (OBM) plan to define four (4) key behaviors that are required for successful job performance as a retail sales associate. Suggest the significant ways that your plan will benefit the organization.
|
Draw a corresponding demand curve and a supply curve
: Draw a corresponding demand curve and a supply curve. Properly label the equilibrium price and quantity; Then show what will happen to equilibrium if the City Council imposes a price ceiling at 16
|
Purpose of organizational behavior
: Using the company selected in Week One, create an 8- to 10-slide Microsoft® PowerPoint® presentation that addresses the following: Describe the strategic role and purpose of organizational behavior for the company selected in Week One.
|
How items would be reported on income statement of hollerith
: On August 15, furniture was contributed to a qualified charitable organization. No other contributions were made or pledged during the year. Indicate how these items would be reported on the income statement of Hollerith Co.
|
Question regarding the immigration enforcement
: Immigration enforcement issues have continued to grow in complexity and intensity over the past several years. These debates have stemmed from legal battles, state's rights, and Department of Homeland Security jurisdiction over immigration enforce..
|
Explain what you will do in case the selected product
: Chief executive officers (CEOs) often read and assess an executive summary before deciding to read the entire report, so this must be high quality narrative that demonstrates the significance of the work undertaken, the objectivity of research and..
|
Explore the concept of exit velocity as applied
: In this project you will explore the concept of exit velocity as applied to hitting in baseball. The same concept could be applied to a tennis ball, a golf ball, a cricket ball, a racquetball, etc
|
What are the major disadvantages of rtds
: What would be the major cause of error in the mercury-in-glass thermometer? 8.17 What are the major disadvantages of RTDs?
|