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What is the cost of the asset

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Question - Tab Corporation purchased a new manufacturing plant on January 1, 2014. The cash purchase price of this plant was $300,000. Additional information includes, a 2% of gross for broker fees and a 13% closing cost. Landscaping, a drive way, and a new fence had to be added. The plant is a 7 year asset with a $35,000 salvage value.

Required -

a. What is the cost of the asset?

b. Create both straight and double declining tables for the entire useful life of the assets.

c. The asset is sold at the end of the 3rd year for $265,000. Journalize these transactions; use both sets of data to calculate gain or loss.

d. The asset is sold at the end of the 3rd year for $225,500. Journalize these transactions; use both sets of data to calculate gain or loss.

Reference no: EM132533548

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