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Calculate the cost of an asset and depreciation expense.
Wilson, Smith & Knight Beer Brewers purchased a building for $125,000 cash and the land for $275,000 cash. The company paid real estate closing costs of $6,000 and allocated that cost to the building and the land based on the purchase price. Renovation costs on the build ing were $45,000.
Use the accounting equation to record the purchase of the property, including all related ex penditures. Assume that all transactions were for cash and that all purchases occurred at the beginning of the year.
a. Compute the annual straight-line depreciation, assuming a 20-year estimated useful life and an $11,875 estimated salvage value for the building.
b. What would be the book value of the building at the end of the fifth year?
c. What would be the book value of the land at the end of the tenth year?
Prepare a table to allocate the lump-sum purchase price to the separate assets purchased. Prepare the journal entry to record the purchase.
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Draxon Company borrowed $20,000 from the bank signing a 6%, 3-month note on September 1. Principal and interest are payable to the bank on December 1.
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Compute the annual premium amortization using the straight-line method. Assume the bond is a short-term investment.
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