i need accounting expert

Want answers to the assignment Below?

Text or Whatsapp Olivia at +1 (307) 209-4351


 

  

 

Question 1

Bell  Ltd.  exchanged  a  piece  of  equipment  for  land  and  also  paid  $10,000  cash.  The equipment  was  acquired  at  a  cost  of  $420,000  in  previous  years.      At  the  date  of exchange, the equipment has a carrying amount (net book value) of $295,000 and the land has a fair market value of $320,000.

Required:

Provide the entry that Bell Ltd. should record for this transaction.

 

Question 2

Box  Ltd.  exchanged  a  piece  of  equipment  for  land  and  also  paid  $30,000  cash.  The equipment  was  acquired  at  a  cost  of  $600,000  in  previous  years.      At  the  date  of exchange,  the  land  has  a  fair  market  value  of  $420,000  and  a  $15,000  loss  on  disposal was to be recognized for the equipment.

Required:

Provide the entry that Box Ltd. should record for this exchange transaction.

 

Question 3

On 1 January 2014, T&T Ltd. purchased equipment for $630,000 cash.    The equipment was  depreciated  using  straight-line  and  had  an  estimated  useful  life  of  8  years  and  an estimated  residual  value  of  $30,000.    Effective  from  1  January  2016,  T&T  revised  the total useful life of the equipment to 7 years with an estimated residual value of $10,000.

Required:

a.   Determine the carrying amount of the equipment at 1 January 2016.

b.   Compute depreciation expense for year-ended 31 December 2016.

 

Question 4

A  piece  of  freehold  land was acquired  for $500,000  cash  on 1  January  2015.  The  land is not  subject  to  depreciation  and  is  revalued  at  each  fiscal  year-ending  31  December.  

Details about the fair value at each year-end are as follows:

31.12.2015

$510,000

31.12.2016

$495,000

The land was sold on 1 August 2017 for $503,000 cash.

Required:

Prepare all relevant entries relating to the land for 2015 to 2017. Indicate the date next to each entry.

 

Question 5

A piece of freehold land was acquired for $700,000 cash on 10 July 2015. The land is not subject  to  depreciation  and  is  revalued  at  each  fiscal  year-ending  31  December.  Details about the fair value at each year-end are given below:

31.12. 2015 Fair value$670,000

31.12. 2016 Fair value$710,000

The land was sold on 15 April 2017 for $725,000 cash.

Required:

Prepare all relevant entries relating to the land for 2015 to 2017. Indicate the date next to each entry.

  

Other Questions.

We Accept

Order your Assignment today and save 15% with the discount code ESSAYHELP

X