Week One Homework Acct305
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SOLUTIONS – WEEK ONE – ACCT 305
Exercise 102
To record the purchase of a machine.
Machine ($45,000 + + 2,200 + 700 + 1,000)..................... ........................................................Accounts payable ............................................................................Cash
48,900
47,200 1,700
To record prepaid insurance for the machine.
Prepaid insurance....................................................... ............................................................................Cash
900
Exercise 108 Initial Percent of Total Market Value Asset Land .................. Building A ......... Building B .........
Market Value $ 300,000 450,000 250,000 $1,000,000
30% 45 25 100%
Valuation (Percent x $900,000) $270,000 405,000 225,000 $900,000
900
Exercise 1012 Requirement 1
Cash............................................................................ Accumulated depreciation tractor (balance).............. Loss on sale of tractor (difference)............................... ...........................................................Tractor (balance)
3,000 26,000 1,000
30,000
Requirement 2
Cash............................................................................ Accumulated depreciation tractor (balance).............. ...........................................................Tractor (balance) ...............................Gain on sale of tractor (difference)
10,000 26,000
30,000 6,000
Exercise 102
To record the purchase of a machine.
Machine ($45,000 + + 2,200 + 700 + 1,000)..................... ........................................................Accounts payable ............................................................................Cash
48,900
47,200 1,700
To record prepaid insurance for the machine.
Prepaid insurance....................................................... ............................................................................Cash
900
Exercise 108 Initial Percent of Total Market Value Asset Land .................. Building A ......... Building B .........
Market Value $ 300,000 450,000 250,000 $1,000,000
30% 45 25 100%
Valuation (Percent x $900,000) $270,000 405,000 225,000 $900,000
900
Exercise 1012 Requirement 1
Cash............................................................................ Accumulated depreciation tractor (balance).............. Loss on sale of tractor (difference)............................... ...........................................................Tractor (balance)
3,000 26,000 1,000
30,000
Requirement 2
Cash............................................................................ Accumulated depreciation tractor (balance).............. ...........................................................Tractor (balance) ...............................Gain on sale of tractor (difference)
10,000 26,000
30,000 6,000
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