Intermediate Accounting Assignment 8

Item Land

Land Improvements

Building other Accounts

a $ 27,500.00

b 275,000.00

$ c 10,000.00

$ d 7,000.00

$ e 6,000.00

$ f 1,000.00-$ g 25,000.00

$ h 250,000.00

$ i 9,000.00

$ j 4,000.00

$ k 11,000.00$ l 5,000.00

-$ m 13,000.00

$ n 19,000.00

$ o 14,000.00

$ Purchase Price 139,000.00$ Surveying Costs

2,000.00$ Title Insurance Policy 4,000.00$ Demolition Costs 3,000.00$ Salvage

1,000.00-$ Total Land Cost

147,000.00

$ Exercise 10-1

P10-6

Interest Capitalization (Land Account)

1

Cash ##########Machinery ##########Accumulated Depreciation ##########Loss on Disposal of Machine 8,000.00$ Machinery ##########BV ##########FV ###########Loss 8,000.00

$ Machinery ##########Accumulated Depreciation ##########Loss on Disposal of Machine 6,000.00$ Cash ##########Machinery ##########BV ##########FV ###########Loss 6,000.00$ 2

Machinery ##########Accumulated Depreciation ##########Loss on Disposal of Machine 8,000.00$ Machinery ##########

Winston Company

Machinery

##########Accumulated Depreciation ##########Machinery ##########Gain

##########

P10-8

Holyfield Corp.

Dorsett Company

Holyfield Corp.

3

Machinery ##########Accumulated Depreciation ##########Loss on Disposal of Machine 8,000.00$ Machinery ##########Cash 3,000.00

$ Machinery ##########Accumulated Depreciation ##########Cash 3,000.00$ Machinery ##########Gain ##########FV ##########BV ###########Gain ##########

4

Machinery ##########Accumulated Depreciation ##########Loss on Disposal of Machin 8,000.00$ Machinery ##########Cash ##########

Cash

##########Used Machine Inventory ##########Sales ##########COGS

##########Inventory

##########

Greeley Company

Holyfield Corp.

Holyfield Corp.

Liston Company