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Homework answers / question archive / Best Beauty Salon purchased land and a building for $6,000,000 on 1/1
Best Beauty Salon purchased land and a building for $6,000,000 on 1/1. The estimated fair market values of the land and building are $2,000,000 and $8,000,000, respectively. What amount should be recorded in the building account on 1/1? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc.. just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 D Question 15 4.75 pts KHS&R's Construction bought a truck on 1/1/at a cost of $34,000, an estimated salvage (residual) value of $5,000, and an estimated useful life of 4 years. The truck is being depreciated on a straight-line basis. At the end of year 3, what amount will be reported for accumulated depreciation? Fill in the blank with your calculated number. DO NOT include commas. S signs, period, decimal points, etc.. just enter the raw number Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only Input: 24123
Part 1, Question 14)
Amount to be recorded in building account=6000000*[8000000/(2000000+8000000)]=6000000*8000000/10000000=4800000 (Answer)
Part 2, Question 15)
Depreciation each year under straight line method=(original cost-salvage)/useful life=(34000-5000)/4=7250
Accumulated Depreciation at the end of 3 years=21750 (Answer)
