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On June 30, 2022, Making Waves, LLC, purchased land for $400…

On June 30, 2022, Making Waves, LLC, purchased land for $400,000 and a building for $560,000, paying $360,000 cash and issuing a 5% note for the balance secured by a mortgage on the property. The terms of the note provide for 20 semi-annual payments of $30,000 on the principal plus the accrued interest from the date of the  preceding payment.  The journal entry to record the first installment on December 31 would include…

Equipment acquired at the beginning of the year at a cost of…

Equipment acquired at the beginning of the year at a cost of $340,000 has an estimated residual value of $45,000 and an estimated useful life of 10 years. Determine the amount of depreciation expense recognized each year under the straight-line method of depreciation.   

Austin  contributed land, inventory, and $36,000 cash to a p…

Austin  contributed land, inventory, and $36,000 cash to a partnership. The land had a book value of $120,000 and a market value of $175,000. The inventory had a book value of $50,000 and a market value of $42,000.  The journal entry to record Austin’s contribution to the partnership will include…

Only selected assignment and quiz can be submitted late but…

Only selected assignment and quiz can be submitted late but not within the last week of class. Exceptions: no late submissions will be available in this course for discussions, extra credit, dyadic interviews, any assignments within the orientation module or the final reflection paper): Late submissions will automatically incur a 50% penalty, which will be deducted from the final score. For example, if an assignment is due November 9, at 11:59 pm and a student submits the assignment or quiz any time after the due date, lets say November 10, 2024, and earns 80% (8 out of 10 points) after the 50% penalty, the assignment’s final grade will result in a 40% (4 out of 10 points) earned.  This penalty will be applied to the final score of the late submission. No feedback will be provided for any late assignments. No late assignments or quizzes will be available within the last week of class. Assignment Example (view the available time frame and due date, see above for exclusions)

A gantry crane was acquired on January 1 at a cost of $120,0…

A gantry crane was acquired on January 1 at a cost of $120,000. The equipment has an estimated useful life of 25 years, and no residual value.  Determine the total depreciation expense recognized in the first two years using the straight-line method of depreciation.