- Question 1 Not Complete Marked Out Of 39 00 Pflag Question The Plant Building Of Xon Corporation Is Old Estimated Remai 1 (43.29 KiB) Viewed 39 times
- Question 1 Not Complete Marked Out Of 39 00 Pflag Question The Plant Building Of Xon Corporation Is Old Estimated Remai 2 (64.64 KiB) Viewed 39 times
- Question 1 Not Complete Marked Out Of 39 00 Pflag Question The Plant Building Of Xon Corporation Is Old Estimated Remai 3 (51.48 KiB) Viewed 39 times
- Question 1 Not Complete Marked Out Of 39 00 Pflag Question The Plant Building Of Xon Corporation Is Old Estimated Remai 4 (50.26 KiB) Viewed 39 times
Question 1 Not complete Marked out of 39.00 PFlag question The plant building of Xon Corporation is old (estimated remaining useful life is 12 years) and needs continuous maintenance and repairs. The company's accounts show that the building originally cost $720,000; and accumulated depreciation was $480,000 at the beginning of the current year. During the current year, the following expenditures relating to the plant building are made. 1. Continuing, frequent, and low-cost repairs 2. Added a new storage shed attached to the building; estimated useful life of eight years $40,800 86,400 120,000 3. Removed roof and replaced it with guaranteed, modern roof* 4. Unusual and infrequent repairs due to damage from flood; repairs did not increase the use, value, or the economic life of the asset 14,400 5. Complete overhaul of the plumbing system (old costs unknown) 30,000 * Original cost of the roof was $96,000
* Original cost of the roof was $96,000 Prepare the journal entry to record each item 1 through 5, assuming all items are paid in cash. Note: Round your answers to the nearest whole number. Account Name Debit Credit Equipment Cash (1) To record repair. Building Repair Expense (2) To record shed. (3a) To remove old roof. (3b) To record new roof. (4) To record repair. (5) To record overhaul of plumbing system. < << > << << < ( 40,800 0 0 0 0 0 0 0 0 0 0 0 0 40,800 0 0 0 0 0 0 0 O 0 0 0
Cash Prepaid Insurance Equipment Building Land Construction in Process Accumulated Depreciation Accounts Payable Property Tax Payable Asset Retirement Obligation Note Payable Discount on Note Payable Common Stock Paid-in Capital in Excess of Par-Common Stock Contribution Revenue Gain on Asset Exchange Accretion Expense Depreciation Expense Insurance Expense Interest Expense (3b) To record new roof. (4) To record repair. (5) To record overhaul of plumbing system.
Insurance Expense Interest Expense Repair Expense Loss on Asset Exchange Loss on Asset Replacement Loss on Construction of Building Loss on Disposal