Posted: June 15th, 2022

Yorkville University BUSINESS BUSI 1003 Assume Interstellar Communications Ltd’s balance sheet

Assume Interstellar Communications Ltd’s balance sheet consists of the next belongings underneath Property, Plant, and Gear: Land, Buildings, and Motor-Service Gear. Interstellar Communications has a separate accrued depreciation account for every of those belongings besides land. Additional, assume that Interstellar accomplished the next transactions:Jan 2: Bought motor-carrier gear with accrued depreciation of $67,000 (value of $130,000) for $70,000 money. Bought related new gear with a money value of $176,000.July three: Bought a constructing that had value $650,000 and had accrued depreciation of $145,000 by December 31 of the previous 12 months. Depreciation is computed on a straight-line foundation. The constructing had a 40-year helpful life and a residual worth of $250,000. Interstellar acquired $100,000 money and a $400,000 be aware receivable.Oct 29 Bought land and a constructing for a single value of $420,000. An unbiased appraisal valued the land at $150,000 and the constructing at $300,000.Dec 31: Recorded depreciation as follows:New motor-carrier gear has an anticipated helpful lifetime of six years and an estimated residual worth of 5% of value. Depreciation is computed on the double-diminishing-balance technique.Depreciation on buildings is computed by the straight-line technique. The brand new constructing carries a 40-year helpful life and a residual worth equal to 10% of its value.Required: Please journalize every of the transactions from Jan 2nd – Dec 31st.

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