Mcgraw Hill Connect Chapter 10 help
Question Detail:

McGraw Hill Connect, Chapter 10 Accounting assignment includes:

CHAPTER 10 HOMEWORK and CHAPTER 10 QUIZ completed online through McGraw Hill Connect site with my credentials DUE NO LATER THAN Sunday, 04-28-2013

AS WELL AS:

Upload DOCUMENTS of Chapter 10 TEST submitted to me through homework market DUE NO LATER THAN Sunday 04-28-2013—- SEE BELOW:

PROBLEM #1 4 points

Classify each of the following as Aordinary maintenance and repairs, B asset improvements, or Cextraordinary repairs.

  1. Resurfacing a pool in an apartment building. ___________________
  2. Installing a new air conditioner in an old building. ___________________
  3. Exterior and interior painting. ___________________
  4. Fixing damage due to a car accident. ___________________

PROBLEM #2 14 points

Equipment acquired at a cost of $126,000 and has a book value of $42,000. Journalize the disposal of equipment under the following independentassumptions. Identify each assumption by letter.

(a)

The equipment had no market value and was discarded.

(b)

The equipment is sold for $53,000.

(c)

The equipment is sold for $27,000.

(d)

The equipment is traded-in for a similar asset. The list price of the new equipment is $63,000. The exchange has no commercial substance.

Journal

Date

Description

Debit

Credit

PROBLEM #3 22 points

An asset was purchased January 1, 20XX and the fiscal year ends December 31st. Calculate depreciation expense, accumulated depreciation, and net book value under the straight-line and the double declining balance methods. Round your answers to the nearest whole dollar.

Asset Cost = $200,000 Salvage Value = $25,000 Estimated Life = 8 Years

Straight-line method:

Year

Depreciation Expense

Accumulated Depreciation

Net Book Value

20XX

20X1

20X2

20X3

20X4

20X5

20X6

20X7

Double Declining Balance method:

Year

Depreciation Expense

Accumulated Depreciation

Net Book Value

20XX

20X1

20X2

20X3

20X4

20X5

20X6

20X7