Question

In 1950 Willy Wonka opened his chocolate factory.
Journalize the following selected transactions that
Wonka has had over his first few years. Show all your
calculations in the space below each transaction,
rounding to two decimals:

1950:
January 4th

– purchased land and a large five-story building in which to put his
factory. He paid $367 000 for both. According to his real estate agent, the land
was worth $310 000 and the building $90 000. In addition, Wonka paid $57 570
to renovate the building to make his specialized machinery fit. Wonka expects
to use both the land and the building for 35 years. Wonka expects to be able to
sell the building for $12 000 when he retires.

Answer 1