Question

Xinglong Company purchased 3 machines from the auction market and paid a total of $225341 in...

Xinglong Company purchased 3 machines from the auction market and paid a total of $225341 in cash and freight of $13928. Other relevant information is as follows:

Fair value: Machine A: $107880 Machine B: $157025 Machine C: $30220

Installation fee: Machine A: $60834 Machine B: $15625 Machine C: $6003

Test drive fee: Machine A: $2076 Machine B: $0 Machine C: $2388

Trial work:

Relative fair value share of costs of Machine A ?(Round to whole number)
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

please upvote

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Pls Show the work! Cali Inc. paid cash and purchased the assets of Fan Inc. at...
Pls Show the work! Cali Inc. paid cash and purchased the assets of Fan Inc. at an auction for 4,900,000 on October 8, 2017. the information on the book values of the assets on Fan's balance sheet is listed below: Land 820,000 Building 1,118,000 Inventory 530,000 Machine 780,000 Based on an independent appraisal, the fair value of inventory is determined to be equal to its book value, and the fair value of land, building, and machine are determined to be...
‘X’ Ltd. purchased two new machines for cash on 1 January 2018. Machine A cost $4000...
‘X’ Ltd. purchased two new machines for cash on 1 January 2018. Machine A cost $4000 and Machine B cost $10000. Each machine was expected to have a useful life of 10 years, and residual values were estimated at $200 for Machine A and $500 for Machine B. On 30 June 2019, ‘X’ Ltd. adopted the revaluation model to account for the class of machinery. The fair values of Machine A and Machine B were determined to be $3200 and...
On January 1, 2019, ABC Company paid $235,000 to buy three pieces of machinery. The fair...
On January 1, 2019, ABC Company paid $235,000 to buy three pieces of machinery. The fair market values of the machines on the purchase date were: Machine A ............ $80,850 Machine B ............ $98,000 Machine C ............ $66,150 Before the machines could be used, ABC Company had to spend $9,000 to get Machine B in working order. Machine B was assigned a $7,000 residual value and a 10-year life. Machine B will be depreciated using the straight-line depreciation method. Calculate...
At the beginning of the year, Oakmont Company bought three used machines from American Manufacturing, Inc....
At the beginning of the year, Oakmont Company bought three used machines from American Manufacturing, Inc. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Machine A Machine B Machine C   Amount paid for asset $ 21,500 $ 12,000 $ 11,700   Installation costs 1,250 600 500   Renovation costs prior to use 1,050 300 1,000   Repairs after production began 520 2,800 880    By the end of the first...
1--On January 1, B&B. purchased an X-Ray machine for $300,000 in cash. B&B. paid freight charges...
1--On January 1, B&B. purchased an X-Ray machine for $300,000 in cash. B&B. paid freight charges of $1,000 to the trucking company to deliver the machine to its clinic. The estimated salvage value and useful life of the X-ray machine is $2,900 and 5 years, respectively. Under the straight-line method, what is the book value of the machine as of December 31, Year 3? A.   $114,920 B.   $122,140 C.   $217,580 D.   $121,510 2--The records of Coppell Sports Physicians showed the...
(a) ABC Company purchased a $20,000desk-top laser cutting machine 1year ago.  The company was expected it can...
(a) ABC Company purchased a $20,000desk-top laser cutting machine 1year ago.  The company was expected it can last for 5years and a salvage value of $5,000.  Since it was accidentally dropped on the floor last year, $3,000was paid for repairs, and its current operating costs are running at the rate of $4,000 annually. It is expected to be increased $1,000more from the next year onwards.  Recently, the company has found that it has a market value of $8,000in second-hand market.  At the same time,...
1. Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $15,000 for the truck....
1. Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $15,000 for the truck. The truck is expected to have a $2,500 residual value and a 5-year life. Cambridge has a December 31 fiscal year end. Using the double-declining balance method, how much is the 2019 depreciation expense? (Enter only whole dollar values.) Hint: what is the year 2 depreciation amount? 2. Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $22,000 for the truck. The...
P11-1 Alladin Company purchased Machine #201 on May 1, 2017. The following information relating to Machine...
P11-1 Alladin Company purchased Machine #201 on May 1, 2017. The following information relating to Machine #201 was gathered at the end of May. Price = $85,000 Credit terms = 2/10, n/30 Freight-in = $800 Preparation & installation costs = $3,800 Labor costs during regular production operations = $10,500 It is expected that the machine could be used for 10 years, after which the salvage value would be zero. Alladin intends to use the machine for only 8 years, however,...
Survivor Company, a public company, had the following transactions in securities during 2017: a) Purchased $1,000,000...
Survivor Company, a public company, had the following transactions in securities during 2017: a) Purchased $1,000,000 par value of 5% Diamond Ltd. bonds (when the market interest rate was 4%), on January 1st, 2017 (right after the interest was paid). The bonds will mature on July 1, 2023, and pay interest on July 1st and January 1st. The bonds will be an amortized cost investment. b) Purchased 100,000 common shares of Midtel Ltd., a publicly-traded company, as an FVTOCI investment...
On June 30, 200X Carl Corporation purchased Lin Company by issuing 50,000 shares of stock. Stock...
On June 30, 200X Carl Corporation purchased Lin Company by issuing 50,000 shares of stock. Stock has a market value of $15.00 per share. This acquisition is to be recorded as a statutory merger through asset acquisition. In this type of business combination Carl company acquires all the assets and liabilities of Lin Company. Lin Company is dissolved and goes out of business.   Prepare the entries the purchase and combination on June 30, 200X. Following information is shown prior to...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT