These expenditures were incurred by Crane Company in purchasing land: cash price $58,430, assumed accrued property taxes $5,410, attorney"s fees $2,480, real estate broker"s commission $3,320, and clearing and grading $4,440. What is the cost of the land?
Cullumber Company incurs these expenditures in purchasing a truck: cash price 22,970, accident insurance (during use) 1,640, motor vehicle license 340, and painting and lettering 2,620. What is the cost of the truck?
Gordon Chemicals Company acquires a delivery truck at a cost of 20,400 on January 1, 2017. The truck is expected to have a salvage value of 4,500 at the end of its 4-year useful life. Compute annual depreciation for the first and second years using the straight-line method.

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Pharoah Company retires its delivery equipment, which cost 48,850. Accumulated depreciation is also 48,850 on this delivery equipment. No salvage value is received.
Assume the same information, except that accumulated depreciation for the equipment is 36,270 instead of 48,850
(D) Accumulated depreciation-equipment36,270(D) Loss on disposal of plant assets12,580(C) Equipment48,850
Ivanhoe Company sells office equipment on July 31, 2017, for 22,330 cash. The office equipment originally cost 83,350 and as of January 1, 2017, had accumulated depreciation of 38,110. Depreciation for the first 7 months of 2017 is 4,730. Update depreciation to July 31, 2017.
Ivanhoe Company sells office equipment on July 31, 2017, for 22,330 cash. The office equipment originally cost 83,350 and as of January 1, 2017, had accumulated depreciation of 38,110. Depreciation for the first 7 months of 2017 is 4,730. Record the sale of the equipment.
(D) Accumulated Depreciation-Equipment42,840(D) Cash 22,330(D) Loss on disposal of plant assets18,180(C) Equipment83,350
Wildhorse Co. purchases a patent for 172,200 on January 2, 2017. Its estimated useful life is 6 years. Prepare the journal entry to record amortization expense for the first year.

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Wildhorse Co. purchases a patent for 172,200 on January 2, 2017. Its estimated useful life is 6 years. Show how this patent is reported on the balance sheet at the end of the first year.
Wildhorse Co. purchased a delivery truck. The total cash payment was 45,042, including the following items.Negotiated purcase price 37,200Insall pro shelv. 2,380Painting and lettering 700Motor vehicle license 190Annual Ins Policy 2,340Sales Tax 2,232Total 42,512The cost of the delivery truck is
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