Valley Wide Industries recently negotiated a lump-sum purchase of several assets from a company that was…

Valley Wide Industries recently made a lump-sum acquisition
Many assets of a business that was closing down.
After the purchase, all assets were transferred to their new owners.
March 11, 2018 at an all cash price $1,575,000 Purchase
Included land, buildings, improvements to the land and a factory. These were the
Each asset was appraised at:

Land                                 
         
                                
          $  
612,000

                            
The Building                                                                                     
864,000

                            
Land
Improvements                                                                
   90,000

                            
Factory                                                                                      
234,000

                                                                       
         
                                
          $
1,800,000

  • This building is expected to last for 15 years.
    The residual $51,300 value is not to exceed the depreciation allowance.
    Straight-line method.
  • Company has chosen to utilize the declining-balance
    This method
    Depreciation of land improvements, which have
    Service life estimated at 8 years. This is the estimated residual value
    zero.

Note. Note.
Rule for the nearest whole month Straightforward calculation
Line and double decline in balance

  • Company has chosen to utilize the
    units-of-production Depreciation method
    factory. Factory is estimated to make 250,000 units.
    To retain its value over time and have a residual of $4,750
    On December 31, 2018, 34,000 units had been produced by the factory.
    product. (Round the depreciation rates per unit up to 2 decimal
    places)

Required:

  1. You can complete the below chart by adding the cost of the items.
    Valley Wide Industries is a member of the relevant asset class.
    columns.    (4)

  1. To record all acquisitions, prepare the journal entries
    The cost of the assets at March 11, 2018 (5)
  1. To record the depreciation, prepare the journal entries.
    expenses for the year that ended December 31, 2018.
    (6)

Answer the question 2.1

Asset class

Fair Market Value

Pourcentage

Total

Buy

Price

Land

The Building

Land improvements

Factory

Totals

Question 2.2 and question 2.3

GENERAL
JOURNAL       
                            
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