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Question # 3   Answer each of the following independent questions. On Jan. 10, 2015 AIE Co....

Question # 3   Answer each of the following independent questions.

  1. On Jan. 10, 2015 AIE Co. bought a plant asset with a cost of $216,000, estimated life of 6 years, and residual value of $36,000, is depreciated by the straight-line method. On Oct. 19, 2019 The asset was sold for $116,000. Required: Determine the amount of gain or loss to be recognized on this sale. Explain how the sale would be reported in the financial statements of AIE Co.

  1. At the beginning of 2017 TW Co. reported Supplies on hand balance of $400. During 2017 TW Co. purchased additional supplies for $1,100. Physical count at the end of 2017 revealed a balance of $250 worth of supplies. Show how TW Co. would report the supplies related accounts in the income statement and balance sheet at the end of 2017?

  1. During 2016, Dubai Theatre bought projection equipment on installment basis. The contract price was $23,610, payable $5,610 down, and $2,250 a month for the next eight months. The cash price for this equipment was $22,530. Additional $850 were paid for wiring & ventilation work. The costs of running the projection equipment during 2016 was $450. Determine the cost at which the Projection equipment will be recorded in the books of Dubai Theatre.

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ekkarill92 answered 11 months ago
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