Merton company purchased a building on january 1, 2016, at a cost of $364,000. merton estimated that its life would be 25 years and its residual value would be $14,000.
on january 1, 2017, the company made several expenditures related to the building. the entire building was painted and floors were refinished at a cost of $21,000. a federal agency required merton to install additional pollution control devices in the building at a cost of $42,000. with the new devices, merton believed it was possible to extend the life of the building by six years.
in 2018, merton altered its corporate strategy dramatically. the company sold the building on april 1, 2018, for $392,000 in cash and relocated all operations to another state.
required:
1. determine the depreciation that should be on the income statement for 2016 and 2017.2. what amount of gain or loss did merton record when it sold the building? do not round intermediate calculations.
Answers: 3
Other questions on the subject: Business
Business, 21.06.2019 21:40, nsuleban9524
Bella is the new president of first edition, a group dedicated to the promotion of english literacy in first-generation immigrant communities. in the two years that have passed since bella took the position, the organization's members have become more passionate about their mission and intensified their activities—they put in long hours teaching children to read, promoting the program to parents, and soliciting donations. bella's strength is in her ability to inspire others and make them believe that they are part of something greater than themselves. which term best captures bella's leadership style? a. transactional b. transformational c. legitimate authority d. absolute authority
Answers: 1
Business, 22.06.2019 11:30, kaylabethany
Mai and chuck have been divorced since 2012. they have three boys, ages 6, 8, and 10. all of the boys live with mai and she receives child support from chuck. mai and chuck both work and the boys need child care before and after school. te boys attend the fun house day care center and mai paid them $2,000 and chuck paid them $3,000. mai's agi is $18,000 and chuck's is $29,000. mai will claim two of the boys as dependents. she signed form 8332 which allows chuck to claim one of the boys. who can take the child and dependent care credit?
Answers: 3
Business, 22.06.2019 13:00, dolltan
Creation landscaping has 1,000 bonds outstanding that are selling for $1,280 each. the company also has 2,000 shares of preferred stock outstanding, currently priced at $27.20 a share. the common stock is priced at $37.00 a share and there are 28,000 shares outstanding. what is the weight of the debt as it relates to the firm's weighted average cost of capital?
Answers: 1
Do you know the correct answer?
Merton company purchased a building on january 1, 2016, at a cost of $364,000. merton estimated that...
Questions in other subjects:
Social Studies, 02.06.2021 08:40
Arts, 02.06.2021 08:40
Mathematics, 02.06.2021 08:40
Computers and Technology, 02.06.2021 08:40
Engineering, 02.06.2021 08:40
Mathematics, 02.06.2021 08:40
Mathematics, 02.06.2021 08:40
