Journal Entries for Plant Assets During the first few days of the year, Coast Company entered into the following transactions: 1. Purchased a parcel of land with a building on it for $3,500,000 cash. The building, which will be used in operations, has an estimated useful life of30 years and a salvage value of $200,000. The assessed valuations for property tax purposes show the land at $280,000 and the building at $2,520,000.
2. Paid $180,000 for the construction of an asphalt parking lot for customers. The parking lot is expected to last 15 years and has no salvage value.
3. Paid $500,000 for the construction of a new entrance to the building.
4. Purchased store equipment, paying the invoice price (including seven percent sales tax) of $89,660 in cash. The estimated useful life of the equipment is five years, and the salvage value is $4,000.
5. Paid $640 freight on the new equipment.
6. Paid $1,200 to repair damages to floor caused when the store equipment was accidentally dropped as it was moved into place.
7. Paid $50 for an umbrella holder to place inside front door (customers may place wet umbrellas in the holder). The holder is expected to last 20 years.
Required:
a. Prepare journal entries to record these transactions.
b. Prepare the December 31 journal entries to record depreciation expense for the year.

During 2016, nike inc., reported net income of $3,760 million. the company declared dividends of $1,022 million. the closing entry for dividends would include which of the following? select one: a. credit cash for $1,022 million b. credit dividends for $1,022 million c. debit net income for $1,022 million d. credit retained earnings for $1,022 million e. debit dividends for $1,022 million

You operate a small advertising agency. you employ two secretaries, a graphic designer, three sales representatives, and an office coordinator. 1. what types of things would you consider when determining how to compensate each position? describe two (2) considerations. 2. what type of compensation plan would you use for each position?

During the year, the delph company had no beginning or ending inventories and it started, completed, and sold only two jobs—job d-75 and job c-100. it provided the following information related to those two jobs: job d-75: molding fabrication total direct materials cost $ 375,000 $ 325,000 $ 700,000 direct labor cost $ 200,000 $ 160,000 $ 360,000 machine-hours 15,000 5,000 20,000 job c-100: molding fabrication total direct materials cost $ 300,000 $ 250,000 $ 550,000 direct labor cost $ 175,000 $ 225,000 $ 400,000 machine-hours 5,000 25,000 30,000delph had no overapplied or underapplied manufacturing overhead during the year. assume delph uses a plantwide overhead rate based on machine-hours.1-a. compute the predetermined plantwide overhead rate.1-b. compute the total manufacturing costs assigned to job d-70 and job c-200.1-c. if delph establishes bid prices that are 150% of total manufacturing costs, what bid price would it have established for job d-70 and job c-200? 1-d. what is delph's cost of goods sold for the year? assume delph uses departmental overhead rates based on machine-hours.2-a. compute the predetermined departmental overhead rates.2-b. compute the total manufacturing costs assigned to job d-70 and job c-200.2-c. if delph establishes bid prices that are 150% of total manufacturing costs, what bid price would it have established for job d-70 and job c-200? 2-d. what is delph's cost of goods sold for the year?