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2.
Biological assets
ACC 304 Week 3 Chapter 10 Homework
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ACC 304 Week 3 Homework (Chapter 10)
1) Hanson Company is constructing a building. Construction begins
on February 1 and was completed on December 31. Expenditure were
$1,800,000 on march 1, $1,200,000 on June 1, and $3,000,000 on
December 31. Compute Hanson’s weighted-average accumulated
expenditure for interest capitalization purposes.
2) Mehta Company traded a used welding machine (cost $9,000,
accumulated depreciation $3,000) for office equipment with an
estimated fair value of $5,000. Mehta also paid $3,000 cash in the
transaction. Prepare the journal entry to record the exchange.
3) Ottawa Corporation owns machinery that cost $20,000 when
purchased on July 1, 2011. Depreciation has been recorded at a rate of
$2,400 per year, resulting in a balance is accumulated depreciation of
$8,400 at December 31, 2014. The machinery is sold on September 1,
2015, for $10,500. Prepare journal entries to (a) update depreciation
for 2015 and (b) record the sale.