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Manal Elkhoshkhany
Manal Elkhoshkhany, Bachelor's Degree
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E10-12 (Entries for Asset Acquisition, Including Self-Construction) Below

Resolved Question:

E10-12

(Entries for Asset Acquisition, Including Self-Construction)

Below are transactions related to Impala Company.

(a) The City of Pebble Beach gives the company 5 acres of land as a plant site. The market value of this land is determined to be $81,000.
(b) 14,000 shares of common stock with a par value of $50 per share are issued in exchange for land and buildings. The property has been appraised at a fair market value of $810,000, of which $180,000 has been allocated to land and $630,000 to buildings. The stock of Impala Company is not listed on any exchange, but a block of 100 shares was sold by a stockholder 12 months ago at $65 per share, and a block of 200 shares was sold by another stockholder 18 months ago at $58 per share.
(c) No entry has been made to remove from the accounts for Materials, Direct Labor, and Overhead the amounts properly chargeable to plant asset accounts for machinery constructed during the year. The following information is given relative to costs of the machinery constructed.


Materials used $12,500
Factory supplies used 900
Direct labor incurred 16,000
Additional overhead (over regular) caused by construction
of machinery, excluding factory supplies used 2,700
Fixed overhead rate applied to regular manufacturing operations 60% of direct labor cost
Cost of similar machinery if it had been purchased from outside suppliers 44,000


Prepare journal entries on the books of Impala Company to record these transactions. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

Description/Account Debit Credit
(a)

(b)



(c)





Can you get this one for me by Sunday, April 15, 2012.

Thank you,
Submitted: 2 years ago.
Category: Multiple Problems
Expert:  Manal Elkhoshkhany replied 2 years ago.

Thank you for requesting me, but for future posts, please remember to type "For BusinessTutor" at the beginning of the post.

 

working on them :)

Expert:  Manal Elkhoshkhany replied 2 years ago.
Customer

 

I have uploaded the wrong file sorry, Please allow me a couple of minutes to post the correct file

 

Thank you

Expert:  Manal Elkhoshkhany replied 2 years ago.

Here you go:

 

http://www.box.com/s/91fefc5eb7b277595d5c

 

By the way, you have posted the following question in the "Essay" category, please edit it and post it in the "Business & Finance HW" category. Please type "For BusinessTutor" at the beginning of the post

 

http://www.justanswer.com/essays/6i9cw-able-help-again-need-sunday-april.html

 

Manal Elkhoshkhany, Bachelor's Degree
Satisfied Customers: 9483
Experience: Completed by BA degree in 1988 and graduated with a GPA of 4.0
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