SkousenLong-Term Assets Exercises II Download free books at... Download free eBooks at bookboon.com2 Larry M.. Skousen Long-Term Assets Exercises II... Download free eBooks at bookboon.c
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Long-Term Assets Exercises II
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Larry M Walther & Christopher J Skousen
Long-Term Assets Exercises II
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Long-Term Assets Exercises II
1st edition
© 2011 Larry M Walther, Christopher J Skousen & bookboon.com
All material in this publication is copyrighted, and the exclusive property of
Larry M Walther or his licensors (all rights reserved).
ISBN 978-87-7681-771-8
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Long-Term Assets Exercises II
4
Contents
Contents
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Long-Term Assets Exercises II
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Contents
360°
thinking
© Deloitte & Touche LLP and affiliated entities.
Discover the truth at www.deloitte.ca/careers
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Long-Term Assets Exercises II
6
Problem 1
Problem 1
WasatchBank recently held an auction to dispose of various assets it had obtained through foreclosures and other loan settlements Representatives of Aragon Semi Conductors attended the auction to bid on
an abandoned manufacturing plant that WasatchBank included in the sale he auction brochure listed the manufacturing plant as including all land, buildings, and equipment he brochure indicated that
an independent appraisal had been conducted and that land was separately valued at $3,500,000, the building at $7,000,000, and the equipment at $14,500,000 his information is believed to be reasonably accurate and fair
Aragon Semi Conductors wanted the site for a recycling business it planned to start at the location All
of the equipment would be used in this new operation he minimum bid price was set at $16,250,000
As it turned out, the auction was poorly attended Aragon was the only bidder on this property, and was fortunate to acquire the property at the opening bid minimum
Determine the correct cost allocation to the land, buildings, and equipment, and prepare a journal entry
to relect this acquisition
Worksheet
GENERAL JOURNAL
Date Accounts Debit Credit