9-1 The following expenditures were incurred by Rosenberg Company in purchasing

Question

9-1

The following expenditures were incurred by Rosenberg Company in purchasing land: cash price $64,000, accrued taxes $3,000, attorneys’ fees $2,500, real estate broker’s commission $2,000, and clearing and grading $3,800.

What is the cost of the land?

9-2

Jawson Company incurs the following expenditures in purchasing a truck: cash price $30,000, accident insurance $2,000, sales taxes $1,800, motor vehicle license $160, and painting and lettering $400.

What is the cost of the truck?

..i got 34360, but it was wrong?!

9-10

Arma Company sells equipment on September 30, 2014, for $20,000 cash. The equipment originally cost $72,000 and as of January 1, 2014, had accumulated depreciation of $42,000. Depreciation for the first 9 months of 2014 is $4,800.

Prepare the journal entries to (a) update depreciation to September 30, 2014, and (b) record the sale of the equipment.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

Account Titles and Explanation

Debit

Credit

(a)

(b)

Explanation / Answer

9-1)

Cost of land =$64,000+$3,000+$2,500+$2,000+$3,800=$75,300

9-2)

cost of truck=$30,000+1,800+$400=$32,200

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