Sheet1 note all answers must be in your own words. quoted passage

1. Sheet1NOTE: All answers must be in your own words. Quoted
passages do not count as answers.This contains 9 questions.
Answer each question completely. Show your work for partial
credit. Using excel for caculations and answer presentationsis a
key skill for our class. You could answer the essay questions
on a word document.Question 1Rose Fuel Company purchased
land for $200,000.Demolition of the existing building on the
land totaled $60,000. Rose Fuel sold salvage materials from the
building site for $20,000. A few months later Rose Fuel built a
production building on theland at a cost of $1,200,000 including
site preparation costs of $80,000. Rose Fuel also installed a
fence for $10,000 and paved a parking lot for $30,000.A. What
amount should Rose Fuel record for the cost of the land?B.
What amount should Rose Fuel record for the cost of the
building?Question 2Cressy Construction Company purchased
land for $4.2 million. Subsequent to the purchase date Cressy
paid $600,000 for land preparation as they were creating lots to
sell for a new office park. When recording the sale of each lot
what value should be used for the cost? Round to the nearest
CentNOTE: the streets were constructed previously and now
owned by the city.A. What amount should be recorded for cost
of each A lot?B. What amount should be recorded for cost of
each B lot?C. What amount should be recorded for cost of each
C lot?Question 3On 12/21/2021, Rose Brick Company
purchased equipment, land, and building for $300,000 as a lump
sum purchase. Based on the information below present the
journal entry to record the sale (on the seller's books) and the
purchase by Rose.Seller'sBook ValueFair
valueEquipment50,000.0025,000.00Land20,000.0060,000.00Bui
lding120,000.00180,000.00190,000.00265,000.00 A. Prepare the
Journal Entry to record the purchase of the assets by RoseB.
Prepare the Journal Entry to record the sale of the assets by the
sellerQuestion 4Bendix Corporation's schedule of depreciable
assets at December 31, Year 3, is presented below. Bendix

2. records a full year’s depreciation expense in the year of an
asset’s acquisition and no depreciation expense in the year of an
asset’s disposition. The estimated useful life of each
depreciable asset is 5 years. Balances below represent ledger
amounts prior to recording depreciation for year
4.AccumulatedAcquisitionSalvageDepreciableEquipmentCostDe
preciationDateValueCostA$120,000$0Year
1$10,000$110,000B60,0000Year 18,000$52,000C50,0000Year
26,000$44,000$230,000$0$24,000A. Complete the schedule of
depreciation for Year 4 showing depreciation for each asset.B.
Prepare the journal to record depreciation for Year 4.C. On
January 1, Year 5 Bendix sold Asset A For $30,000. Record the
JE for the saleD. On January 2, Year 5 Bendix sold Asset B for
$10,000. Record the JE for the sale.Question 5VF Corporation’s
schedule of depreciable assets at December 31, Year 3, is shown
belowVF takes a full year’s depreciation expense in the year of
an asset’s acquisition and no depreciation expense in the year of
an asset’s disposition. The estimated useful life of each
depreciable asset is 5
years.AccumulatedAcquisitionSalvageAssetCostDepreciationDa
teValueA$100,00064000Year 2$20,000B55,00036,000Year
110,000C70,00033,600Year
114,000$225,000$133,600$44,000VF depreciates asset C and A
by the straight-line method. On June 30, Year 4, Vorst sold
asset C for $30,000 cash. On July 30, Year 4, VF throws Asset
A away as it is no longer working and no buyer could be located
for the asset.A. Present the journal entry for the sale of Ass et
CB. Present the journal entry for the disposal of Asset AC. How
much would Asset A need to be sold for to break even, with no
gain or loss?Question 6Explain the value of various
depreciation methods including double declining balanceand the
sum of the years methods. You should have a total of 4
depreciation methodsin your answer including the two most
popular methods. Explain why some methodsare preferred over
others as you detail the 4 depreciation methods.Remember to
write in your own words. Quoted passages do not count as an

3. answer.Question 7Your company plans to sell unneeded assets
to employees. Explain how to set theprice for the employees and
the consequences for the company.Question 8Your company
purchased land, buildings, and land improvements for a
bundledprice of $300,000. Based on your research you
presented the information below.Fair Market Assessed
ValueDescriptionValuefrom Tax
RecordsBuilding300,000200,000Land200,00080,000Total500,00
0280,0001. Based on your analysis and documentation, write the
journal entry to recordthe purchase.2. Include an explanation
with the journal entry to document the values for the journal
entry.Question 9Explain how depreciation relates to the
matching principle. Your answer should include thewords
revenue and expense. Remember all answers in our class must
be written in your own words. Quoted passages do not count as
answers.