Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. exercise 10-25 on april 1, 2017, cheyenne company

Exercise 10-25 On April 1, 2017, Cheyenne Company received a condemnation award of $447,200 cash...

70.2K

Verified Solution

Question

Accounting

Exercise 10-25 On April 1, 2017, Cheyenne Company received a condemnation award of $447,200 cash as compensation for the forced sale of the companys land and building, which stood in the path of a new state highway. The land and building cost $62,400 and $291,200, respectively, when they were acquired. At April 1, 2017, the accumulated depreciation relating to the building amounted to $166,400. On August 1, 2017, Cheyenne purchased a piece of replacement property for cash. The new land cost $93,600, and the new building cost $416,000. Prepare the journal entries to record the transactions on April 1 and August 1, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit April 1 Aug. 1

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Psychology
1.2K views

According to Halpern (1999 as cited in Wang & Zheng (2016) \"Critical thinking refers to the...

Basic Math
1.2K views

Results from the National Health Interview Survey show that among the U.S. adult population, 45.9% do...

Calculus
1.2K views

A exponential function is of the form f x a b c If the graph...

Accounting
1.2K views

What term denotes a nation's basis for allocating its resources among its citizens? Capital structure...

Accounting
1.2K views

Brian's Restaurant Supply is preparing its cash budgets for the first two months of the...

Accounting
1.2K views

Borders 54 |Ch. 15 Case COMMUNICATING IN PRACTICE C1 C2 0 BTN 15-2 Assume that...

Accounting
1.2K views

On January 1,2024 , Cameron Incorporated bought 30% of the outstanding common stock of Lake...

Accounting
1.2K views

A liability that represents the accumulated difference between the income tax expense reported on the...

Finance
1.2K views

Excel Online Structured Activity: WACC and optimal capital budget Adamson Corporation is considering four average-risk...

Finance
1.2K views

You believe the price of corn will go up. So, you long 100 futures contracts...

Finance
1.2K views

Forward Rates. Use the table containing economic, financial, and business indicators to answer the following...

Accounting
1.2K views

A company is considering an iron ore extraction project that requires an initial investment of...