. (Learning Objectives 1, 3, 4: Measure and account for the cost of plant assets anddepreciation; analyze and record a plant asset disposal) Blair, Inc., has the following plantasset accounts: Land, Buildings, and Equipment, with a separate accumulated depreciationaccount for each of these except Land. Blair completed the following transactions:Jan 3 Traded in equipment with accumulated depreciation of $63,000 (cost of$130,000) for similar new equipment with a cash cost of $171,000. Receiveda trade-in allowance of $71,000 on the old equipment and paid $100,000in cash.Jun 30 Sold a building that had a cost of $635,000 and had accumulated depreciationof $170,000 through December 31 of the preceding year. Depreciationis computed on a straight-line basis. The building has a 40-year useful lifeand a residual value of $295,000. Blair received $135,000 cash and a$325,750 note receivable.Oct 31 Purchased land and a building for a single price of $340,000 cash. An independent appraisal valued the land at $108,900 and the building at $254,100.Dec 31 Recorded depreciation as follows:Equipment has an expected useful life of five years and an estimated residualvalue of 5% of cost. Depreciation is computed using the double-declining-balancemethod.Depreciation on buildings is computed using the straight-line method. Thenew building carries a 40-year useful life and a residual value equal to 10%of its cost.Requirement1. Record the transactions in Blair’s journal

. (Learning Objectives 1, 3, 4: Measure and account for the cost of plant assets and
depreciation; analyze and record a plant asset disposal) Blair, Inc., has the following plant
asset accounts: Land, Buildings, and Equipment, with a separate accumulated depreciation
account for each of these except Land. Blair completed the following transactions:
Jan 3 Traded in equipment with accumulated depreciation of $63,000 (cost of
$130,000) for similar new equipment with a cash cost of $171,000. Received
a trade-in allowance of $71,000 on the old equipment and paid $100,000
in cash.
Jun 30 Sold a building that had a cost of $635,000 and had accumulated depreciation
of $170,000 through December 31 of the preceding year. Depreciation
is computed on a straight-line basis. The building has a 40-year useful life
and a residual value of $295,000. Blair received $135,000 cash and a
$325,750 note receivable.
Oct 31 Purchased land and a building for a single price of $340,000 cash. An independent appraisal valued the land at $108,900 and the building at $254,100.
Dec 31 Recorded depreciation as follows:
Equipment has an expected useful life of five years and an estimated residual
value of 5% of cost. Depreciation is computed using the double-declining-balance
method.
Depreciation on buildings is computed using the straight-line method. The
new building carries a 40-year useful life and a residual value equal to 10%
of its cost.
Requirement
1. Record the transactions in Blair’s journal

Tired of numerous paper assignments?
Rely on us and receive professional paper writing assistance!
Professional paper Writing Assistance

Who We Are

We are a professional website for customized writing. If you searched a question and stumbled into our website, you are in the right place to receive assistance with your coursework.

Do you handle any type of coursework?

Yes. We have displayed prior orders to demonstrate our experience. We can answer this question for you as we have previously. Please fill out our Order Form so that we may ensure its flawlessness. Correctly completing the order form will help our staff with reference, requirements, and future communication.

Is it hard to Place an Order?

  1. Click on the “Order Now” tab at the top menu or “GET A FREE QUOTE” icon at the bottom and a new page will appear with an order form to be filled
  2. Fill in the initial requirements in the small order form located on the home page and press “continue” button to proceed to the main order form or press “order” button in the header menu. Starting from there let our system intuitively guide you through all steps of ordering process. Submit detailed paper instructions, upload necessary files if needed and provide your contact information – you are almost done!
  3. Proceed with the payment- click on “PROCEED TO CHECKOUT” at the bottom of the page. From there, the payment sections will show, follow the guided payment process and your order will be available for our writing team to work on it. All your payments are processed securely through PayPal. This enables us to guarantee a 100% security of your funds and process payments swiftly.
  4. Delivery- Once finished, your final paper will be available for download through your personal dashboard. You will also receive an email notification with a copy of your paper attached to it.