If a parcel of land that was originally purchased for $85,00 is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by its purchasers as easily being worth $140,000, and is purchased for $137,000, the land should be recorded in the purchaser's books at:

My answers are in () 1.My question is if the 150% declining balance method is being used and an asset has a useful life of 20 years what is the depreciation rate? (D) a. 7.5% b. 10% c. 15% d. Some other amount 2.Machinery is purchased on May 15, 2007 for $60,000 with a $5,000 salvage...

On May 1 AB Plumbing buys plumbing materials with a list price of $550. At the time of the purchase, EZ gives Halpin a check for $225 and asks Halpin to put the remainder on the purchase on its account, which already has a balance of $475. Question: 1.)sales revenue for the May 1 transaction :...

Let's say there are 2 companies: A and B. A has a capital asset: cost = 100 accum. Amort = 20 B has a capital asset cost = 200 accum. Amort = 35 Both have a market value of between 150 and 300.