8 On January 1, Kirk Corporation had total assets of $856,000. During the month, the following activities occurred: Kirk Corporation acquired equipment costing $6,600, promising to pay cash for it in 60 days.Kirk Corporation purchased $3,560 of supplies for cash.Kirk Corporation sold land, which it had acquired 2 years ago. The land had cost $15,600 and it was sold for $15,600 cash.Kirk Corporation signed an agreement to rent additional storage space next month at a charge of $1,060 per month.What is the amount of total assets of Kirk Corporation at the end of the month? Multiple Choice $811,400 $862,600 $866,160 $827,000

8 On January 1, Kirk Corporation had total assets of $856,000. During the month, the following activities occurred: Kirk Corporation acquired equipment costing $6,600, promising to pay cash for it in 60 days

8 On January 1, Kirk Corporation had total assets of $856,000. During the month, the following activities occurred: Kirk Corporation acquired equipment costing $6,600, promising to pay cash for it in 60 days

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 2EB: Johnson, Incorporated had the following transactions during the year: Purchased a building for...

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Johnson, Incorporated had the following transactions during the year: Purchased a building for $5,000,000 using a mortgage for financing Paid $2,000 for ordinary repair on a piece of equipment Sold product on account to customers for $1,500,600 Purchased a copyright for $5,000 cash Paid $20,000 cash to add a storage shed in the corner of an existing building Paid $360,000 in monthly salaries Paid $25,000 for routine maintenance on equipment Paid $110,000 for major repairs If all transactions were recorded properly, what amount did Johnson capitalize for the year, and what amount did Johnson expense for the year?
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