On April 1, Paine Co. began construction of a small building. Payments of $251,040were made monthly for four months beginning on April 1. The building was completed and ready for occupancy on August...

On April 1, Paine Co. began construction of a small building. Payments of $251,040were made monthly for four months beginning on April 1. The building was completed and ready for occupancy on August 1. For the purpose of determining the amount of interest cost to be capitalized, calculate the weighted-average accumulated expenditures on the building by completing the schedule below:

2. Marigold Corp.purchased land as a factory site for $1345000.Marigoldpaid $117000to tear down two buildings on the land. Salvage was sold for $8000. Legal fees of $5000were paid for title investigation and making the purchase. Architect's fees were $46700. Title insurance cost $3800, and liability insurance during construction cost $4100. Excavation cost $15000. The contractor was paid $4200000. An assessment made by the city for pavement was $9900. Interest costs during construction were $250000.
The cost of the land that should be recorded byMarigold Corp.is

3. On January 1, 2009,Bramble Corp.purchased for $768000, equipment having a useful life of ten years and an estimated salvage value of $48600.Bramblehas recorded monthly depreciation of the equipment on the straight-line method. On December 31, 2017, the equipment was sold for $157500. As a result of this sale,Brambleshould recognize a gain of

4. A machine cost $229,000, has annual depreciation expense of $45,800, and has accumulated depreciation of $114,500on December 31, 2017. On April 1, 2018, when the machine has a fair value of $91,210, it is exchanged for a similar machine with a fair value of $291,900and the proper amount of cash is paid. The exchange lacked commercial substance.
Prepare all entries that are necessary at April 1, 2018.
(Credit account titles are automatically indented when the amount is entered.Do not indent manually.)

5. Cheng Company has recently decided to accept a proposal from the City of Bel Aire that publicly owned property with a large warehouse located on it will be donated to Cheng if Cheng will build a branch plant in Bel Aire. The appraised value of the property is $396,000and of the warehouse is $800,000.
Prepare the entry by Cheng for the receipt of the properties.
(Credit account titles are automatically indented when the amount is entered.Do not indent manually.)