Mcgraw Hill Connect Chapter 10 help

    McGraw Hill Connect Chapter 10 Accountingassignment includes:
    CHAPTER 10 HOMEWORK and CHAPTER 10 QUIZ completed online through McGraw Hill Connect site with my credentials DUE NO LATER THAN Sunday 04-28-2013
    AS WELL AS:
    Upload DOCUMENTS of Chapter 10 TEST submitted to me through homework market DUE NO LATER THAN Sunday 04-28-2013 —- SEE BELOW:
    PROBLEM #1 4 points
    Classify each of the following as A ordinary maintenance and repairs B asset improvements or C extraordinary repairs.
    1. Resurfacing a pool in an apartment building. ___________________
    2. Installing a new air conditioner in an old building. ___________________
    3. Exterior and interior painting. ___________________
    4. Fixing damage due to a car accident. ___________________
    PROBLEM #2 14 points
    Equipment acquired at a cost of $126000 and has a book value of $42000. Journalize the disposal of equipment under the following independent assumptions. Identify each assumption by letter.
    (a)
    The equipment had no market value and was discarded.
    (b)
    The equipment is sold for $53000.
    (c)
    The equipment is sold for $27000.
    (d)
    The equipment is traded-in for a similar asset. The list price of the new equipment is $63000. The exchange has no commercial substance.
    Journal
    Date
    Description
    Debit
    Credit
    PROBLEM #3 22 points
    An asset was purchased January 1 20XX and the fiscal year ends December 31st. Calculate depreciation expense accumulated depreciation and net book value under the straight-line and the double declining balance methods. Round your answers to the nearest whole dollar.
    Asset Cost = $200000 Salvage Value = $25000 Estimated Life = 8 Years
    Straight-line method:
    Year
    Depreciation Expense
    Accumulated Depreciation
    Net Book Value
    20XX
    20X1
    20X2
    20X3
    20X4
    20X5
    20X6
    20X7
    Double Declining Balance method:
    Year
    Depreciation Expense
    Accumulated Depreciation
    Net Book Value
    20XX
    20X1
    20X2
    20X3
    20X4
    20X5
    20X6
    20X7

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