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Zach CoLtd

question 67

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Zach Co.Ltd.was incorporated on January 2,2018,but was unable to begin their manufacturing operations immediately.The new factory facilities became available for use on July 1,2018.During the start-up period,the company provisionally used a "Land and Factory Building" account to record the following transactions,in chronological order:
Zach Co.Ltd.was incorporated on January 2,2018,but was unable to begin their manufacturing operations immediately.The new factory facilities became available for use on July 1,2018.During the start-up period,the company provisionally used a Land and Factory Building account to record the following transactions,in chronological order: Additional info i.Legal fees of $3,200 covered the following: ii.Insurance covered the building for a one-year term beginning April 1,2018. iii.The special tax assessment covered repaving the street in front of the building. iv.General expenses covered the following for the period January 2,2018 to June 30,2018. v.The board of directors increased the value of the building by $23,000,believing that such an increase was justified to reflect the current market at the time the building was completed;Retained Earnings was credited for this amount. vi.Engineers estimate the useful life of the building to be 40 years.The company believes that the declining balance method at a 5% rate is appropriate.The company's policy for new PPE is to depreciate the assets according to the time available for use in the fiscal year,rounded to the closest month. Required: Prepare entries to reflect correct land,factory building,and accumulated depreciation accounts at December 31,2018.Round values to the nearest dollar,if necessary.
Additional info
i.Legal fees of $3,200 covered the following:
Zach Co.Ltd.was incorporated on January 2,2018,but was unable to begin their manufacturing operations immediately.The new factory facilities became available for use on July 1,2018.During the start-up period,the company provisionally used a Land and Factory Building account to record the following transactions,in chronological order: Additional info i.Legal fees of $3,200 covered the following: ii.Insurance covered the building for a one-year term beginning April 1,2018. iii.The special tax assessment covered repaving the street in front of the building. iv.General expenses covered the following for the period January 2,2018 to June 30,2018. v.The board of directors increased the value of the building by $23,000,believing that such an increase was justified to reflect the current market at the time the building was completed;Retained Earnings was credited for this amount. vi.Engineers estimate the useful life of the building to be 40 years.The company believes that the declining balance method at a 5% rate is appropriate.The company's policy for new PPE is to depreciate the assets according to the time available for use in the fiscal year,rounded to the closest month. Required: Prepare entries to reflect correct land,factory building,and accumulated depreciation accounts at December 31,2018.Round values to the nearest dollar,if necessary.
ii.Insurance covered the building for a one-year term beginning April 1,2018.
iii.The special tax assessment covered repaving the street in front of the building.
iv.General expenses covered the following for the period January 2,2018 to June 30,2018.
Zach Co.Ltd.was incorporated on January 2,2018,but was unable to begin their manufacturing operations immediately.The new factory facilities became available for use on July 1,2018.During the start-up period,the company provisionally used a Land and Factory Building account to record the following transactions,in chronological order: Additional info i.Legal fees of $3,200 covered the following: ii.Insurance covered the building for a one-year term beginning April 1,2018. iii.The special tax assessment covered repaving the street in front of the building. iv.General expenses covered the following for the period January 2,2018 to June 30,2018. v.The board of directors increased the value of the building by $23,000,believing that such an increase was justified to reflect the current market at the time the building was completed;Retained Earnings was credited for this amount. vi.Engineers estimate the useful life of the building to be 40 years.The company believes that the declining balance method at a 5% rate is appropriate.The company's policy for new PPE is to depreciate the assets according to the time available for use in the fiscal year,rounded to the closest month. Required: Prepare entries to reflect correct land,factory building,and accumulated depreciation accounts at December 31,2018.Round values to the nearest dollar,if necessary.
v.The board of directors increased the value of the building by $23,000,believing that such an increase was justified to reflect the current market at the time the building was completed;Retained Earnings was credited for this amount.
vi.Engineers estimate the useful life of the building to be 40 years.The company believes that the declining balance method at a 5% rate is appropriate.The company's policy for new PPE is to depreciate the assets according to the time available for use in the fiscal year,rounded to the closest month.
Required:
Prepare entries to reflect correct land,factory building,and accumulated depreciation accounts at December 31,2018.Round values to the nearest dollar,if necessary.

Distinguish between minerals based on characteristics observed in images.
Correlate the chemical properties of minerals with their practical uses.
Understand the definitions and key characteristics of projects, including their temporary nature and specific objectives.
Recognize the importance and applications of project management tools like Gantt charts, PERT networks, and flow charts in planning and executing projects.

Definitions:

Bilateral Body Plans

Symmetrical body plans in animals that have a distinct left and right side, along with a front and back.

Cephalization

The evolutionary trend towards concentrating sensory and neural organs at the anterior end of an organism.

Nerve Nets

Simplest form of a nervous system found in invertebrates, consisting of a network of interconnected nerve fibers.

Connective Tissue

Tissue that supports, binds, or separates other tissues or organs, with various types including bone, cartilage, fat, blood, and lymph.

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