McGraw Hill Connect, Chapter 10 Accounting assignment includes:

McGraw Hill Connect, Chapter 10 Accounting assignment 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 $126,000 and has a book value of $42,000.  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 $53,000. (c) The equipment is sold for $27,000. (d) The equipment is traded-in for a similar asset.  The list price of the new equipment is $63,000. 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 = $200,000                  Salvage Value = $25,000              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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