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    Castlevania Corporation, Bonanza Brothers Inc. Assets, Depreciation and Cost of Land.

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    BE8-1. Included in the December 31 trial balance of Billie Joel Company are the following assets.
    Cash 190,000
    Equipment (net) 1,100,000
    Work in process 200,000
    Receivable (net) 400,000
    Prepaid insurance 41,000
    Patents 110,000
    Raw material 335,000
    Finished Goods 150,000
    Prepare the current assets section of the December 31 balance sheet.

    BE11-1 Castlevania Corporation purchased a truck at the beginning of 2007 for $42,000. The truck is estimated to have a salvage value of $2,000 and a useful life of 160,000 miles. It was driven 23,000 miles in 2007 and 31,000 miles in 2008. Compute depreciation expense for 2007 and 2008.

    BE10-1 Bonanza Brothers Inc. purchased land at a price of $27,000. Closing costs were $1,400. An old building was removed at a cost of $12,200. What amount should be recorded as the cost of the land?

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    Current assets are cash, accounts receivable, inventory, and prepaids. Inventory is made up of work in process, raw materials, and ...

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