Question

Determine the cost of the ending inventory for Good Corporation under the LCM version of the retail method: Company D purchases land for $50,000 and spends $1,000 and $4,000 on building a fence and a parking lot, respectively. These improvements have a year life. Prepare an entry for all the costs incurred, b) Prepare the annual depreciation entry, If required. Company S purchases a machine for $10,000 on January 1, 19X1. The machine expected to have a IO-year life and no salvage value. Prepare the for each of the following independent cases involving the machine's isposal on January 1, 19X5. The machine is sold for $6,000. The machine is sold for $5, 200. The machine is sold for $6, 400. The machine is abandoned.

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