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On December 1, 2015, Goetz Corporation leased office space for 10 years at a monthly renta

On December 1, 2015, Goetz Corporation leased office space for 10 years at a monthly renta

On December 1, 2015, Goetz Corporation leased office space for 10 years at a monthly rental of $90,000. On that date Goetz paid the landlord the following amounts:

Rent deposit

$90,000

First month's rent

90,000

Last month's rent

90,000

Installation of new walls and offices

720,000

 

$990,000


The entire amount of $990,000 was charged to rent expense in 2015. What amount should Goetz have charged to expense for the year ended December 31, 2015? 

Question 23

The original sale of the $50 par value common shares of Gray Company was recorded as follows:

Cash

300,900

Common Stock

255,000

Paid-in Capital in Excess of Par

45,900


Transactions:

(a)

Bought 380 shares of common stock as treasury shares at $62.

(b)

Sold 130 shares of treasury stock at $60.

(c)

Sold 70 treasury shares at $67.


Record the treasury stock transactions (given above) under the cost method: (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

No.

Account Titles and Explanation

Debit

Credit

(a)

     
     

(b)

     
     
     

(c)

     
 
Roshan kumar 08-Nov-2017

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