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  • Bylund Corporation Was Organized in June 2015 in Auditing Its

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    Muhammad Shahid
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    Bylund Corporation was organized in June 2015 and acquired a building for $41,000 on June 16, 2015. The old building was demolished for $15,000, with scrap sold for $7,000. Real estate tax for the period was assessed on the land. Journal entries are needed to correct the corporation's books based on this information.

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    Bylund Corporation was organized in June 2015 and acquired a building for $41,000 on June 16, 2015. The old building was demolished for $15,000, with scrap sold for $7,000. Real estate tax for the period was assessed on the land. Journal entries are needed to correct the corporation's books based on this information.

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    6 views1 page

    Bylund Corporation Was Organized in June 2015 in Auditing Its

    Uploaded by

    Muhammad Shahid
    Bylund Corporation was organized in June 2015 and acquired a building for $41,000 on June 16, 2015. The old building was demolished for $15,000, with scrap sold for $7,000. Real estate tax for the period was assessed on the land. Journal entries are needed to correct the corporation's books based on this information.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    Bylund Corporation was organized in June 2015 In

    auditing its #6447


    Bylund Corporation was organized in June 2015. In auditing its books, you find the following
    land, buildings, and equipment account:An analysis of this account and of other accounts
    disclosed the following additional information:(a) The building acquired on June 16, 2015, was
    valued at $41,000.(b) The corporation paid $15,000 for the demolition of the old building and
    then sold the scrap for $7,000 and credited the proceeds to Miscellaneous Revenue.(c) The
    corporation executives did not participate in the construction of the new building.(d) The county
    real estate tax was for the six-month period ended December 31, 2015, and was assessed by
    the county on the land.Instructions: Prepare journal entries to correct Bylund Corporation's
    booksView Solution:
    Bylund Corporation was organized in June 2015 In auditing its

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