Information related to the long term operating assets of

Rivera #3103
Information related to the long- term operating assets of Rivera Retail Distributors, Inc. at
December 31, 2014, is as follows:The fiscal year end of the company is December 31. The
following events occurred during 2015: 1. O n February 1, 2015, Rivera sold the vehicles to
Wholesale Produce, Inc. for $ 15,000. 2. O n March 31, 2015, all of Rivera’s equipment and
machinery was destroyed by a fire in one of its facilities. 3. O n May 1, 2015, the equipment was
replaced at a cost of $ 625,000 and the machinery cost the company $ 420,000 to replace. The
estimated useful lives and residual values remained the same as specified for the original
machinery and equipment. The company paid cash for the new assets. Required » a. Prepare
the journal entries required to record each of the above events and to record depreciation
expense at the end of the year. b. Determine the ending net book value of Rivera’s long- term
operating assets on its December 31, 2015, balance sheet. Show the balance for each asset
individually and in total.View Solution:
Information related to the long term operating assets of Rivera

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