Homework Answers
Straight-line Method
Annual Depreciation = 15,200 /8 = $ 1,900
Carrying Value on December 31,2019 =15,200-(1900*2) = $ 11,400
Loss on Sale of asset = $11,400 -5,400 = $6,000
Answer:
option:2
| Cash | 5,400 | |
| Accumulated Depreciation (1900*2) | 3,800 | |
| Loss on sales of Equipment | 6,000 | |
| Equipment | 15,200 |
Add Answer to:
View previous attempt An asset acquired January 1, 2018, for $15,200 with an estimated 10-year life...
An asset acquired January 1, 2018, for $14,100 with an estimated 10-year life and no residual...
An asset acquired January 1, 2018, for $14,100 with an estimated 10-year life and no residual value is being depreciated in an equipment group asset account that has an average service life of eight years. The asset is sold on December 31, 2019, for $6,900. The entry to record the sale would be: Multiple Choice Cash 6,900 Accumulated depreciation 3,525 Loss on sale of equipment 3,675 Equipment 14,100 Cash 6,900 Loss on sale of equipment 7,200 Equipment 14,100 Cash 6,900...
An asset acquired January 1, 2018, for $14,100 with an estimated 10-year life and no residual...
An asset acquired January 1, 2018, for $14,100 with an estimated 10-year life and no residual value is being depreciated in an equipment group asset account that has an average service life of eight years. The asset is sold on December 31, 2019, for $6,900. The entry to record the sale would be: Multiple Choice Cash 6,900 Loss on sale of equipment 7,200 Equipment 14,100 Cash 6,900 Equipment 6,900 Cash 6,900 Accumulated depreciation 7,200 Equipment 14,100
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $147,100,...
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $147,100, has an estimated useful life of 15 years, has an estimated residual value of $9,550, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? $ Feedback Book value is the initial cost of the fixed asset minus the accumulated depreciation. b. Assuming that the equipment was sold on...
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $129,270,...
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $129,270, has an estimated useful life of 14 years, has an estimated residual value of $9,850, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? Feedback Check My Work Book value is the initial cost of the fixed asset minus the accumulated depreciation. b. Assuming that the equipment was...
Equipment acquired on January 8 at a cost of $163,700, has an estimated useful life of...
Equipment acquired on January 8 at a cost of $163,700, has an estimated useful life of 16 years, has an estimated residual value of $9,300, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? $ 125,100 Feedback b. Assuming that the equipment was sold on April 1 of the nth year for 117,352. 1. Journalize the entry to record depreciation for the three months...
Equipment acquired on January 8 at a cost of $177,240 has an estimated useful life of...
Equipment acquired on January 8 at a cost of $177,240 has an estimated useful life of 19 years, has an estimated residual value of $7,000, and is depreciated by the straight-line method. b. Assume that the equipment was sold on April 1 of the fifth year for $133,780. 1. Journalize the entry to record depreciation for the three months until the sale date. If an amount box does not require an entry, leave it blank. Round your answers to the...
14.4/24 QueSLIUIT View Policies Show Attempt History You are viewing Attempt 7 On January 1, 2016,...
14.4/24 QueSLIUIT View Policies Show Attempt History You are viewing Attempt 7 On January 1, 2016, Wildhorse Corporation acquired equipment costing $74,240. It was estimated at that time that the equipment would have a useful life of eight years and no residual value. The company uses the straight-line method of depreciation for its equipment, and its year end is December 31. ✓ Your answer is correct. On December 31, 2018, the company sold some equipment for a loss of $3,190....
Question 7 9.6/24 View Policies Show Attempt History Current Attempt in Progress On January 1, 2016,...
Question 7 9.6/24 View Policies Show Attempt History Current Attempt in Progress On January 1, 2016, Sheridan Corporation acquired equipment costing $72,320. It was estimated at that time that the equipment would have a useful life of eight years and no residual value. The company uses the straight-line method of depreciation for its equipment, and its year end is December 31. (a) Your answer is correct. Calculate the equipment's accumulated depreciation and carrying amount at the beginning of 2018. Equipment's...
Q3/ On January 1, 2016, Cullumber Corporation acquired equipment costing $77,440. It was estimated at that...
Q3/ On January 1, 2016, Cullumber Corporation acquired equipment costing $77,440. It was estimated at that time that the equipment would have a useful life of eight years and no residual value. The company uses the straight-line method of depreciation for its equipment, and its year end is December 31. A/ Calculate the equipment’s accumulated depreciation and carrying amount at the beginning of 2018. Equipment’s accumulated depreciation $ Carrying amount $ B/ What is the amount of the gain or...
Sale of Equipment Equipment was acquired at the beginning of the year at a cost of...
Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $575,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $42,260. a. What was the depreciation for the first year? Round your answer to the nearest cent. $ b. Using the rounded amount from Part a in your computation, determine the gain(loss) on the sale of the equipment, assuming it...
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $129,270, has an estimated useful life of 14 years, has an estimated residual value of $9,850, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? Feedback Check My Work Book value is the initial cost of the fixed asset minus the accumulated depreciation. b. Assuming that the equipment was...
Equipment acquired on January 8 at a cost of $163,700, has an estimated useful life of 16 years, has an estimated residual value of $9,300, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? $ 125,100 Feedback b. Assuming that the equipment was sold on April 1 of the nth year for 117,352. 1. Journalize the entry to record depreciation for the three months...
14.4/24 QueSLIUIT View Policies Show Attempt History You are viewing Attempt 7 On January 1, 2016, Wildhorse Corporation acquired equipment costing $74,240. It was estimated at that time that the equipment would have a useful life of eight years and no residual value. The company uses the straight-line method of depreciation for its equipment, and its year end is December 31. ✓ Your answer is correct. On December 31, 2018, the company sold some equipment for a loss of $3,190....
Question 7 9.6/24 View Policies Show Attempt History Current Attempt in Progress On January 1, 2016, Sheridan Corporation acquired equipment costing $72,320. It was estimated at that time that the equipment would have a useful life of eight years and no residual value. The company uses the straight-line method of depreciation for its equipment, and its year end is December 31. (a) Your answer is correct. Calculate the equipment's accumulated depreciation and carrying amount at the beginning of 2018. Equipment's...
Most questions answered within 3 hours.
-
A sock stuck to the side of a clothes-dryer barrel has a
centripetal acceleration of 24...
asked 47 minutes ago -
A perfect gas undergoes an isentropic process such that its
volume doubles. If the ratio of...
asked 1 hour ago -
list the elements in groups 3A to 6A in the same order as in the
periodic...
asked 1 hour ago -
Estimating effect size. Peng and Chen (2014)
evaluated effect size estimates for various tests. In their...
asked 1 hour ago -
Write a script in MySQL that creates and calls a stored
procedure name test. This procedure...
asked 1 hour ago -
If we test the following: H0: μ = 17
vs. H1: μ ≠ 17 and the...
asked 1 hour ago -
in the past year TVG had revenues of 3 million, cost
of goods sold of $25...
asked 1 hour ago -
4) In a polypeptide, which bond cannot rotate because of its
partial double bond character?
The...
asked 2 hours ago -
Assume that in the short run L = 1,000 and K = 100. 1. What is...
asked 2 hours ago -
At a given temperature, 2.06 atm of H2 and 3.7 atm of Br2 are
mixed and...
asked 2 hours ago -
Sodium reacts with Hydrochloric acid to form sodium chloride and
hydrogen gas. 2Na(s)+ 2 HCl(aq)-> 2...
asked 2 hours ago -
The following circuits (1 & 2) are combined to form a
series-parallel circuit and resulting circuit...
asked 2 hours ago