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Irwin, Inc., constructed a machine at a total cost of $32 million. Construction was completed at the end of 2014 and the machine was placed in service at the beginning of 2015. The machine was being depreciated over a 10-year life using the straight-line method. The residual value is expected to be $2 million. At the beginning of 2018, Irwin decided to change to the sum-of-the-years’-digits method. Ignoring income taxes, prepare the journal entry relating to the machine for 2018....
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Irwin, Inc. constructed a machine at a total cost of $45 million. Construction was completed at the end of 2017 and the machine was placed in service at the beginning of 2018. The machine was being depreciated over a 10-year life using the sum-of-the-years’-digits method. The residual value is expected to be $1 million. At the beginning of 2021, Irwin decided to change to the straight-line method. Ignoring income taxes, prepare the journal entry relating to the machine for 2021....
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Irwin, Inc. constructed a machine at a total cost of $44 million. Construction was completed at the end of 2017 and the machine was placed in service at the beginning of 2018. The machine was being depreciated over a 10-year life using the straight-line method. The residual value is expected to be $2 million. At the beginning of 2021, Irwin decided to change to the sum-of-the-years'-digits method. Ignoring income taxes, prepare the journal entry relating to the machine for 2021....
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Irwin, Inc., constructed a machine at a total cost of $51
million. Construction was completed at the end of 2012 and the
machine was placed in service at the beginning of 2013. The machine
was being depreciated over a 10-year life using the straight-line
method. The residual value is expected to be $3 million. At the
beginning of 2016, Irwin decided to change to the
sum-of-the-years’-digits method.
Ignoring income taxes, prepare the journal entry relating to the
machine for 2016.
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Ch20 Homework i Hel Saved 2 Irwin, Inc., constructed a machine at a total cost of $57 million. Construction was completed at the end of 2014 and the machine was placed in service at the beginning of 2015. The machine was being depreciated over a 10-year life using the sum-of-the-years'-digits method. The residual value is expected to be $2 million. At the beginning of 2018, Irwin decided to change to the straight-line method. 16.66 gnoring income taxes, prepare the journal...
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years’-digits method. The residual value is expected to be $3
million. At the beginning of 2018, Irwin decided to change to the
straight-line method.
Ignoring income taxes, prepare the journal entry relating to the
machine for 2018.(If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field. Enter your answers in millions rounded to 1 decimal
place (i.e., 5,500,000 should be entered as 5.5).)
Brief Exercise 20-4 Change in depreciation methods [LO20-3]...
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Alteran Corporation purchased office equipment for $1.7 million
in 2015. The equipment is being depreciated over a 8-year life
using the sum-of-the-years'-digits method. The residual value is
expected to be $800,000. At the beginning of 2018, Alteran decided
to change to the straight-line depreciation method for this
equipment.
Required:
Prepare the journal entry to record depreciation for 2018.
(If no entry is required for a transaction/event, select
"No journal entry required" in the first account field. Enter your
answers in...
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In 2018, Internal auditors discovered that PKE Displays, Inc., had debited an expense account for the $444,000 cost of a machine purchased on January 1, 2015. The machine's useful life was expected to be six years with no residual value. Straight-line depreciation is used by PKE. Ignoring income taxes, prepare the journal entry PKE will use to correct the error (If no entry is required for a transaction/event, select "No Journal entry required in the first account field.) No Event...
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In 2018, internal auditors discovered that PKE Displays, Inc.,
had debited an expense account for the $264,000 cost of a machine
purchased on January 1, 2015. The machine’s useful life was
expected to be four years with no residual value. Straight-line
depreciation is used by PKE.
Ignoring income taxes, prepare the journal entry PKE will use to
correct the error. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
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Wardell Company purchased a mainframe on January 1, 2016, at a cost of $58,000. The computer was depreciated using the straight- line method over an estimated five-year life with an estimated residual value of $16,000. On January 1, 2018, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $2,200. Required: 1. Prepare the year-end journal entry for depreciation in 2018. No depreciation was recorded during the year....
Irwin, Inc., constructed a machine at a total cost of $32 million. Construction was completed at the end of 2014 and the machine was placed in service at the beginning of 2015. The machine was being depreciated over a 10-year life using the straight-line method. The residual value is expected to be $2 million. At the beginning of 2018, Irwin decided to change to the sum-of-the-years’-digits method. Ignoring income taxes, prepare the journal entry relating to the machine for 2018....
Irwin, Inc. constructed a machine at a total cost of $45 million. Construction was completed at the end of 2017 and the machine was placed in service at the beginning of 2018. The machine was being depreciated over a 10-year life using the sum-of-the-years’-digits method. The residual value is expected to be $1 million. At the beginning of 2021, Irwin decided to change to the straight-line method. Ignoring income taxes, prepare the journal entry relating to the machine for 2021....
Irwin, Inc. constructed a machine at a total cost of $44 million. Construction was completed at the end of 2017 and the machine was placed in service at the beginning of 2018. The machine was being depreciated over a 10-year life using the straight-line method. The residual value is expected to be $2 million. At the beginning of 2021, Irwin decided to change to the sum-of-the-years'-digits method. Ignoring income taxes, prepare the journal entry relating to the machine for 2021....
Ch20 Homework i Hel Saved 2 Irwin, Inc., constructed a machine at a total cost of $57 million. Construction was completed at the end of 2014 and the machine was placed in service at the beginning of 2015. The machine was being depreciated over a 10-year life using the sum-of-the-years'-digits method. The residual value is expected to be $2 million. At the beginning of 2018, Irwin decided to change to the straight-line method. 16.66 gnoring income taxes, prepare the journal...
years’-digits method. The residual value is expected to be $3
million. At the beginning of 2018, Irwin decided to change to the
straight-line method.
Ignoring income taxes, prepare the journal entry relating to the
machine for 2018.(If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field. Enter your answers in millions rounded to 1 decimal
place (i.e., 5,500,000 should be entered as 5.5).)
Brief Exercise 20-4 Change in depreciation methods [LO20-3]...
In 2018, Internal auditors discovered that PKE Displays, Inc., had debited an expense account for the $444,000 cost of a machine purchased on January 1, 2015. The machine's useful life was expected to be six years with no residual value. Straight-line depreciation is used by PKE. Ignoring income taxes, prepare the journal entry PKE will use to correct the error (If no entry is required for a transaction/event, select "No Journal entry required in the first account field.) No Event...
Wardell Company purchased a mainframe on January 1, 2016, at a cost of $58,000. The computer was depreciated using the straight- line method over an estimated five-year life with an estimated residual value of $16,000. On January 1, 2018, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $2,200. Required: 1. Prepare the year-end journal entry for depreciation in 2018. No depreciation was recorded during the year....