Question

Please help find the rest of the blank slots.
Problem 9-7A a-b Sheridan Productions Corp. purchased equipment on March 1, 2018, for $68,000. The company estimated the equipment would have a useful life of three years and produce 12,000 units, with a residual value of $9,200. During 2018, the equipment produced 4,900 units. On November 30, 2019, the machine was sold for $16,000 and had produced 6,000 units that year. Your answer is partially correct. Try again. Record all the necessary entries for the years ended December 31, 2018 and 2019, using the following depreciation methods: (Credit account titles are automatically indented when the 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. Round the depreciation rate in the double-diminishing-balance method to the nearest whole percent, e.g. 43% and round depreciation per unit in the units-of-production depreciation method to 2 decimal places, e.g. 2.25 and final answers to 0 decimal places, e. g. 5,275.) (1) Straight-line Account Titles and Explanation Date Debit Credit 2018 Mar. 1 Equipment 68,000 Cash 68,000 Dec. 31 Depreciation Expense 16333 Accumulated Depreciation Equipment 16333 2019 17967 Nov. 30 Depreciation expense

Answer 1

	Journal entries for Disposal of Assets
1.Straight Line method
Nov-30	Cash	$16,000
	Accumulated Depreciation-Equipment	$34,300
	Loss on disposal		$17,700
	Equipment		$68,000
2.Double Dimnishing method
Nov 30,2019	Depreciation expenses	$18,469
	Accumulated Depreciation-Equipment		$18,469
Nov-30	Cash	$16,000
	Accumulated Depreciation-Equipment	$56,247
	Gain on disposal		$4,247
	Equipment		$68,000
3.Units of production method
Nov-30	Cash	$16,000
	Accumulated Depreciation-Equipment	$53,410
	Gain on disposal		$1,410
	Equipment		$68,000