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8A-18 8A-4. PEACH Winery purchased a wine press for $84,000 on January 1, 20X1. The press has a useful life of eight years and no salvage value at the end of the time. PEACH makes all the appropriate adjusting entries on December 31 of each year using straight line depreciation. More than four years later, on May 1, 20x5, PEACH sells the press for $36,000 cash. Required: 1. Calculate the accumulated depreciation on the press as of January 1, 20x5...
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8A-18 purchased a wine press for $84,000 on 8A-4. PEACH Winery purchased a 20x1. The press has a useful life of eight years at of the time. PEACH makes all the approp 31 of each year using straight line deprec May 1, 20x5, PEACH sells the press for $36,000 584,000 on January 1, cars and no salvage value at the end djusting entries on December de depreciation. More than four years later, on Required: 1. Calculate the accumulated depreciation on...
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8A-18 8A-4. PEACH Winery purchased a wine press for $84.000 on January 1. 20xl. The press has a useful life of eight years and no salvage value at the end of the time. PEACH makes all the appropriate adjusting entries on December 31 of each year using straight line depreciation. More than four years later, on May 1, 20x5, PEACH sells the press for $36,000 cash. Required: 1. Calculate the accumulated depreciation on the press as of January 1, 20x5...
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8A-4. PEACH Winery purchased a wine 20x1. The press has a useful life of eight years and no salvage end of the time. PEACH makes all the appropriate adjusting December 31 of each year using straight line depreciation. Mo years later, on May 1, 20x5, PEACH press for $120,000 on January 1, value at the entries on re than four sells the press for $32,000 cash. Required x5 1. Calculate the accumulated depreciation on the press as of January 1,...
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8A-3. PLUM Corporation acquired a new computer early in January of Year 1 for $90,000. They expected the computer to have a six-year useful life and a residual value of $6,000. Required: Prepare tables showing the depreciation expense that would be recorded each year for the six-year useful life of the computer using: (a) straight-line; and (b) double-declining-balance. Template for Problem 8A-3 Name: TA Name: Lab Section Time: a. straight-line method: b. double-declining balance method:
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On January 1, 20X2, The GenKota Winery purchased a new bottling
system. The system has an expected life of 5 years. The system cost
$325,000. Shipping, installation, and set up was an additional
$35,000. At the end of the useful life, Julie Hayes, chief
accountant for GenKota, expects to dispose of the bottling system
for $96,000. She further anticipates total output of 660,000
bottles over the useful life. (a) Assuming use of the straight-line
depreciation method, prepare a schedule showing...
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Pitcher
Corporation purchased 60 percent of Softball Corporation’s voting
common stock on January 1, 20X1. On January 1, 20X5, Pitcher
received $231,000 from Softball for a truck Pitcher had purchased
on January 1, 20X2, for $311,000. The truck is expected to have a
10-year useful life and no salvage value. Both companies depreciate
trucks on a straight-line basis.
Event Accounts Credit No А Gain on sale Debit 13,300 80,000 Truck Accumulated depreciation 93,300 Accumulated depreciation Depreciation expense b. Prepare the...
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P7.3. Gaterburg Hospital's general ledger contains the following unad- justed account balances, among others, for December 31, 20X5: Acct. No. 104 $120,000 105 -O- 131 Accounts receivable Allowance for uncollectible accounts 120 Land 130 Buildings Accumulated depreciation-buildings 140 Equipment Accumulated depreciation equipment Contractual adjustments 502 Charity care adjustments 607 Depreciation expense 609 Bad debt expense The following additional information is available: 15,000 900,000 80,000 450,000 120,000 501 1. Of the December 31, 20X5, accounts receivable, it is estimated that 17...
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Gaterburg Hospital’s general ledger contains the following
unadjusted account balances, among others, for December 31,
20X5:
Acct. No.
104 Accounts receivable $120,000
105 Allowance for uncollectible accounts -0-
120 Land 15,000
130 Buildings 900,000
131 Accumulated depreciation—buildings 80,000
140 Equipment 450,000
141 Accumulated depreciation—equipment 120,000
501 Contractual adjustments -0-
502 Charity care adjustments -0-
607 Depreciation expense -0-
609 Bad debt expense -0-
The following additional information is available:
1. Of the December 31, 20X5, accounts receivable, it is
estimated...
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Pizza Corporation acquired 80 percent ownership of Slice
Products Company on January 1, 20X1, for $155,000. On that date,
the fair value of the noncontrolling interest was $38,750, and
Slice reported retained earnings of $46,000 and had $99,000 of
common stock outstanding. Pizza has used the equity method in
accounting for its investment in Slice. Trial balance data for the
two companies on December 31, 20X5, are as follows:Additional InformationOn the date of combination, the fair value of Slice's
depreciable...
8A-18 8A-4. PEACH Winery purchased a wine press for $84,000 on January 1, 20X1. The press has a useful life of eight years and no salvage value at the end of the time. PEACH makes all the appropriate adjusting entries on December 31 of each year using straight line depreciation. More than four years later, on May 1, 20x5, PEACH sells the press for $36,000 cash. Required: 1. Calculate the accumulated depreciation on the press as of January 1, 20x5...
8A-18 purchased a wine press for $84,000 on 8A-4. PEACH Winery purchased a 20x1. The press has a useful life of eight years at of the time. PEACH makes all the approp 31 of each year using straight line deprec May 1, 20x5, PEACH sells the press for $36,000 584,000 on January 1, cars and no salvage value at the end djusting entries on December de depreciation. More than four years later, on Required: 1. Calculate the accumulated depreciation on...
8A-18 8A-4. PEACH Winery purchased a wine press for $84.000 on January 1. 20xl. The press has a useful life of eight years and no salvage value at the end of the time. PEACH makes all the appropriate adjusting entries on December 31 of each year using straight line depreciation. More than four years later, on May 1, 20x5, PEACH sells the press for $36,000 cash. Required: 1. Calculate the accumulated depreciation on the press as of January 1, 20x5...
8A-4. PEACH Winery purchased a wine 20x1. The press has a useful life of eight years and no salvage end of the time. PEACH makes all the appropriate adjusting December 31 of each year using straight line depreciation. Mo years later, on May 1, 20x5, PEACH press for $120,000 on January 1, value at the entries on re than four sells the press for $32,000 cash. Required x5 1. Calculate the accumulated depreciation on the press as of January 1,...
8A-3. PLUM Corporation acquired a new computer early in January of Year 1 for $90,000. They expected the computer to have a six-year useful life and a residual value of $6,000. Required: Prepare tables showing the depreciation expense that would be recorded each year for the six-year useful life of the computer using: (a) straight-line; and (b) double-declining-balance. Template for Problem 8A-3 Name: TA Name: Lab Section Time: a. straight-line method: b. double-declining balance method:
Pitcher
Corporation purchased 60 percent of Softball Corporation’s voting
common stock on January 1, 20X1. On January 1, 20X5, Pitcher
received $231,000 from Softball for a truck Pitcher had purchased
on January 1, 20X2, for $311,000. The truck is expected to have a
10-year useful life and no salvage value. Both companies depreciate
trucks on a straight-line basis.
Event Accounts Credit No А Gain on sale Debit 13,300 80,000 Truck Accumulated depreciation 93,300 Accumulated depreciation Depreciation expense b. Prepare the...
P7.3. Gaterburg Hospital's general ledger contains the following unad- justed account balances, among others, for December 31, 20X5: Acct. No. 104 $120,000 105 -O- 131 Accounts receivable Allowance for uncollectible accounts 120 Land 130 Buildings Accumulated depreciation-buildings 140 Equipment Accumulated depreciation equipment Contractual adjustments 502 Charity care adjustments 607 Depreciation expense 609 Bad debt expense The following additional information is available: 15,000 900,000 80,000 450,000 120,000 501 1. Of the December 31, 20X5, accounts receivable, it is estimated that 17...
Pizza Corporation acquired 80 percent ownership of Slice
Products Company on January 1, 20X1, for $155,000. On that date,
the fair value of the noncontrolling interest was $38,750, and
Slice reported retained earnings of $46,000 and had $99,000 of
common stock outstanding. Pizza has used the equity method in
accounting for its investment in Slice. Trial balance data for the
two companies on December 31, 20X5, are as follows:Additional InformationOn the date of combination, the fair value of Slice's
depreciable...