Homework Answers
a. Record depreciation
Depreciation for each year = $176400 / 7 = $25,200
Since the machinery is used only for 6 months till June 2021. The depreciation to be charged should be for 6 months.
Depreciation for 2021 = $25200 * (6/12) = $12,600
Accumulated Depreciation = $25200 * 4.5 years = $113,400
Gain on sale of machinery = $75600 - ( $176400 - $113400) = $12,600
Loss due to fire = $60480 - ( $176400 - $113400) = $2520
| No. | Date | Accounts | Debit | Credit |
| a. | July 01, 2021 | Depreciation expenses | 12,600 | |
| Machinery | 12,600 | |||
| (Being depreciation expense for half year) | ||||
| b. | July 01, 2021 | Cash | 75600 | |
| Accumulated Depreciation | 113400 | |||
| Gain on sale of Machinery | 12600 | |||
| Machinery | 176400 | |||
| (Being sale of machinery) | ||||
| c. | July 01, 2021 | Cash | 60480 | |
| Accumulated Depreciation | 113400 | |||
| Loss due to fire | 2520 | |||
| Machinery | 176400 | |||
| (Being loss due to fire) | ||||
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at a total cost of $176,400. Straight-line depreciation is taken
each year for four years assuming a eight-year life and no salvage
value. The machine is disposed of on July 1, 2021, during its fifth
year of service.
Prepare entries to record the partial year’s depreciation on July
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