![Exercise 11-12 Depreciation methods; disposal; partial periods [LO11-2] Howarth Manufacturing Company purchased a lathe on Ju](http://img.homeworklib.com/questions/84c671a0-714d-11ea-9d42-b33297d58615.png?x-oss-process=image/resize,w_560)
Homework Answers
Journal entry to record the sale under sum of years digits method
cash A/c 27000
lathe A/c 18600
Profit on sale 8400
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Exercise 11-12 Depreciation methods; disposal; partial periods [LO11-2] Howarth Manufacturing Company purchased a lathe on June...
Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $115,000. The residual...
Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $115,000. The residual value of the equipment was estimated to be $10,000 at the end of a five-year life. The equipment was sold on March 31, 2021, for $34,000. Howarth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. Required: 1. Prepare the journal entry to record the sale....
Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $800,000. The residual...
Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $800,000. The residual value of the equipment was estimated to be $50,000 at the end of a five year life. The equipment was sold on March 31, 2021, for $170,000. Howarth uses the straight- line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service Required: 1. Prepare the journal entry to record...
Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $160,000. The residual...
Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $160,000. The residual value of the equipment was estimated to be $10,000 at the end of a five-year life. The equipment was sold on March 31, 2021, for $43,000. Howarth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. Required: 1. Prepare the journal entry to record the sale....
Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $800,000. The residual...
Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $800,000. The residual value of the equipment was estimated to be $50,000 at the end of a five-year life. The equipment was sold on March 31, 2021, for $170,000. Howarth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. Required: 1. Prepare the journal entry to record the sale....
Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $170,000. The residual...
Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $170,000. The residual value of the equipment was estimated to be $20,000 at the end of a five-year life. The equipment was sold on March 31, 2021, for $54,000. Howarth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. Required: 1. Prepare the journal entry to record the sale....
Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $95,000. The residual value of the equi...
Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $95,000. The residual value of the equipment was estimated to be $5,000 at the end of a five-year life. The equipment was sold on March 31, 2021, for $21,000. Howarth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. Required: 1. Prepare the journal entry to record the sale....
Problem 11-9 (Algo) Straight-line depreciation; disposal; partial period; change in estimate [LO11-2, 11-5] The property, plant,...
Problem 11-9 (Algo) Straight-line depreciation; disposal; partial period; change in estimate [LO11-2, 11-5] The property, plant, and equipment section of the Jasper Company’s December 31, 2020, balance sheet contained the following: Property, plant, and equipment: Land $ 116,000 Building $ 936,000 Less: Accumulated depreciation (180,000 ) 756,000 Equipment 163,000 Less: Accumulated depreciation ? ? Total property, plant, and equipment ? The land and building were purchased at the beginning of 2016. Straight-line depreciation is used and a residual value of...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! Howarth Manufacturing Company purchased...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
Howarth Manufacturing Company purchased equlpment on June 30, 2017, at a cost of $165,000. The residual value of the equlpment was estimated to be $15,000 at the end of a five-year life. The equipment was sold on March 31, 2021, for $50,000. Howarth uses the stralght-line depreclation method for all of its plant and equipment. Partlal-year depreclation is calculated based on the number of months the asset is...
Exercise 11-3 (Algo) Depreciation methods partial periods [LO11-2]
Exercise 11-3 (Algo) Depreciation methods partial periods [LO11-2]Skip to question[The following information applies to the questions displayed below.]On October 1, 2021, the Allegheny Corporation purchased equipment for $278,000. The estimated service life of the equipment is 10 years and the estimated residual value is $3,000. The equipment is expected to produce 550,000 units during its life. Required:Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is...
Exercise 11-3 (Algo) Depreciation methods partial periods [LO11-2]
Exercise 11-3 (Algo) Depreciation methods partial periods [LO11-2]Skip to question[The following information applies to the questions displayed below.]On October 1, 2021, the Allegheny Corporation purchased equipment for $278,000. The estimated service life of the equipment is 10 years and the estimated residual value is $3,000. The equipment is expected to produce 550,000 units during its life. Required:Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is...
Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $115,000. The residual value of the equipment was estimated to be $10,000 at the end of a five-year life. The equipment was sold on March 31, 2021, for $34,000. Howarth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. Required: 1. Prepare the journal entry to record the sale....
Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $800,000. The residual value of the equipment was estimated to be $50,000 at the end of a five year life. The equipment was sold on March 31, 2021, for $170,000. Howarth uses the straight- line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service Required: 1. Prepare the journal entry to record...
Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $170,000. The residual value of the equipment was estimated to be $20,000 at the end of a five-year life. The equipment was sold on March 31, 2021, for $54,000. Howarth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. Required: 1. Prepare the journal entry to record the sale....
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
Howarth Manufacturing Company purchased equlpment on June 30, 2017, at a cost of $165,000. The residual value of the equlpment was estimated to be $15,000 at the end of a five-year life. The equipment was sold on March 31, 2021, for $50,000. Howarth uses the stralght-line depreclation method for all of its plant and equipment. Partlal-year depreclation is calculated based on the number of months the asset is...
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