Zephyr Minerals completed the following transactions involving machinery Machine No. 1550 was purchased for cash on...
Zephyr Minerals completed the following transactions involving machinery Machine No. 1550 was purchased for cash on April 1, 2017, at an installed cost of $87.000. Its useful life was estimated to be sox years with a $6,000 trade-in value. Straight-line depreciation was recorded for the machine at the ends of 2017, 2018, and 2019. On March 29. 2020, it was traded for Machine No. 1795, with an instaled cash price of $81,000. A trade-in allowance of $32,110 was received for...
1 Zephyr Minerals completed the following transactions involving machinery. Machine No. 1550 was purchased for cash on April 1, 2017, at an installed cost of $88,000. Its useful life was estimated to be six years with a $7,000 trade-in value. Straight-line depreciation was recorded for the machine at the ends of 2017, 2018, and 2019. On March 29, 2020, it was traded for Machine No. 1795, with an installed cash price of $82,000. A trade-in allowance of $32,210 was received...
How to calculate the depreciation in case 2 and case 3 ? Zephyr Minerals completed the following transactions involving machinery Machine No. 1550 was purchased for cash on April 1, 2017, at an installed cost of $87.000. Its useful life was estimated to be sox years with a $6,000 trade-in value. Straight-line depreciation was recorded for the machine at the ends of 2017, 2018, and 2019. On March 29. 2020, it was traded for Machine No. 1795, with an instaled...
This one is a little confusing for me! Thank you! Problem 9-17A Partial year's depreclation; alternative methods; exchange/disposal of PPE LO CHECK FIGURES: a. Machine 1550 $6,075; Machine 1795 $22,646; Machine BT-311 $77,810 Zephyr Minerals completed the following transactions involving machinery Machine No. 1550 was purchased for cash on April 1, 2017, at an installed cost of $52,900. Its usefu life was estimated to be six years with a $4,300 trade-in value. Straight-line depreciation was recorded fo the machine at...
Problem 9-18A Partial year's depreciation; alternative methods; exchange/disposal of PPE LO2, 3, 6 CHECK FIGURES: a. Machine 1550 - $6,075; Machine 1795 - $22.646: Machine BT-311 = $77,810 Zephyr Minerals completed the following transactions involving machinery. Machine No. 1550 was purchased for cash on April 1. 2020, at an installed cost of $52.900. Its useful life was estimated to be six years with a $4.300 trade in value. Straight-line depreciation was recorded for the machine at the ends of 2020...
In 2017, Staged Home Ltd. completed the following transactions involving delivery trucks July 5 Traded-in an old truck and paid $16,100 in cash for furniture. The accounting records on July 5 showed the cost of the old truck at $51,000 and related accumulated depreciation of $8,500. The furniture was estimated to have a six-year life and a $10,268 trade-in value. The invoice for the exchange showed these item:s Price of the furniture (equal to its fair value) 55,100 Trade-in allowance...
Problem 9-17 Partial year's depreciation; alternative methods: exchange/disposal of PPE LO2,3,6 CHECK FIGURES: 1. Machine 6640 - $10,800: Machine 6691 - $8,325: Machine 6711 = $7.155 Videotron Ltée completed the following transactions involving printing equipment. Machine 6600 was purchased for cash on May 1, 2017, at an installed cost of $72,900. Its useful life was estimated to be four years with an $8,100 trade-in value Straight-line depreciation was recorded for the machine at the end of 2017 and 2018 On...
А 6 Problem 9-18B Partial year's depreciation; alternative methods; exchange/disposal of PPE 102,03,06 CHECK FIGURES: 1. Machine 6690 = $10,800, Machine 6691 = $8.325: Machine 6711 = $7155 Vidéotron Ltée completed the following transactions involving printing equipment. Machine 6690 was purchased for cash on May 1, 2020, at an installed cost of $72.900. Its useful life was estimated to be four years with an $8.100 trade-in value. Straight-line depreciation was recorded for the machine at the end of 2020 and...
On April 3, 2020, David's Chocolates purchased a machine for $72,200. It was assumed that the machine would have a five-year life and a $15,300 trade-in value. Early in January 2023, it was determined that the machine would have a seven-year useful life and the trade-In value would be $8,100. David's Chocolates uses the straight-line method to the nearest month for calculating depreciation. Required: Record depreciation at December 31, 2023, David's Chocolates' year-end. (Do not round Intermediate calculations. Round the...
5) Mandy Manufacturing purchased a machine on August 1, 2014, and it was installed and ready to run on January 1, 2015. The following costs were incurred in the purchase and installation of the machine. Invoice price $ 1,300,000 Freight costs 7.000 Purchase discount 2.500 Installation costs 66,000 Electrical and power connections 32,000 Repairs to correct damage incurred during uncrating 12.000 Adjustment costs 36,000 Spare parts for future use 25,000 Provincial sales tas 91.000 Fines incurred during the transport and...