Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $147,100,...

Question

Question

Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $147,100,...

Entries for Sale of Fixed Asset

Equipment acquired on January 8 at a cost of $147,100, has an estimated useful life of 15 years, has an estimated residual value of $9,550, and is depreciated by the straight-line method.

a. What was the book value of the equipment at December 31 the end of the fourth year?
$

b. Assuming that the equipment was sold on April 1 of the fifth year for 101,787.

1. Journalize the entry to record depreciation for the three months until the sale date. Round your answers to the nerest whole dollar if required.

2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations.

2.

Depletion Entries

Alaska Mining Co. acquired mineral rights for $10,248,000. The mineral deposit is estimated at 48,800,000 tons. During the current year, 7,300,000 tons were mined and sold.

a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimals places.
$

b. Journalize the adjusting entry on December 31 to recognize the depletion expense.

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

a) What uas the Boot Value qupment o End of faudt ya 36 68 oAccumu 143,100-$3680 Bet Valie 10420BVa 4s85 ) cash DI lol,括干

Add a comment

Answer 2

Similar Homework Help Questions

Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $176,020,...

Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $176,020, has an estimated useful life of 19 years, has an estimated residual value of $7,300, and is depreciated by the straight- line method. a. What was the book value of the equipment at December 31 the end of the fourth year? b. Assuming that the equipment was sold on April 1 of the fifth year for 132,000. 1. Journalize the entry to record depreciation...
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $111,750,...

Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $111,750, has an estimated useful life of 14 years, has an estimated residual value of $9,550, and is depreciated by the straight- line method. a. What was the book value of the equipment at December 31 the end of the fourth year? b. Assuming that the equipment was sold on April 1 of the fifth year for 75,510. 1. Journalize the entry to record depreciation...
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $147,100,...

Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $147,100, has an estimated useful life of 15 years, has an estimated residual value of $9,550, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? $ Feedback Book value is the initial cost of the fixed asset minus the accumulated depreciation. b. Assuming that the equipment was sold on...

Depletion Entries Alaska Mining Co. acquired mineral rights for $10,514,000. The mineral deposit is estimated at...

Depletion Entries Alaska Mining Co. acquired mineral rights for $10,514,000. The mineral deposit is estimated at 75,100,000 tons. During the current year, 11,250,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimals places. $ b. Journalize the adjusting entry on December 31 to recognize the depletion expense. ^ ^
Depletion Entries Alaska Mining Co. acquired mineral rights for $27,740,000. The mineral deposit is estimated at...

Depletion Entries Alaska Mining Co. acquired mineral rights for $27,740,000. The mineral deposit is estimated at 146,000,000 tons. During the current year, 21,900,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimals places. b. Journalize the adjusting entry on December 31 to recognize the depletion expense.
Depletion Entries Alaska Mining Co. acquired mineral rights for $23,368,000. The mineral deposit is estimated at...

Depletion Entries Alaska Mining Co. acquired mineral rights for $23,368,000. The mineral deposit is estimated at 101,600,000 tons. During the current year, 15,250,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimals places. b. Journalize the adjusting entry on December 31 to recognize the depletion expense.

Depletion Entries Alaska Mining Co. acquired mineral rights for $67,500,000. The mineral deposit is estimated at...

Depletion Entries Alaska Mining Co. acquired mineral rights for $67,500,000. The mineral deposit is estimated at 30,000,000 tons. During the current year, 4,000,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimals places. NAN b. Journalize the adjusting entry on December 31 to recognize the depletion expense. Dec 31 — Dec. 31
Depletion Entries Alaska Mining Co. acquired mineral rights for $67,500,000. The mineral deposit is estimated at...

Depletion Entries Alaska Mining Co. acquired mineral rights for $67,500,000. The mineral deposit is estimated at 30,000,000 tons. During the current year, 4,000,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places. b. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank. Dec. 31 10 more Check My Work uses...
16. EX.09-19.BLANKSHEET.ALGO (Algorithmic) Depletion entries Instructions Alaska Mining Co. acquired mineral nights for 30, a mining...

16. EX.09-19.BLANKSHEET.ALGO (Algorithmic) Depletion entries Instructions Alaska Mining Co. acquired mineral nights for 30, a mining Co. acquired mineral rights for $38,150,000. The mineral deposit is estimated at 21,800,000 tons. During Required: a. Determine the amount of depletion expense for the current year. D. Joumalize the adjusting entry on December 31 to recognize the depletion expense. Refer to the Chart of Account titles Chart of Accounts CHART OF ACCOUNTS Alaska Mining Co. General Ledger ASSETS 110 Cash 111 Petty Cash...

Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $120,720,...

Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $120,720, has an estimated useful life of 13 years, has an estimated residual value of $7,750, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? $ b. Assuming that the equipment was sold on April 1 of the fifth year for 76,992. 1. Journalize the entry to record depreciation...

Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $147,100,...

Homework Answers

Add Answer to:
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $147,100,...

Post as a guest

Earn Coins

Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $176,020,...

Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $111,750,...