Please show journal entries for this transaction
Journal Entry | |||
Date | Account Tittle | Debit | Credit |
Depreciation Expense | $100,000.00 | ||
Accumulated Depreciation | $100,000.00 |
Computation of Depreciation Expense |
Cost of Bakery :- 1000000 |
Life of Building = 10 year |
Annual Depreciation as per SLM= Cost of Bakery / Life |
$1000000/10= $100000 |
Please show journal entries for this transaction Purchased an existing bakery for cupcake production at a...
please show all the calculations Q1. (25 marks) Danish Inc purchased a computer on January 1, 2019, for $1,600,000. The straight-line method of depreciation was used, based on an expected life of 6 years and a residual value of $130,000. Prepare the journal entries to record depreciation for the first 6 months of 2021 and the sale of the computer on July 1, 2021, for $1,000,000.
May I know what are the journal entries required for this? No solutions involve revaluation reserve are greatly appreciated because it was not taught to us yet. Thanks. 1 Jan Purchased an existing factory building with the surrounding land for $24,700,000 cash. Stamp duty was at 10% of the purchase price, estate agent commission was 1% of the purchase price, and $30,000 had to be spent to remove the debris and abandoned structures found on the estate. The company borrowed...
Show Adjusting Entries for: Equipment includes two assets. a. Asset #1 was purchased on March 1, 2017 for a cost of $40,000. This asset has a salvage value of $5,020 and an expected useful life of 5 years. The asset is depreciated using the straight-line method. b. Asset #2 was purchased on December 1, 2017 for a cost of $65,000. This asset has a salvage value of $2,000 and an expected useful life of 3 years. The asset is depreciated...
please journalize the each transaction from jan 2 to dec 31st. Question 5 Assume Interstellar Communications Ltd.'s balance sheet includes the following assets under Property Plant, and Equipment: Land, Buildings, and Motor-Carrier Equipment. Interstellar Communications has a separate accumulated depreciation account for each of these assets except land. Further, assume that Interstellar completed the following transactions: . Jan 2: Sold motor-carrier equipment with accumulated depreciation of $67,000 (cost of $130,000) for $70,000 cash. Purchased similar new equipment with a cash...
Problem 22-1 Holtzman Company is in the process of preparing its financial statements for 2014. Assume that no entries for depreciation have been recorded in 2014. The following information related to depreciation of fixed assets is provided to you. 1. Holtzman purchased equipment on January 2, 2011, for $77,100. At that time, the equipment had an estimated useful life of 10 years with a $4,100 salvage value. The equipment is depreciated on a straight-line basis. On January 2, 2014, as...
Problem 22-1 Holtzman Company is in the process of preparing its financial statements for 2014. Assume that no entries for depreciation have been recorded in 2014. The following information related to depreciation of fixed assets is provided to you. 1. Holtzman purchased equipment on January 2, 2011, for $77,100. At that time, the equipment had an estimated useful life of 10 years with a $4,100 salvage value. The equipment is depreciated on a straight-line basis. On January 2, 2014, as...
1. Lululemon purchased a new plant for their shoes production division on July 1, 2019. Lululemon paid $5,000,000 for the production plant. It is a package purchase, which includes land, building and equipment. Currently, the land can be sold at $2,000,000, the building at 2,500,000 and the equipment at $1,000,000 in the market. The equipment has an estimated salvage of $20,000 and an expected useful life of 8 years or 500,000 units. (30 marks) (Long Term Assets) Required: a. Prepare...
Please complete entries 6-9 and show the work. I got 1-5 and I am unsure how to do the rest! Thank you! The following transactions and adjusting entries were completed by a local delivery company called Fast Delivery. The company uses straight-line depreciation for delivery vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for franchise rights. 2018 January 2 Paid $176,000 cash to purchase a small warehouse building near the airport. The building has an estimated life of 20 years...
Journal Entries for Plant Assets During the first few days of the year, Coast Company entered into the following transactions: 1 Purchased a parcel of land with a building on it for $900,000 cash. The building, which will be used in operations, has an estimated useful life of 25 years and a salvage value of $60,000. The assessed valuations for property tax purposes show the land at $80,000 and the building at $720,000. 2 Paid $31,200 for the construction of...
Danish Inc purchased a computer on January 1, 2019, for $1,600,000. The straight-line method of depreciation was used, based on an expected life of 6 years and a residual value of $130,000. Prepare the journal entries to record depreciation for the first 6 months of 2021 and the sale of the computer on July 1, 2021, for $1,000,000.