Need answer for the last part accumulated
depreciation and carrying amount. Please show work!
Homework Answers
Accumulated depreciation
Building = 2360 X 8 years (2014 to 2021) = 18800
Vehicle = 3680 X 4 years (2018 to 2021) = 14720
Equipment = 1560 X 5.5 years (July 2016 to Dec 2021) = 8580
| Building | Vehicle | Equipment | |
| Cost | 59000 | 36800 | 12480 |
| Less: Accumulated depreciation | 18800 | 14720 | 8580 |
| Carrying amount | 40200 | 22080 | 3900 |
Add Answer to:
Need answer for the last part accumulated
depreciation and carrying amount. Please show work!
Jake's Mechanics...
FULL SCREEN PRINTER VERSION 4 BACK Jake's Mechanics owns the following long-lived assets: Asset Date Purchased...
FULL SCREEN PRINTER VERSION 4 BACK Jake's Mechanics owns the following long-lived assets: Asset Date Purchased Cost Estimated Useful Life Building January 1, 2014 $54,400 20 years Vehicles December 31, 2017 35,500 10 years Equipment July 1, 2016 11,680 3 years Prepare depreciation adjusting entries for Jake's Mechanics for the year ended December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account...
Here are the accounts available: Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation -...
Here are the accounts available:
Accounts Payable
Accounts Receivable
Accumulated Depreciation - Buildings
Accumulated Depreciation - Equipment
Accumulated Depreciation - Leasehold Improvements
Accumulated Depreciation - Machinery
Accumulated Depreciation - Vehicles
Advertising Expense
Asset Retirement Obligation
Buildings
Cash
Common Shares
Contributed Surplus
Contributed Surplus - Donated Capital
Cost of Goods Sold
Deferred Revenue - Government Grants
Depreciation Expense
Donation Revenue
Equipment
Finance Expense
Finance Revenue
Gain on Disposal of Building
Gain on Disposal of Equipment
Gain on Disposal of Machinery
Gain...
A partial statement of financial position of Wildhorse Ltd. on December 31, 2019, showed the following...
A partial statement of financial position of Wildhorse Ltd. on December 31, 2019, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2019): Buildings Less: accumulated depreciation Equipment Less: accumulated depreciation $326,000 126,000 $200,000 $125,000 45,000 80,000 Wildhorse uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its equipment (remaining useful life of 8 years, no residual value). Wildhorse applies IFRS and...
Exercise 10-25 A partial statement of financial position of Sunland Ltd. on December 31, 2019, showed...
Exercise 10-25 A partial statement of financial position of Sunland Ltd. on December 31, 2019, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2019): Buildings Less: accumulated depreciation Equipment Less: accumulated depreciation $346,000 146,000 $200,000 $127,000 47,000 80,000 Sunland uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its equipment (remaining useful life of 8 years, no residual value). Sunland applies...
Please help me figure out what's wrong in part 2. The textbook specifically says "For purposes...
Please help me figure out
what's wrong in part 2. The textbook specifically says "For
purposes of homework, credit accumulated depreciation when
recording an impairment for a depreciable asset."
IFRS 11-13 Blue Company acquired equipment on January 1, 2019, for $12,660. Blue elects to value this class of equipment using revaluation accounting. This equipment is being depreciated on a straight-line basis over its 6-year useful life. There is no residual value at the end of the 6-year period. The appraised...
BACK NE Question 2 At January 1, 2018, Crane Limited reported the following property Accumulated depreciation--buildings...
BACK NE Question 2 At January 1, 2018, Crane Limited reported the following property Accumulated depreciation--buildings Accumulated depreciation-equipment Buildings Equipment Land $63,800,000 57,600,000 91,400,000 136,300,000 19,000,000 The company uses straight-line depreciation for buildings and equipment, its year and is December 31, and it makes adjusting entries analy. The buildings are estimated to have a 40-year se He and no residual values the equipment is estimated to have a 10 year Me and residual value During 2018, the following selected transactions...
At January 1, 2018, Ivanhoe Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings...
At January 1, 2018, Ivanhoe Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation equipment Buildings $56,600,000 55,000,000 100,600,000 140,500,000 19,700,000 Equipment Land The company uses straight-line depreciation for buildings and equipment, its year end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no residual value; the equipment is estimated to have a 10-year useful life and no residual value. During 2018, the following...
Also the journal Entry to Eliminate depreciation for equipment and adjust its fair value A partial...
Also the journal Entry to Eliminate
depreciation for equipment and adjust its fair value
A partial statement of financial position of Blossom Ltd. on December 31, 2019, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2019): Buildings Less: accumulated depreciation Equipment Less: accumulated depreciation $280,000 80,000 $200,000 $125,000 45,000 80,000 Blossom uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its...
Presented below is Information related to equipment owned by Waterway Company at December 31, 2020. Cost Accumulated de...
Presented below is Information related to equipment owned by Waterway Company at December 31, 2020. Cost Accumulated depreciation to date Expected futurc nct cash flows Fair value $10.710,000 1,190,000 8.330,000 5,712.000 Assume that Waterway will continue to use this assct in the future. As of December 31, 2020, the equipment has a remaining useful life of 4 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required,...
Presented below is information related to equipment owned by Bramble Company at December 31, 2020. Cost...
Presented below is information related to equipment owned by Bramble Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $10,260,000 1,140,000 7,980,000 5,472,000 Bramble intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $22,800. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Your answer is partially correct. Prepare the journal entry (if any) to...
FULL SCREEN PRINTER VERSION 4 BACK Jake's Mechanics owns the following long-lived assets: Asset Date Purchased Cost Estimated Useful Life Building January 1, 2014 $54,400 20 years Vehicles December 31, 2017 35,500 10 years Equipment July 1, 2016 11,680 3 years Prepare depreciation adjusting entries for Jake's Mechanics for the year ended December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account...
Here are the accounts available:
Accounts Payable
Accounts Receivable
Accumulated Depreciation - Buildings
Accumulated Depreciation - Equipment
Accumulated Depreciation - Leasehold Improvements
Accumulated Depreciation - Machinery
Accumulated Depreciation - Vehicles
Advertising Expense
Asset Retirement Obligation
Buildings
Cash
Common Shares
Contributed Surplus
Contributed Surplus - Donated Capital
Cost of Goods Sold
Deferred Revenue - Government Grants
Depreciation Expense
Donation Revenue
Equipment
Finance Expense
Finance Revenue
Gain on Disposal of Building
Gain on Disposal of Equipment
Gain on Disposal of Machinery
Gain...
A partial statement of financial position of Wildhorse Ltd. on December 31, 2019, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2019): Buildings Less: accumulated depreciation Equipment Less: accumulated depreciation $326,000 126,000 $200,000 $125,000 45,000 80,000 Wildhorse uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its equipment (remaining useful life of 8 years, no residual value). Wildhorse applies IFRS and...
Exercise 10-25 A partial statement of financial position of Sunland Ltd. on December 31, 2019, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2019): Buildings Less: accumulated depreciation Equipment Less: accumulated depreciation $346,000 146,000 $200,000 $127,000 47,000 80,000 Sunland uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its equipment (remaining useful life of 8 years, no residual value). Sunland applies...
Please help me figure out
what's wrong in part 2. The textbook specifically says "For
purposes of homework, credit accumulated depreciation when
recording an impairment for a depreciable asset."
IFRS 11-13 Blue Company acquired equipment on January 1, 2019, for $12,660. Blue elects to value this class of equipment using revaluation accounting. This equipment is being depreciated on a straight-line basis over its 6-year useful life. There is no residual value at the end of the 6-year period. The appraised...
BACK NE Question 2 At January 1, 2018, Crane Limited reported the following property Accumulated depreciation--buildings Accumulated depreciation-equipment Buildings Equipment Land $63,800,000 57,600,000 91,400,000 136,300,000 19,000,000 The company uses straight-line depreciation for buildings and equipment, its year and is December 31, and it makes adjusting entries analy. The buildings are estimated to have a 40-year se He and no residual values the equipment is estimated to have a 10 year Me and residual value During 2018, the following selected transactions...
At January 1, 2018, Ivanhoe Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation equipment Buildings $56,600,000 55,000,000 100,600,000 140,500,000 19,700,000 Equipment Land The company uses straight-line depreciation for buildings and equipment, its year end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no residual value; the equipment is estimated to have a 10-year useful life and no residual value. During 2018, the following...
Also the journal Entry to Eliminate
depreciation for equipment and adjust its fair value
A partial statement of financial position of Blossom Ltd. on December 31, 2019, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2019): Buildings Less: accumulated depreciation Equipment Less: accumulated depreciation $280,000 80,000 $200,000 $125,000 45,000 80,000 Blossom uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its...
Presented below is Information related to equipment owned by Waterway Company at December 31, 2020. Cost Accumulated depreciation to date Expected futurc nct cash flows Fair value $10.710,000 1,190,000 8.330,000 5,712.000 Assume that Waterway will continue to use this assct in the future. As of December 31, 2020, the equipment has a remaining useful life of 4 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required,...
Presented below is information related to equipment owned by Bramble Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $10,260,000 1,140,000 7,980,000 5,472,000 Bramble intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $22,800. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Your answer is partially correct. Prepare the journal entry (if any) to...
Most questions answered within 3 hours.
-
What is the temperature of 100.0 grams of chlorine gas in a
55.0-L container at 800....
asked 1 minute ago -
POLITICAL SCIENCE: Is members of the House of Representatives
responsive to public opinion?
asked 1 minute ago -
The following information is available for two samples selected
from independent normally distributed populations. Population A:...
asked 3 minutes ago -
Hello, I have questions on Matlab. Let's say that I have an
equation. Signal x(t)= cos(2*pi*10*t)...
asked 1 hour ago -
choose a radioactive isotope used in healthcare or another field
and report on how your isotope...
asked 32 minutes ago -
Balance the following half-reactions in acidic solution,
identify the oxidation states of the metal atoms, and...
asked 29 minutes ago -
describe
three ways that industrialized agriculture can impact human
health?
asked 46 minutes ago -
A resistor and capacitor are connected in series to a power
supply of 50 Volts. The...
asked 41 minutes ago -
(20
10Ne) (72 37Rb) (16 8O) (11 5B) why isotope of Rb is most unstable?
is...
asked 37 minutes ago -
A firm will pay a dividend of $2.01 next year. The dividend is
expected to grow...
asked 45 minutes ago -
The Bureau of Labor Statistics divides the adult population into
four categories: employed, underemployed, unemployed, and...
asked 58 minutes ago -
Question 29 Which of the following is not needed in order to
prepare a statement of...
asked 1 hour ago