Homework Answers
Updated solution..
| Total cost | 40000 | |||||
| Salvage value | 4000 | |||||
| depreciable value | 36000 | |||||
| Number of year | 10 | |||||
| Annual depreciation | 3600 | |||||
| year | Depreciation | Accumulated depreciation | ||||
| 2021 | 3600 | 3600 | ||||
| 2022 | 3600 | 7200 | ||||
| 2023 | 3600 | 10800 | ||||
| 2024 | 3600 | 14400 | ||||
| 2025 | 3600 | 18000 | ||||
| 2026 | 3600 | 21600 | ||||
| 2027 | 3600 | 25200 | ||||
| 25200 | ||||||
| Depreciation for 2 month = 3600*2/12= | 600 | |||||
| Accumulated depreciation till 28th Feb = | 25800 | |||||
| Book value on 1st March = | 14200 | |||||
| Sales price = | 10500 | |||||
| Loss on sales = | 3700 | |||||
| Journal entry | ||||||
| Dr | Cr | |||||
| Cash | 10500 | |||||
| Accumulated depreciation | 25800 | |||||
| Loss on sale of equipment | 3700 | |||||
| Equipment | 40000 | |||||
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1. Prepare a schedule of depreciation expense, accumulated
depreciation, and book value per year for the equipment under the
three depreciation methods: straight-line, units-of-production,
and double-declining-balance. Show your computations. Note: Three
depreciation schedules must be prepared.
2. Which method tracks the wear and tear on the equipment most
closely?
Homework: Homework CH9 Save Score: 10.77 of 15 pts 4 of 10 (4 complete) HW Score: 40.77%, 40.77 of 100 pts %E9-20 (similar to) Question Help Hearty Fried Chicken bought equipment...
Recording Depreciation with a Change in Depreciation Method Pier Exports purchases equipment on January 1, 2018, at a cost of $82,500. The company estimates that there will be no salvage value and that the equipment will have a useful life of 10 years. The company elects to use the double-declining-balance method until 2021, at which time the company changes to the straight-line method of depreciation for the equipment. Required Prepare the depreciation entry for 2021. Note: Round your final answer...
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At January 1, 2018, Sunland Limited reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$59,500,000
Accumulated depreciation—equipment
57,100,000
Buildings
102,500,000
Equipment
152,600,000
Land
20,600,000
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 selected...
At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Accumulated Depreciation and Amortization Category Land Buildings Equipment Automobiles and trucks Leasehold improvements Land improvements Plant Asset $ 165,000 1,000,000 625,000 162,000 196,000 318,900 307,500 90,325 98,000 Depreciation methods and useful lives: Buildings—150% declining balance; 25 years. Equipment-Straight line; 10 years. Automobiles and trucks-200% declining balance; 5 years, all acquired after 2017. Leasehold improvements-Straight line. Land improvements-Straight line. Depreciation is computed to...
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(Lobby Furniture) if its not given to me like the other fixed
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worksheet?
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