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Question 6 Crane Corporation uses straight-line depreciation, prepares adjusting entries annually, and has a December 31...
Bison Transportation has a December 31 year end and uses straight-line depreciation for all property, plant...
Bison Transportation has a December 31 year end and uses straight-line depreciation for all property, plant and equipment. On July 1, 2012, the company purchased equipment on account for $500,000. The equipment had an expected useful life of 10 years and no residual value. On December 31, 2015, after recording depreciation, Bison reviewed its equipment for possible impairment. Bison determined that the equipment had a recoverable amount of $225,000. a) Prepare the journal entries to record the asset purchase in...
Your answer is correct. What is the depreciation expense for January 1, 2018, to October 31,...
Your answer is correct. What is the depreciation expense for January 1, 2018, to October 31, 2018? Depreciation expense $ 6750 Attempts: 1 of 3 used ✓ Your answer is correct. On November 1, 2018, the company purchased additional equipment for $10,320 that also had a useful life of eight years and no residual value. What is the depreciation for the two months ending December 31, 2018? Total depreciation for 2 months $ 1565 Attempts: 1 of 3 used X...
Question 35 (9 points) Saved Conrad Corporation has a December 31st year-end and prepares adjusting entries...
Question 35 (9 points) Saved Conrad Corporation has a December 31st year-end and prepares adjusting entries annually. It has been determined that adjusting entries are required for the following: a. The Prepaid Insurance account included $2,400 for two year fire insurance policy that was purchased and effective September 1, 2018. b. The Prepaid Rent account balance is $900 which includes rent for three months commencing December 1, 2018. c. The Supplies account has a balance of $1,400 and a physical...
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...
Question 2 At January 1, 2018, Crane Limited reported the following property, plant, and equipment accounts:...
Question 2 At January 1, 2018, Crane Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation-equipment Buildings Equipment Land $62,800,000 52,600,000 89,700,000 162,600,000 18,100,000 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...
Question 2 At January 1, 2018, Crane Limited reported the following property, plant, and equipment accounts:...
Question 2 At January 1, 2018, Crane Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation equipment Buildings Equipment $62,800,000 52,600,000 89,700,000 162,600,000 18,100,000 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 are some transactions of Sheridan Company for 2021. Sheridan Company uses straight-line depreciation and...
The following are some transactions of Sheridan Company for
2021. Sheridan Company uses straight-line depreciation and has a
December 31 year end.
Apr. 1
Retired a piece of equipment that was purchased on January 1,
2012, for $48,000. The equipment had an expected useful life of 10
years with no residual value.
July 30
Sold equipment for $1,300 cash. The equipment was purchased on
January 3, 2019, for $14,040 and was depreciated over an expected
useful life of three years...
On December 31, 2017, Cheyenne Company acquired a computer from Plate Corporation by issuing a $548,000...
On December 31, 2017, Cheyenne Company acquired a computer from Plate Corporation by issuing a $548,000 rero-interest-bearing note, payable in lon December 31, 2021. Cheyenne Company's credit rating permits to borrow funds from its several lines of credit at 10%. The computer is expected to have a 5-year re and a $72,000 salvage value Your answer is correct. Prepare the journal entry for the purchase on December 31, 2017. (Round present value factor calculations to decimal places 1.25124 and the...
Problem 12-4 On July 31, 2017, Crane Company paid $2,750,000 to acquire all of the common...
Problem 12-4
On July 31, 2017, Crane Company paid $2,750,000 to acquire all of
the common stock of Conchita Incorporated, which became a division
of Crane. Conchita reported the following balance sheet at the time
of the acquisition.
Current assets
$830,000
Current liabilities
$530,000
Noncurrent assets
2,450,000
Long-term liabilities
430,000
Total assets
$3,280,000
Stockholders’ equity
2,320,000
Total liabilities and stockholders’
equity
$3,280,000
It was determined at the date of the purchase that the fair value
of the identifiable net assets...
EACIIBE Presented here are selected transactions for Sheridan Limited for 2018. Sheridan uses straight-line depreciation and...
EACIIBE Presented here are selected transactions for Sheridan Limited for 2018. Sheridan uses straight-line depreciation and records adjusting entries annually. Sold a delivery truck for $16.310 cash. The truck cost $57.930 when it was purchased on January 1, 2015, and was depreciated based on a four year useful life with a $6,310 residual value. an. 1 Sold computers that were purchased on January 1, 2016. They cost $10,476 and had a useful life of three years with no residual value....
Your answer is correct. What is the depreciation expense for January 1, 2018, to October 31, 2018? Depreciation expense $ 6750 Attempts: 1 of 3 used ✓ Your answer is correct. On November 1, 2018, the company purchased additional equipment for $10,320 that also had a useful life of eight years and no residual value. What is the depreciation for the two months ending December 31, 2018? Total depreciation for 2 months $ 1565 Attempts: 1 of 3 used X...
Question 35 (9 points) Saved Conrad Corporation has a December 31st year-end and prepares adjusting entries annually. It has been determined that adjusting entries are required for the following: a. The Prepaid Insurance account included $2,400 for two year fire insurance policy that was purchased and effective September 1, 2018. b. The Prepaid Rent account balance is $900 which includes rent for three months commencing December 1, 2018. c. The Supplies account has a balance of $1,400 and a physical...
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...
Question 2 At January 1, 2018, Crane Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation-equipment Buildings Equipment Land $62,800,000 52,600,000 89,700,000 162,600,000 18,100,000 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...
Question 2 At January 1, 2018, Crane Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation equipment Buildings Equipment $62,800,000 52,600,000 89,700,000 162,600,000 18,100,000 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,...
On December 31, 2017, Cheyenne Company acquired a computer from Plate Corporation by issuing a $548,000 rero-interest-bearing note, payable in lon December 31, 2021. Cheyenne Company's credit rating permits to borrow funds from its several lines of credit at 10%. The computer is expected to have a 5-year re and a $72,000 salvage value Your answer is correct. Prepare the journal entry for the purchase on December 31, 2017. (Round present value factor calculations to decimal places 1.25124 and the...
Problem 12-4
On July 31, 2017, Crane Company paid $2,750,000 to acquire all of
the common stock of Conchita Incorporated, which became a division
of Crane. Conchita reported the following balance sheet at the time
of the acquisition.
Current assets
$830,000
Current liabilities
$530,000
Noncurrent assets
2,450,000
Long-term liabilities
430,000
Total assets
$3,280,000
Stockholders’ equity
2,320,000
Total liabilities and stockholders’
equity
$3,280,000
It was determined at the date of the purchase that the fair value
of the identifiable net assets...
EACIIBE Presented here are selected transactions for Sheridan Limited for 2018. Sheridan uses straight-line depreciation and records adjusting entries annually. Sold a delivery truck for $16.310 cash. The truck cost $57.930 when it was purchased on January 1, 2015, and was depreciated based on a four year useful life with a $6,310 residual value. an. 1 Sold computers that were purchased on January 1, 2016. They cost $10,476 and had a useful life of three years with no residual value....
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