Journal Entries
A) Depreciation Expenses
Machine 1550
December 2017
Depreciation Expenses Dr. 8100
Machine 1550 Cr. 8100
December 2018
Depreciation Expenses Dr. 8100
Machine 1550 Cr. 8100
December 2019
Depreciation Expenses Dr. 8100
Machine 1550 Cr. 8100
Machine 1795
December 2020
Depreciation Expenses Dr. 20,550
Machine 1795 Cr. 20,550
Machine BT 311
December 2021
Depreciation Expenses Dr. 80,910
Machine BT 311 Cr. 80,910
December 2022
Depreciation Expenses Dr. 105,705
Machine BT 311 Cr. 105,705
December 2023
Depreciation Expenses Dr. 105,705
Machine BT 311 Cr. 105,705
B)
Purchase/exchange and disposal of each machine
Purchase of Machine M1550
Machine 1550 A/c Dr. $ 52,900
Bank/Cash Cr. $ 52,900
Exchange Machine 1550 for 1795
Machine 1795 A/c Dr. 63000
Machine 1550 A/c Cr. 28,600
Cash A/c Cr. $31,790
Profit on exchange of machine Cr. $2,610
Exchange Machine 1795 for BT 311
Machine BT 311 A/c Dr. 557,000
Loss on exchange A/c Dr. 1900
Machine 1795 A/c Cr. 21900
Cash A/c Cr. 5,37,000
Sale of BT 331
Cash A/c Dr. 81,200
Loss on sale of machine BT 311 Dr. 194,210
Machine BT 311 A/c Cr. 275,740
This one is a little confusing for me! Thank you! Problem 9-17A Partial year's depreclation; alternative...
Problem 9-18A Partial year's depreciation; alternative methods; exchange/disposal of PPE LO2, 3, 6 CHECK FIGURES: a. Machine 1550 - $6,075; Machine 1795 - $22.646: Machine BT-311 = $77,810 Zephyr Minerals completed the following transactions involving machinery. Machine No. 1550 was purchased for cash on April 1. 2020, at an installed cost of $52.900. Its useful life was estimated to be six years with a $4.300 trade in value. Straight-line depreciation was recorded for the machine at the ends of 2020...
Zephyr Minerals completed the following transactions involving machinery Machine No. 1550 was purchased for cash on April 1, 2017, at an installed cost of $87.000. Its useful life was estimated to be sox years with a $6,000 trade-in value. Straight-line depreciation was recorded for the machine at the ends of 2017, 2018, and 2019. On March 29. 2020, it was traded for Machine No. 1795, with an instaled cash price of $81,000. A trade-in allowance of $32,110 was received for...
Zephyr Minerals completed the following transactions involving machinery Machine No. 1550 was purchased for cash on April 1, 2017, at an installed cost of $80,000. Its useful life was estimated to be six years with a $5,000 trade-in value Straight-line depreciation was recorded for the machine at the ends of 2017, 2018, and 2019. On March 29, 2020, it was traded for Machine No. 1795, with an installed cash price of $74,000. A trade in allowance of $31.410 was received...
How to calculate the depreciation in case 2 and case 3 ? Zephyr Minerals completed the following transactions involving machinery Machine No. 1550 was purchased for cash on April 1, 2017, at an installed cost of $87.000. Its useful life was estimated to be sox years with a $6,000 trade-in value. Straight-line depreciation was recorded for the machine at the ends of 2017, 2018, and 2019. On March 29. 2020, it was traded for Machine No. 1795, with an instaled...
1 Zephyr Minerals completed the following transactions involving machinery. Machine No. 1550 was purchased for cash on April 1, 2017, at an installed cost of $88,000. Its useful life was estimated to be six years with a $7,000 trade-in value. Straight-line depreciation was recorded for the machine at the ends of 2017, 2018, and 2019. On March 29, 2020, it was traded for Machine No. 1795, with an installed cash price of $82,000. A trade-in allowance of $32,210 was received...
Problem 9-17 Partial year's depreciation; alternative methods: exchange/disposal of PPE LO2,3,6 CHECK FIGURES: 1. Machine 6640 - $10,800: Machine 6691 - $8,325: Machine 6711 = $7.155 Videotron Ltée completed the following transactions involving printing equipment. Machine 6600 was purchased for cash on May 1, 2017, at an installed cost of $72,900. Its useful life was estimated to be four years with an $8,100 trade-in value Straight-line depreciation was recorded for the machine at the end of 2017 and 2018 On...
А 6 Problem 9-18B Partial year's depreciation; alternative methods; exchange/disposal of PPE 102,03,06 CHECK FIGURES: 1. Machine 6690 = $10,800, Machine 6691 = $8.325: Machine 6711 = $7155 Vidéotron Ltée completed the following transactions involving printing equipment. Machine 6690 was purchased for cash on May 1, 2020, at an installed cost of $72.900. Its useful life was estimated to be four years with an $8.100 trade-in value. Straight-line depreciation was recorded for the machine at the end of 2020 and...
Show steps on how you got the answers: 1. Busy Bee Industries installed a machine in its factory at a cost of $84,000 on May 1, 2017. The machine useful life is estimated at eight years with a $9,000 salvage value. Determine the machine's 2017 depreciation using the double-declining-balance method of depreciation. a) $14,000 b) $10,500 c) $21,000 d) 12,500 e) 18,750 2. Spacely's Sprockets purchased a machine on September 1 for $400,000. The machine's useful life was estimated at...
Thank you for answering this, I appreciate it!! Problem 9-7A PPE costs; partial year's depreciation; alternative methods LO1,2,3 eXcel CHECK FIGURES: 2. $31,320; 3. $21,000 Logic Co. recently negotiated a lump-sum purch of business. The purchase was completed on March 1, 2017, at a total cash price of $1,260,000 a CHAPTER 9 Property. Plant and Equipment and Intangibles The estimated market valu 100, land improvements, $68,000, and vehicles, $176.8 included a building, land, certain land improvements, and 12 vehicles. the...
Thank you for answering this, it’s so helpful! Problem 9-4A Calculating depreclation-partial periods L02,3 eXcel CHECK FIGURES: DDB 2019 $110,400 West Coast Tours runs boat tours along the West Coast of British Columbia. On March 5, 2017, it pur chased, with cash, a cruising boat for $828,000, having a useful life of 10 years or 13,250 hours, with a residual value of $192,000. The company's year-end is December 31. Requlred Calculate depreciation expense for the fiscal years 2017,2018, and 2019...