beaver construction purchases new equipment for $24,000 cash on April 1, 2021. at the time of...
beaver construction purchases new equipment for $24,000 cash on April 1, 2021. at the time of purchase, the equipment is expected to be used in operations for five years (60 months) and have no resale or scrap value at the ens. beaver depreciates equipment evenly over the 60 months ($400/month) record the entries in journal and calculate the year-end adjusted balance of accumulated depreciation and depreciation expense ( assuming the balance of accumulated depreciation at the beginning on 2021 is $0
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beaver construction purchases new equipment for $24,000 cash on
April 1, 2021. at the time of...
Beaver Construction purchases new equipment for $34,800 cash on April 1, 2021. At the time of...
Beaver Construction purchases new equipment for $34,800 cash on April 1, 2021. At the time of purchase, the equipment is expected to be used in operations for five years (60 months) and have no resale or scrap value at the end. Beaver depreciates equipment evenly over the 60 months ($580/month). Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of Accumulated Depreciation and Depreciation Expense (assuming the balance of Accumulated Depreciation...
Beaver Construction purchases new equipment for $25,800 cash on April 1, 2021. At the time of...
Beaver Construction purchases new equipment for $25,800 cash on April 1, 2021. At the time of purchase, the equipment is expected to be used in operations for five years (60 months) and have no resale or scrap value at the end. Beaver depreciates equipment evenly over the 60 months ($430/month). Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of Accumulated Depreciation and Depreciation Expense (assuming the balance of Accumulated Depreciation...
please explain how you get depreciation expense and accumulated depreciation Beaver Construction purchases new equipment for...
please explain how you get depreciation expense and accumulated
depreciation
Beaver Construction purchases new equipment for $50,400 cash on April 1, 2021. At the time of purchase, the equipment is expected to be used in operations for seven years (84 months) and have no resale or scrap value at the end. Beaver depreciates equipment evenly over the 84 months ($600/month). Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below, 3. Calculate the year-end adjusted balances of Accumulated...
What i have entered is incorrect, please help! Beaver Construction purchases new equipment for $45,360 cash...
What i have entered is incorrect, please help!
Beaver Construction purchases new equipment for $45,360 cash on April 1, 2018. At the time of purchase, the equipment is expected to be used in operations for seven years (84 months) and have no resale or scrap value at the end. Beaver depreciates equipment evenly over the 84 months ($540/month). value: Required information 10.00 points 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is...
A company purchases new equipment for $54,000 cash on August 1, 2021. At the time of...
A company purchases new equipment for $54,000 cash on August 1, 2021. At the time of purchase, the equipment is expected to be used in operations for four years (48 months) and have no resale or scrap value at the end of the four years. The company depreciates the equipment evenly over the 48 months ($1,125/month). Record the adjusting entry for depreciation on December 31, 2021. (If no entry is required for a transaction/event, select "No Journal entry required" In...
A company purchases new equipment for $24,000 cash on August 1, 2016. Al the time of...
A company purchases new equipment for $24,000 cash on August 1, 2016. Al the time of purchase the opment is expected to be used in operations for four years (40 months and have no resale or scrap value at the end The company depreciate the equipment evenly over the 48 months ($500/month) Record the adjusting entry for depreciation on December 31, 2018 no entry is required for a transaction event, select "No journal entry required in the first account ed.)...
Recording Fixed Asset Disposal Manchester Company sells equipment on June 1, 2021, for $194,600 cash. Manchester...
Recording Fixed Asset Disposal Manchester Company sells equipment on June 1, 2021, for $194,600 cash. Manchester incurred $1,120 of removal and selling costs on disposal. The equipment cost $350,000 when it was purchased on January 2, 2018. Its estimated residual value and useful life were $56,000 and 10 years, respectively. Manchester uses straight-line depreciation and records annual depreciation on each December 31. a. Prepare the journal entries needed to record the asset disposal on June 1, 2021. b. Record the...
On January 1, 2021, Robertson Construction leased several items of equipment under a two-year operating lease...
On January 1, 2021, Robertson Construction leased several items of equipment under a two-year operating lease agreement from Jamison Leasing, which routinely finances equipment for other firms at an annual interest rate of 5%. The contract calls for four rent payments of $57,000 each, payable semiannually on June 30 and December 31 each year. The equipment was acquired by Jamison Leasing at a cost of $377,000 and was expected to have a useful life of five years with no residual...
On January 1, 2021, Robertson Construction leased several items of equipment under a two-year operating lease...
On January 1, 2021, Robertson Construction leased several items of equipment under a two-year operating lease agreement from Jamison Leasing, which routinely finances equipment for other firms at an annual interest rate of 5%. The contract calls for four rent payments of $48,000 each, payable semiannually on June 30 and December 31 each year. The equipment was acquired by Jamison Leasing at a cost of $368,000 and was expected to have a useful life of five years with no residual...
Suppose that on January 1 Lambert Travel Company bad cash of $90,000 for equipment that is...
Suppose that on January 1 Lambert Travel Company bad cash of $90,000 for equipment that is expected to remain set for five years. At the end of five years, the equipments value is expected to be 200 Read the rements 1. Make journal entries to record purchase of the equipment on January 1 and (b) anual depreciation on December 31. Include date and explanations, and use the following courts Equipment Accumulated Depreciation Equipment and Depreciation Equement ta Record the purchase...
Beaver Construction purchases new equipment for $25,800 cash on April 1, 2021. At the time of purchase, the equipment is expected to be used in operations for five years (60 months) and have no resale or scrap value at the end. Beaver depreciates equipment evenly over the 60 months ($430/month). Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of Accumulated Depreciation and Depreciation Expense (assuming the balance of Accumulated Depreciation...
please explain how you get depreciation expense and accumulated
depreciation
Beaver Construction purchases new equipment for $50,400 cash on April 1, 2021. At the time of purchase, the equipment is expected to be used in operations for seven years (84 months) and have no resale or scrap value at the end. Beaver depreciates equipment evenly over the 84 months ($600/month). Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below, 3. Calculate the year-end adjusted balances of Accumulated...
What i have entered is incorrect, please help!
Beaver Construction purchases new equipment for $45,360 cash on April 1, 2018. At the time of purchase, the equipment is expected to be used in operations for seven years (84 months) and have no resale or scrap value at the end. Beaver depreciates equipment evenly over the 84 months ($540/month). value: Required information 10.00 points 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is...
A company purchases new equipment for $54,000 cash on August 1, 2021. At the time of purchase, the equipment is expected to be used in operations for four years (48 months) and have no resale or scrap value at the end of the four years. The company depreciates the equipment evenly over the 48 months ($1,125/month). Record the adjusting entry for depreciation on December 31, 2021. (If no entry is required for a transaction/event, select "No Journal entry required" In...
A company purchases new equipment for $24,000 cash on August 1, 2016. Al the time of purchase the opment is expected to be used in operations for four years (40 months and have no resale or scrap value at the end The company depreciate the equipment evenly over the 48 months ($500/month) Record the adjusting entry for depreciation on December 31, 2018 no entry is required for a transaction event, select "No journal entry required in the first account ed.)...
Recording Fixed Asset Disposal Manchester Company sells equipment on June 1, 2021, for $194,600 cash. Manchester incurred $1,120 of removal and selling costs on disposal. The equipment cost $350,000 when it was purchased on January 2, 2018. Its estimated residual value and useful life were $56,000 and 10 years, respectively. Manchester uses straight-line depreciation and records annual depreciation on each December 31. a. Prepare the journal entries needed to record the asset disposal on June 1, 2021. b. Record the...
On January 1, 2021, Robertson Construction leased several items of equipment under a two-year operating lease agreement from Jamison Leasing, which routinely finances equipment for other firms at an annual interest rate of 5%. The contract calls for four rent payments of $48,000 each, payable semiannually on June 30 and December 31 each year. The equipment was acquired by Jamison Leasing at a cost of $368,000 and was expected to have a useful life of five years with no residual...
Suppose that on January 1 Lambert Travel Company bad cash of $90,000 for equipment that is expected to remain set for five years. At the end of five years, the equipments value is expected to be 200 Read the rements 1. Make journal entries to record purchase of the equipment on January 1 and (b) anual depreciation on December 31. Include date and explanations, and use the following courts Equipment Accumulated Depreciation Equipment and Depreciation Equement ta Record the purchase...
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