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O'Callaghan Inc. (OI) is in the highway construction business. Ol's property, plant, and equipment account includes...
Check The property, plant, and equipment section of the Jasper Company's December 31, 2020, balance sheet contained the following: $116,000 Property, plant, and equipment: Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Total property, plant, and equipment $ 936,000 (180,00) 163,000 756,000 ? The land and building were purchased at the beginning of 2016. Straight-line depreciation is used and a residual value of $36.000 for the building is anticipated The equipment is comprised of the following three machines Life...
The property, plant, and equipment section of the Jasper Company’s December 31, 2017, balance sheet contained the following: Property, plant, and equipment: Land $128,000 Building$ 1,248,000 Less: Accumulated depreciation (240,000) 1,008,000 Equipment 194,200 Less: Accumulated depreciation ? ? Total property, plant, and equipment ? The land and building were purchased at the beginning of 2013. Straight-line depreciation is used and a residual value of $48,000 for the building is anticipated. The equipment is comprised of the following three machines:...
Exercise 11-10 Disposal of property, plant, and equipment [L011-2] Mercury Inc. purchased equipment in 2016 at a cost of $497,000. The equipment was expected to produce 580,000 units over the next five years and have a residual value of $33,000. The equipment was sold for $253,600 part way through 2018. Actual production in each year was: 2016 -83,000 units; 2017 133,000 units; 2018 67,000 units. Mercury uses units-of-production depreciation, and all depreciation has been recorded through the disposal date. Required...
The property, plant, and equipment section of the Jasper Company's December 31, 2020, balance sheet contained the following: Property, plant, and equipment: Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Total property, plant, and equipment $ 752,000 (235,000 179, 250 $127,000 517,000 The land and building were purchased at the beginning of 2016. Straight-line depreciation is used and a residual value of $47,000 for the building is anticipated. The equipment is comprised of the following three machines: Life (in...
The property, plant, and equipment section of the Jasper Company’s December 31, 2020, balance sheet contained the following: Property, plant, and equipment: Land $ 118,000 Building $ 798,000 Less: Accumulated depreciation (190,000 ) 608,000 Equipment 174,450 Less: Accumulated depreciation ? ? Total property, plant, and equipment ? The land and building were purchased at the beginning of 2016. Straight-line depreciation is used and a residual value of $38,000 for the building is anticipated. The equipment is comprised of the following...
The property, plant, and equipment section of the Jasper Company's December 31, 2017, balance sheet contained the following: Property, plant, and equipment: $129,000 Land Building Less: Accumulated depreciation $1,029,000 (245,000) 204,975 784,000 Equipment Less: Accumulated depreciation ? Total property, plant, and equipment The land and building were purchased at the beginning of 2013. Straight-line depreciation is used and a residual value of $49,000 for the building is anticipated. The equipment is comprised of the following three machines: Residual Life in...
The property, plant, and equipment section of the Jasper Company’s December 31, 2017, balance sheet contained the following: Property, plant, and equipment: Land $ 127,000 Building $ 752,000 Less: Accumulated depreciation (235,000 ) 517,000 Equipment 179,250 Less: Accumulated depreciation ? ? Total property, plant, and equipment ? The land and building were purchased at the beginning of 2013. Straight-line depreciation is used and a residual value of $47,000 for the building is anticipated. The equipment is comprised of the following...
Required information [The following information applies to the questions displayed below.) Hospital Equipment Company (HEC) acquired several fMRI machines for its inventory at a cost of $4,300 per machine. HEC usually sells these machines to hospitals at a price of $7,520. HEC also separately sells 12 months of training and repair services for fMRI machines for $1,880. HEC is paid $7,520 cash on November 30 for the sale of an fMRI machine delivered on December 1. HEC sold the machine...
Chris's Lumber Mill sold two pieces of equipment in 2022. The following information pertains to the two pieces of equipment: Useful Life Salvage Value Depreciation Method Machine Sales Price Date Sold Purchase Cost Date $111,800 7/1/18 $123,500 1/1/21 5 yrs $7,800 Straight-line 7/1/22 $6,500 Double-declining-balance 12/31/22 $26,000 $48,100 #2 5yrs Compute the depreciation on each piece of equipment to the date of disposal. Machine #1 Annual Depreciation Accumulated Depreciation Year 2018 $ 2019 2020 2021 2022 Machine #2 Annual Year...
Mercury Inc. purchased equipment in 2016 at a cost of $165,000. The equipment was expected to produce 300,000 units over the next five years and have a residual value of $45,000. The equipment was sold for $96,800 part way through 2018. Actual production in each year was: 2016 = 42,000 units, 2017 = 67,000 units, 2018 = 34,000 units. Mercury uses units-of-production depreciation, and all depreciation has been recorded through the disposal date. Required 1. Prepare the journal entry to...