Homework Answers
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| Purchase Cost | $117,500 | ||
| Add: Repair before installation | 5250 | ||
| Add: Installation Cost | 1650 | ||
| Total Machine Cost | $124,400 | ||
| Less: Residual value | $14,720 | ||
| Depreciable Value | $109,680 | ||
| Annual depreciation 109680/6 | $18,280 | ||
| Part : 1 | |||
| Date | Account | Debit | Credit |
| Jan 2 | Machine | $117,500 | |
| Jan 2 | Cash | $117,500 | |
| (to record cost of purchase) | |||
| Jan 2 | Machine | $ 5250 | |
| Jan 2 | Cash | $ 5250 | |
| (to record cost of repair) | |||
| Jan 2 | Machine | $ 1650 | |
| Jan 2 | Cash | $ 1650 | |
| (to record cost of installation) | |||
| Part : 2 | |||
| Date | Account | Debit | Credit |
| Dec 31 2020 | Depreciation Expense | $ 18280 | |
| Accumulated Depreciation | $ 18280 | ||
| (to record full year depreciation) | |||
| Sep 30 2025 | Depreciation Expense | $ 13710 | |
| Accumulated Depreciation | $ 13710 | ||
| (to record 9 months depreciation-18280/12*9 | |||
| Part : 3 | |||
| Book Value as on Sep 30 2025: | |||
| Book Value as on 1st Jan 2020 | $124,400 | ||
| Less: Depreciation till 31st Dec 2024 - 5 Year | $ 91,400 | ||
| Less: Half year Dep of 2025 | $ 13,710 | ||
| Book Value as on Sep 30 2025: | $ 19,290 | ||
| Date | Account | Debit | Credit |
| Sep 30 2025 | Cash | $ 18,000 | |
| Accumulated Depreciation (91400+13710) | $ 105,110 | ||
| Loss on Sale of Machine (24990-21000) | $ 1,290 | ||
| Machine | $124,400 | ||
| Sep 30 2025 | Cash | $ 22,000 | |
| Accumulated Depreciation (91400+13710) | $ 105,110 | ||
| Gain on Sale of Machine (22000-19290) | $ 2,710 | ||
| Machine | $124,400 | ||
| Sep 30 2025 | Cash | $ 20,000 | |
| Accumulated Depreciation (91400+13710) | $105,110 | ||
| Gain on Destruction of Machine (20000-19290)) | $ 710 | ||
| Machine | $124,400 | ||
Add Answer to:
Vita Water purchased a used machine for $117,500 on January 2, 2020. It was repaired the...
Vita Water purchased a used machine for $117,500 on January 2, 2020. It was repaired the...
Vita Water purchased a used machine for $117,500 on January 2, 2020. It was repaired the next day at a cost of $5,250 and installed on a new platform that cost $1,650. The company predicted that the machine would be used for six years and would then have a $14,720 residual value. Depreciation was to be charged on a straight-line basis to the nearest whole month. A full year's depreciation was recorded on December 31, 2020. On September 30, 2025,...
Vita Water purchased a used machine for $122,300 on January 2, 2020. It was repaired the...
Vita Water purchased a used machine for $122,300 on January 2, 2020. It was repaired the next day at a cost of $10,038 and installed on a new platform that cost $1.662. The company predicted that the machine would be used for six years and would then have a $24.320 residual value. Depreciation was to be charged on a straight line basis to the nearest whole month. A full year's depreciation was recorded on December 31, 2020. On September 30,...
On January 2, 2020. Direct Shoes Inc. disposed of a machine that cost $94,000 and had...
On January 2, 2020. Direct Shoes Inc. disposed of a machine that cost $94,000 and had been depreciated $50,250. Present the journal entries to record the disposal under each of the following unrelated assumptions: a. The machine was sold for $42,500 cash. View transaction list Journal entry worksheet Record the sale of machine. Note: Enter debits before credits. General Journal Debit Credit Date January 02, 2020 Record entry Clear entry View general journal b. The machine was traded in on...
so ive finished the first question, just wanted to show you what the question is about....
so ive finished the first question, just wanted to show you
what the question is about. ive been here for hours tryna figure
out the second, third and fourth pictures (all one question) pls
help
Help Save Vita Water purchased a used machine for $122.300 on January 2, 2020. It was repaired the next day at a cost of $10,038 and installed on a new platform that cost $1,662. The company predicted that the machine would be used for six...
[The following information applies to the questions displayed below. Onslow Co. purchases a used machine for...
[The following information applies to the questions displayed below. Onslow Co. purchases a used machine for $240,000 cash on January 2 and readies it for use the next day at a $8,000 cost. On January 3, it is installed on a required operating platform costing $1,600, and it is further readied for operations, The company predicts the machine will be used for six years and have a $28,800 salvage value. Depreciation is to be charged on a straight-line basis. On...
Onslow Co. purchased a used machine for $240,000 cash on January 2. On January 3, Onslow...
Onslow Co. purchased a used machine for $240,000 cash on January
2. On January 3, Onslow paid $8,000 to wire electricity to the
machine and an additional $1,600 to secure it in place. The machine
will be used for six years and have a $28,800 salvage value.
Straight-line depreciation is used. On December 31, at the end of
its fifth year in operations, it is disposed of.
Journal entry worksheet 2 Record the first year year-end adjusting entry for the...
Onslow Co. purchased a used machine for $240,000 cash on January 2. On January 3, Onslow...
Onslow Co. purchased a used machine for $240,000 cash on January
2. On January 3, Onslow paid $8,000 to wire electricity to the
machine and an additional $1,600 to secure it in place. The machine
will be used for six years and have a $28,800 salvage value.
Straight-line depreciation is used. On December 31, at the end of
its fifth year in operations, it is disposed of.
Prepare journal entries to record the machine’s disposal under
each separate situation: (a)...
1 Zephyr Minerals completed the following transactions involving machinery. Machine No. 1550 was purchased for cash...
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...
Onslow Co. purchased a used machine for $192,000 cash on January 2. On January 3, Onslow...
Onslow Co. purchased a used machine for $192,000 cash on January
2. On January 3, Onslow paid $6,000 to wire electricity to the
machine and an additional $1,200 to secure it in place. The machine
will be used for six years and have a $23,040 salvage value.
Straight-line depreciation is used. On December 31, at the end of
its fifth year in operations, it is disposed of.
Answer in this format please
Record the purchase of a used machine for...
Onslow Co. purchased a used machine for $240,000 cash on January 2. On January 3, Onslow...
Onslow Co. purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $6,000 to wire electricity to the machine and an additional $1,200 to secure it in place. The machine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. Journal entry worksheet 1 2 3 Record the sale of the used machine...
Vita Water purchased a used machine for $117,500 on January 2, 2020. It was repaired the next day at a cost of $5,250 and installed on a new platform that cost $1,650. The company predicted that the machine would be used for six years and would then have a $14,720 residual value. Depreciation was to be charged on a straight-line basis to the nearest whole month. A full year's depreciation was recorded on December 31, 2020. On September 30, 2025,...
Vita Water purchased a used machine for $122,300 on January 2, 2020. It was repaired the next day at a cost of $10,038 and installed on a new platform that cost $1.662. The company predicted that the machine would be used for six years and would then have a $24.320 residual value. Depreciation was to be charged on a straight line basis to the nearest whole month. A full year's depreciation was recorded on December 31, 2020. On September 30,...
On January 2, 2020. Direct Shoes Inc. disposed of a machine that cost $94,000 and had been depreciated $50,250. Present the journal entries to record the disposal under each of the following unrelated assumptions: a. The machine was sold for $42,500 cash. View transaction list Journal entry worksheet Record the sale of machine. Note: Enter debits before credits. General Journal Debit Credit Date January 02, 2020 Record entry Clear entry View general journal b. The machine was traded in on...
so ive finished the first question, just wanted to show you
what the question is about. ive been here for hours tryna figure
out the second, third and fourth pictures (all one question) pls
help
Help Save Vita Water purchased a used machine for $122.300 on January 2, 2020. It was repaired the next day at a cost of $10,038 and installed on a new platform that cost $1,662. The company predicted that the machine would be used for six...
[The following information applies to the questions displayed below. Onslow Co. purchases a used machine for $240,000 cash on January 2 and readies it for use the next day at a $8,000 cost. On January 3, it is installed on a required operating platform costing $1,600, and it is further readied for operations, The company predicts the machine will be used for six years and have a $28,800 salvage value. Depreciation is to be charged on a straight-line basis. On...
Onslow Co. purchased a used machine for $240,000 cash on January
2. On January 3, Onslow paid $8,000 to wire electricity to the
machine and an additional $1,600 to secure it in place. The machine
will be used for six years and have a $28,800 salvage value.
Straight-line depreciation is used. On December 31, at the end of
its fifth year in operations, it is disposed of.
Journal entry worksheet 2 Record the first year year-end adjusting entry for the...
Onslow Co. purchased a used machine for $240,000 cash on January
2. On January 3, Onslow paid $8,000 to wire electricity to the
machine and an additional $1,600 to secure it in place. The machine
will be used for six years and have a $28,800 salvage value.
Straight-line depreciation is used. On December 31, at the end of
its fifth year in operations, it is disposed of.
Prepare journal entries to record the machine’s disposal under
each separate situation: (a)...
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...
Onslow Co. purchased a used machine for $192,000 cash on January
2. On January 3, Onslow paid $6,000 to wire electricity to the
machine and an additional $1,200 to secure it in place. The machine
will be used for six years and have a $23,040 salvage value.
Straight-line depreciation is used. On December 31, at the end of
its fifth year in operations, it is disposed of.
Answer in this format please
Record the purchase of a used machine for...
Onslow Co. purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $6,000 to wire electricity to the machine and an additional $1,200 to secure it in place. The machine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. Journal entry worksheet 1 2 3 Record the sale of the used machine...
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