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At the end of the prior year ending on December 31, Year 1, O'Connor Company's records...
At the end of the prior year ending on December 31, Year 1, O'Connor Company's records...
At the end of the prior year ending on December 31, Year 1, O'Connor Company's records reflected the following for Machine A: Cost when acquired Accumulated depreciation $ 30,600 10,400 At the beginning of January of the current year, the machine was renovated at a cost of $15,800. As a result, the estimated life ve years to eight years, and the residual value increased from $4,600 to $6,600. The company uses straight-line depreciation Required: 1. Prepare the journal entry to...
Help Save & E Check my work mode : This shows what is correct or incorrect...
Help Save & E Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Return At the end of the prior year ending on December 31, Year 1, O'Connor Company's records reflected the following for Machine Cost when acquired Accumulated depreciation $ 30,000 10.200 points At the beginning of January of the current year, the machine was renovated at a cost of $15,500. As a...
Need help with journal entry. Ly Company disposed of two different assets. On January 1, prior...
Need help with journal entry.
Ly Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Asset Machine A Machine B Original Cost $36,000 72,200 Residual Value $ 4,300 5,000 Estimated Life 5 years 15 years Accumulated Depreciation (straight-line) $25,360 (4 years) 53,760 (12 years) The machines were disposed of in the following ways: a. Machine A: Sold on January 1 for $11,000 cash. b. Machine B: On January 1, this machine...
During the current year, Martinez Company disposed of two different assets. On January 1, prior to...
During the current year, Martinez Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Accumulated Depreciation (straight-line) $63,007 (13 years) Original Residual Estimated Life Cost Value Asset Мachine A $77,200 $4,500 15 years 14,100 (6 years) Machine B 21,000 8 years 2,200 The machines were disposed of in the following ways: a. Machine A: Sold on January 2 for $21,000 cash b. Machine B: On January 2, this machine was sold...
Ly Company disposed of two different assets. On January 1, prior to their disposal, the accounts...
Ly Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following Accumulated Depreciation (straight-line) $ 28,240 (4 years) Original Residual Estimated Life Asset Value Cost Machine $ 40,000 $4,700 5 years A Machine 12 years 53,100 (9 years) 5, 400 76,200 The machines were disposed of in the following ways: a. Machine A: Sold on January 1 for $12,000 cash b. Machine B: On January 1, this machine was sold to a...
During the current year, Martinez Company disposed of two different assets. On January 1, prior to their disposal, the...
During the current year, Martinez Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Accumulated Depreciation (straight-line) $63,613 (13 years) 14,700 (6 years) Estimated Life Original Cost Residual Value $4,800 2,400 Asset Machine A Machine B $78,200 22,000 15 years 8 years The machines were disposed of in the following ways: a. Machine A: Sold on January 2 for $22,000 cash b. Machine B: On January 2, this machine was sold...
Ly Company disposed of two different assets. On January 1, prior to their disposal, the accounts...
Ly Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Original Residual Estimated Asset Cost Value Life Machine $ 40,000 $ 4,700 5 years Accumulated Depreciation (straight-line) $ 28, 240 (4 years) Machine 76,200 5,400 12 years 53,100 (9 years The machines were disposed of in the following ways. a Machine A: Sold on January 1 for $12,000 cash. b. Machine B: On January 1, this machine was sold to a...
Check The property, plant, and equipment section of the Jasper Company's December 31, 2020, balance sheet...
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...
During the current year, Martinez Company disposed of two different assets. On January 1, prior to...
During the current year, Martinez Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Asset Machine A Machine B Original Cost $77,200 2 1,000 Residual Value $4,500 2,200 Accumulated Depreciation Estimated Life (straight-line) 15 years $63,007 (13 years) 8 years 14,100 (6 years) The machines were disposed of in the following ways: a. Machine A: Sold on January 2 for $21,000 cash. b. Machine B: On January 2, this machine was...
During the current year, Martinez Company disposed of two different assets. On January 1, prior to...
During the current year, Martinez Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Asset Original Cost Residual Value Estimated Life Accumulated Depreciation (straight-line) Machine A $ 83,200 $ 8,400 15 years $ 64,827 (13 years) Machine B 27,000 3,400 8 years 17,700 (6 years) The machines were disposed of in the following ways: Machine A: Sold on January 2 for $27,000 cash. Machine B: On January 2, this machine was...
At the end of the prior year ending on December 31, Year 1, O'Connor Company's records reflected the following for Machine A: Cost when acquired Accumulated depreciation $ 30,600 10,400 At the beginning of January of the current year, the machine was renovated at a cost of $15,800. As a result, the estimated life ve years to eight years, and the residual value increased from $4,600 to $6,600. The company uses straight-line depreciation Required: 1. Prepare the journal entry to...
Help Save & E Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Return At the end of the prior year ending on December 31, Year 1, O'Connor Company's records reflected the following for Machine Cost when acquired Accumulated depreciation $ 30,000 10.200 points At the beginning of January of the current year, the machine was renovated at a cost of $15,500. As a...
Need help with journal entry.
Ly Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Asset Machine A Machine B Original Cost $36,000 72,200 Residual Value $ 4,300 5,000 Estimated Life 5 years 15 years Accumulated Depreciation (straight-line) $25,360 (4 years) 53,760 (12 years) The machines were disposed of in the following ways: a. Machine A: Sold on January 1 for $11,000 cash. b. Machine B: On January 1, this machine...
During the current year, Martinez Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Accumulated Depreciation (straight-line) $63,007 (13 years) Original Residual Estimated Life Cost Value Asset Мachine A $77,200 $4,500 15 years 14,100 (6 years) Machine B 21,000 8 years 2,200 The machines were disposed of in the following ways: a. Machine A: Sold on January 2 for $21,000 cash b. Machine B: On January 2, this machine was sold...
Ly Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following Accumulated Depreciation (straight-line) $ 28,240 (4 years) Original Residual Estimated Life Asset Value Cost Machine $ 40,000 $4,700 5 years A Machine 12 years 53,100 (9 years) 5, 400 76,200 The machines were disposed of in the following ways: a. Machine A: Sold on January 1 for $12,000 cash b. Machine B: On January 1, this machine was sold to a...
During the current year, Martinez Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Accumulated Depreciation (straight-line) $63,613 (13 years) 14,700 (6 years) Estimated Life Original Cost Residual Value $4,800 2,400 Asset Machine A Machine B $78,200 22,000 15 years 8 years The machines were disposed of in the following ways: a. Machine A: Sold on January 2 for $22,000 cash b. Machine B: On January 2, this machine was sold...
Ly Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Original Residual Estimated Asset Cost Value Life Machine $ 40,000 $ 4,700 5 years Accumulated Depreciation (straight-line) $ 28, 240 (4 years) Machine 76,200 5,400 12 years 53,100 (9 years The machines were disposed of in the following ways. a Machine A: Sold on January 1 for $12,000 cash. b. Machine B: On January 1, this machine was sold to a...
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...
During the current year, Martinez Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Asset Machine A Machine B Original Cost $77,200 2 1,000 Residual Value $4,500 2,200 Accumulated Depreciation Estimated Life (straight-line) 15 years $63,007 (13 years) 8 years 14,100 (6 years) The machines were disposed of in the following ways: a. Machine A: Sold on January 2 for $21,000 cash. b. Machine B: On January 2, this machine was...
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