ournal Entries: Disposition of Plant Assets 1. Discarding an asset. a. On January 4, shelving units,...
Please journalize the entries: Please calculate the depreciation: Disposition of Assets: Journalizing Required: 1. Prepare general journal entries for the transactions. If an amount box does not require an entry, leave it blank. Mitchell Parts Co. had the following plant asset transactions during the year: 1. Assets discarded or sold: Jan. 1 Motor #12, which had a cost of $2,820 and accumulated depreciation of $2,820, was discarded. 8 Motor #8, which had a cost of $4,440 and accumulated depreciation of...
Problem 8 (18 pts) Prepare the necessary journal entries to record the following transactions in 2017 for the Manufacturing Company. April 1 Discarded old factory equipment that originally cost $600,000 and had a book value of $55,000 on the date of disposal. Assume depreciation on the equipment has already been recorded for the current year. May 31 Sold a truck for $7,000. The truck originally cost $40,000 and had accumulated depreciation of $35,000 on the date of sale. Assume the...
can you help with what is in red in the 2nd picture please Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $212.000 has an estimated useful life of 15 vears, has an estimated residual value of $14,000 and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fifth year? 146,000 Febaok Book value is the initial cost of the fixed...
purchased merchandise on account from Martin co Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $139,250 has an estimated useful life of 16 years, has an estimated residual value of $7,250, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? Check My Work Book value is the initial cost of the fixed asset minus the accumulated depreciation....
ebook Show Me How Calculator Entries for Sale of Freed Asset Equipment acquired on January 8 at a cost of $132.970, has an estimated useful life of 13 years, has an estimated residual value of 59,600, and is deprecated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? 6. Assuming that the equipment was sold on April 1 of the fifth year for 87.632. 1. Journalize the...
Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $441,600 has an estimated useful life of 10 years and an estimated residual value of $57,600. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense Year 1 $ Year 2 $ Year 3 $ b. What was the book value of the equipment on January 1 of Year 4? $ Feedback c. Assuming that the...
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $129,270, has an estimated useful life of 14 years, has an estimated residual value of $9,850, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? Feedback Check My Work Book value is the initial cost of the fixed asset minus the accumulated depreciation. b. Assuming that the equipment was...
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $147,100, has an estimated useful life of 15 years, has an estimated residual value of $9,550, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? $ Feedback Book value is the initial cost of the fixed asset minus the accumulated depreciation. b. Assuming that the equipment was sold on...
Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $358,800, has an estimated useful life of 10 years and an estimated residual value of $46,800. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense Year 1 $ Year 2 $ Year 3 $ b. What was the book value of the equipment on January 1 of Year 4? $ c. Assuming that the equipment...
Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $375,000 has an estimated useful life of 20 years and an estimated residual value of $25,000. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense Year! Year 2 Year 3 b. What was the book value of the equipment on January 1 of Year 42 Assuming that the equipment was sold on January 3 of...