Homework Answers
1) Journal entry
| date | account and explanation | Debit | Credit |
| July 1 | Depreciation expense (168000/7)*6/12 | 12000 | |
| Accumulated depreciation-Machine | 12000 | ||
| (To record Dep) |
2) Journal entry
| date | account and explanation | Debit | Credit |
| July 1 | Cash | 72000 | |
| Accumulated depreciation-Machine (168000/7*4.5) | 108000 | ||
| Gain on sale of machine | 12000 | ||
| Machine | 168000 | ||
| (To record sale of machine) |
3) Journal entry
| date | account and explanation | Debit | Credit |
| July 1 | Cash | 57600 | |
| Accumulated depreciation-Machine (168000/7*4.5) | 108000 | ||
| Loss on disposal of machine | 2400 | ||
| Machine | 168000 | ||
| (To record sale of machine) |
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Exercise 8-17 Partial-year depreciation; disposal of plant asset LO P2 Rayya Co, purchases and installs a...
Exercise 8-17 Partial-year depreciation; disposal of plant asset LO P2 Rayya Co. purchases and installs a...
Exercise 8-17 Partial-year depreciation; disposal of plant asset LO P2 Rayya Co. purchases and installs a machine on January 1, 2018, at a total cost of $184,800. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is disposed of on July 1, 2022, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2022, and to record the disposal under the following separate...
Exercise 8-17 Partial-year depreciation; disposal of plant asset LO P2 Rayya Co. purchases and installs a...
Exercise 8-17 Partial-year depreciation; disposal of plant asset LO P2 Rayya Co. purchases and installs a machine on January 1, 2017, at a total cost of $176,400. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is disposed of on July 1, 2021, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2021, and to record the disposal under the following separate...
Exercise 8-17 Partial-year depreciation; disposal of plant asset LO P2 Rayya Co. purchases and installs a...
Exercise 8-17 Partial-year depreciation; disposal of plant asset LO P2 Rayya Co. purchases and installs a machine on January 1, 2018, at a total cost of $100,800. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is disposed of on July 1, 2022, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2022, and to record the disposal under the following separate...
Exercise 10-17 Partial-year depreciation; disposal of plant asset LO P2 Rayya Co. purchases and installs a...
Exercise 10-17 Partial-year depreciation; disposal of
plant asset LO P2
Rayya Co. purchases and installs a machine on January 1, 2017,
at a total cost of $176,400. Straight-line depreciation is taken
each year for four years assuming a eight-year life and no salvage
value. The machine is disposed of on July 1, 2021, during its fifth
year of service.
Prepare entries to record the partial year’s depreciation on July
1, 2021, and to record the disposal under the following...
Chapter 08 Homework Saved Rayya Co. purchases and installs a machine on January 1, 2018, at...
Chapter 08 Homework Saved Rayya Co. purchases and installs a machine on January 1, 2018, at a total cost of $168,000. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is disposed of on July 1, 2022, during its fifth year of service. 1 points Prepare entries to record the partial year's depreciation on July 1, 2022, and to record the disposal under the following separate assumptions: (1) The machine...
Rayya Co. purchases and installs a machine on January 1, 2017, at a total cost of...
Rayya Co. purchases and installs a machine on January 1, 2017, at a total cost of $134,400. Straight-line depreciation is taken each year for four years assuming a eight-year life and no salvage value. The machine is disposed of on July 1, 2021, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2021, and to record the disposal under the following separate assumptions: (1) The machine is sold for $67,200 cash. (2)...
Rayya Co. purchases and installs a machine on January 1, 2017, at a total cost of...
Rayya Co. purchases and installs a machine on January 1, 2017, at a total cost of $184,800. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is disposed of on July 1, 2021, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2021, and to record the disposal under the following separate assumptions: (1) The machine is sold for $79,200 cash. (2)...
Exercise 8-17 Partial-year depreciation; disposal of plant asset LO P2 Rayya Co. purchases a machine for...
Exercise 8-17 Partial-year depreciation; disposal of plant asset LO P2 Rayya Co. purchases a machine for $126,000 on January 1, 2019. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is sold on July 1, 2023, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2023, and to record the sale under each seperate situation. (1) The machine is sold for $54,000...
Rayya Co. purchases and installs a machine on January 1, 2017, at a total cost of...
Rayya Co. purchases and installs a machine on January 1, 2017, at a total cost of $100,800. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is disposed of on July 1, 2021, during its fifth year of service. Prepare entries to record the partial year’s depreciation on July 1, 2021, and to record the disposal under the following separate assumptions: (1) The machine is sold for $43,200 cash....
Exercise 10-16 Disposal of assets LO P2 Diaz Company owns a milling machine that cost $126,200...
Exercise 10-16 Disposal of assets LO P2 Diaz Company owns a milling machine that cost $126,200 and has accumulated depreciation of $90,300. Prepare the entry to record the disposal of the milling machine on January 3 under each of the following independent situations. 1. The machine needed extensive repairs, and it was not worth repairing Diaz disposed of the machine, receiving nothing in return 2 Diaz sold the machine for $16,300 cash. 3. Diaz sold the machine for $35.900 cash....
Exercise 8-17 Partial-year depreciation; disposal of plant asset LO P2 Rayya Co. purchases and installs a machine on January 1, 2018, at a total cost of $184,800. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is disposed of on July 1, 2022, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2022, and to record the disposal under the following separate...
Exercise 8-17 Partial-year depreciation; disposal of plant asset LO P2 Rayya Co. purchases and installs a machine on January 1, 2017, at a total cost of $176,400. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is disposed of on July 1, 2021, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2021, and to record the disposal under the following separate...
Exercise 8-17 Partial-year depreciation; disposal of plant asset LO P2 Rayya Co. purchases and installs a machine on January 1, 2018, at a total cost of $100,800. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is disposed of on July 1, 2022, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2022, and to record the disposal under the following separate...
Exercise 10-17 Partial-year depreciation; disposal of
plant asset LO P2
Rayya Co. purchases and installs a machine on January 1, 2017,
at a total cost of $176,400. Straight-line depreciation is taken
each year for four years assuming a eight-year life and no salvage
value. The machine is disposed of on July 1, 2021, during its fifth
year of service.
Prepare entries to record the partial year’s depreciation on July
1, 2021, and to record the disposal under the following...
Chapter 08 Homework Saved Rayya Co. purchases and installs a machine on January 1, 2018, at a total cost of $168,000. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is disposed of on July 1, 2022, during its fifth year of service. 1 points Prepare entries to record the partial year's depreciation on July 1, 2022, and to record the disposal under the following separate assumptions: (1) The machine...
Rayya Co. purchases and installs a machine on January 1, 2017, at a total cost of $134,400. Straight-line depreciation is taken each year for four years assuming a eight-year life and no salvage value. The machine is disposed of on July 1, 2021, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2021, and to record the disposal under the following separate assumptions: (1) The machine is sold for $67,200 cash. (2)...
Rayya Co. purchases and installs a machine on January 1, 2017, at a total cost of $184,800. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is disposed of on July 1, 2021, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2021, and to record the disposal under the following separate assumptions: (1) The machine is sold for $79,200 cash. (2)...
Exercise 8-17 Partial-year depreciation; disposal of plant asset LO P2 Rayya Co. purchases a machine for $126,000 on January 1, 2019. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is sold on July 1, 2023, during its fifth year of service. Prepare entries to record the partial year's depreciation on July 1, 2023, and to record the sale under each seperate situation. (1) The machine is sold for $54,000...
Exercise 10-16 Disposal of assets LO P2 Diaz Company owns a milling machine that cost $126,200 and has accumulated depreciation of $90,300. Prepare the entry to record the disposal of the milling machine on January 3 under each of the following independent situations. 1. The machine needed extensive repairs, and it was not worth repairing Diaz disposed of the machine, receiving nothing in return 2 Diaz sold the machine for $16,300 cash. 3. Diaz sold the machine for $35.900 cash....
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