Annual Depreciation as per SLM =($63,200 - $5,000) / 5 years =$11,640 | |||
Depreciation for 4 months =$11,640*4/12 =$3,880 | |||
Depreciation for 9 months =$11,640*9/12 =$8,730 | |||
Book value as on Dec 31,2018 =$63,200 - ($11,640*3) =$28,280 | |||
Book value as on May 1,2019 =$63,200 - ($11,640*3) - $3,880 | |||
Book value as on May 1,2019 =$63,200 - $34,920 - $3,880 =$24,400 | |||
Book value as on Oct 1,2019 =$63,200 - ($11,640*3) - $8,730 | |||
Book value as on Oct 1,2019 =$63,200 - $34,920 - $8,730 =$19,550 | |||
Date | Account and explanation | Debit | Credit |
Jan 1,2019 | Cash | $29,920 | |
Accumulated Depreciation | $34,920 | ||
Equipment | $63,200 | ||
Gain on sale of equipment | $1,640 | ||
May 1,2019 | Cash | $29,920 | |
Accumulated Depreciation | $38,800 | ||
Equipment | $63,200 | ||
Gain on sale of equipment | $5,520 | ||
Jan 1,2019 | Cash | $10,800 | |
Accumulated Depreciation | $34,920 | ||
Loss on sale of equipment | $17,480 | ||
Equipment | $63,200 | ||
Oct 1,2019 | Cash | $10,800 | |
Accumulated Depreciation | $43,650 | ||
Loss on sale of equipment | $8,750 | ||
Equipment | $63,200 | ||
Oriole Company owns equipment that cost $63,200 when purchased on January 1, 2016. It has been...
Oriole Company owns equipment that cost $63,200 when purchased on January 1, 2016. It has been depreciated using the straight-line method based on an estimated salvage value of $5,000 and an estimated useful life of 5 years. Accumulated deprecation was last adjusted on December 31, 2018. Prepare Oriole Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to...
Exercise 9-11 Oriole Company owns equipment that cost $70,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $10,000 and an estimated useful life of 5 years. Prepare Oriole Company’s journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
View Policies Current Attempt in Progress Sheffield Corp. owns equipment that cost $62,900 when purchased on January 1, 2016. It has been depreciated using the straight-line method based on an estimated salvage value of $4,700 and an estimated useful life of 5 years. Accumulated deprecation was last adjusted on December 31, 2018. Prepare Sheffield Corp's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automaticaly indented when amount is entered. Do...
Pharoah Company owns equipment that cost $61,000 when purchased on January 1, 2019. It has been depreciated using the straight- line method based on an estimated salvage value of $1,000 and an estimated useful life of 5 years. Prepare Pharoah Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account...
Oriole Company owns equipment that cost $70,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $10,000 and an estimated useful life of 5 years. Prepare Oriole Company’s journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles...
Wildhorse Company owns equipment that cost $83,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $23,000 and an estimated useful life of 5 years. Prepare Wildhorse Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles...
Sunland Company owns equipment that cost $73,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $13,000 and an estimated useful life of 5 years. Prepare Sunland Company’s journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles...
Crane Company owns equipment that cost $78,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $18,000 and an estimated useful life of 5 years. Prepare Crane Company’s journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles...
Pryce Company owns equipment that cost $69,000 when purchased on January 1, 2014. It has been depreciated using the straight-line method based on an estimated salvage value of $5,400 and an estimated useful life of 5 years. Prepare Pryce Company’s journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g.125. If no entry is required,...
Sandhill Company owns equipment that cost $82,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $22,000 and an estimated useful life of 5 years. Prepare Sandhill Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No (a) Sold for $47,000 on...