![Required information [The following information applies to the questions displayed below.] During the current year, Merkley C](http://img.homeworklib.com/questions/14adb780-0e47-11eb-a226-9dd8a1916fc7.png?x-oss-process=image/resize,w_560)
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| Machine A | |||
| Date | Account explanation | Debit | Credit |
| Jan-01 | Cash | $ 8,000 | |
| Accumulated Depreciation-Machine | $ 21,600 | ||
| Loss on Sale of Machine | $ 400 | ||
| Machine | $ 30,000 | ||
| (to Machine A sold at loss) | |||
| Machine B-It has been assumed that the Machine is sold at the end of Current Year | |||
| Date | Account explanation | Debit | Credit |
| Dec-31 | Depreciation expense | $5,700 | |
| Accumulated Depreciation-Machine | $5,700 | ||
| (to depreciation charged for current year) | |||
| Dec-31 | Cash | $ 2,300 | |
| 12% Note Receivable | $ 8,000 | ||
| Accumulated Depreciation-Machine | $ 51,300 | ||
| Gain on Sale of Machine | $ 600 | ||
| Machine | $ 61,000 | ||
| (to Machine B sold at Gain) | |||
| Machine C | |||
| Date | Account explanation | Debit | Credit |
| Jan-01 | Accumulated Depreciation-Machine | $ 48,847 | |
| Loss on disposal of Machine | $ 26,353 | ||
| Machine | $ 75,200 | ||
| (to Machine C disposed off at loss) | |||
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Required information [The following information applies to the questions displayed below.] During the current year, Merkley...
During the current year, Merkley Company disposed of three different assets. On January 1 of the...
During the current year, Merkley Company disposed of three different assets. On January 1 of the current year, prior to the disposal of the assets, the accounts reflected the following: Asset Original Cost Residual Value Estimated Life Accumulated Depreciation (straight line) Machine A $ 39,000 $ 3,000 10 years $ 28,800 (8 years) Machine B 49,000 4,000 10 years 36,000 (8 years) Machine C 75,700 5,800 17 years 49,341 (12 years) The machines were disposed of during the current year...
During the current year, Merkley Company disposed of three different assets. On January 1 of the...
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During the current year, Martinez Company disposed of two different assets. On January 1, prior to their disposal, the...
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During the current year, Martinez Company disposed of two different assets. On January 1, prior to...
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Required information [The following information applies to the questions displayed below.) During the current year ending on December 31, BSP Company completed the following transactions: a. On January 1, purchased a patent for $37,600 cash (estimated useful life, eight years). b. On January 1, purchased the assets (not detailed) of another business for $152,000 cash, including $11,000 for goodwill. The company assumed no liabilities. Goodwill has an indefinite life. c. On December 31, constructed a storage shed on land leased...
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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...
During the current year, Merkley Company disposed of three different assets. On January 1 of the current year, prior to their disposal, the accounts reflected the following: OriginalResidual Estimated Depreciation Value 3,000 6 years Life Asset Machine A Machine B MachineC Cost straight line) 12,000 (4 years) 4,000 10 years 45,600 (8 years) 6,700 16 years 51,975 (12 ycars) 21,000 61,000 76,000 The machines were disposed of in the following ways: a. Machine A: Sold on January 1 for $8,500...
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...
CP9-2 Recording and Interpreting the Disposal of Long-Lived Assets (LO 9-5) During the current year, Martinez 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 Machines81.700 $7,500 15 Accumulated Depreciation (straight- l ine) - 9.30 Machine 25.500 3,100 8 The machines were disposed of in the following ways: a, Machine A: Sold on January 2 for $25,500 b. Machine B: On January 2, this...
Chec Required information The following information applies to the questions displayed below.) Onslow Co. purchased a used machine for $192,000 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 $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 3....
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...
Saved Help During 2017, Ly Company disposed of two different assets. On January 1, 2017, prior to disposal of the assets, the accounts reflected the following: Asset Machine A Machine B Original Residual Cost Value $24,000 $2,000 59, 2003, 200 Estimated Life 5 years 14 years Accumulated Depreciation (straight-line) $17.600 (4 years) 48,000 (12 years) The machines were disposed of in the following ways: a. Machine A: This machine was sold on January 1, 2017 for $5,750 cash. b. Machine...
Required information [The following information applies to the questions displayed below.) During the current year ending on December 31, BSP Company completed the following transactions: a. On January 1, purchased a patent for $37,600 cash (estimated useful life, eight years). b. On January 1, purchased the assets (not detailed) of another business for $152,000 cash, including $11,000 for goodwill. The company assumed no liabilities. Goodwill has an indefinite life. c. On December 31, constructed a storage shed on land leased...
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