Exercise 18.7Homework Answers
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Exercise 18.7
will heseno cery and in 2002 Recording the sale of plant and equipment Pro...
Sale of Plant Asset Shannon Company has a equipment that originally cost $68,000. Depreciation has been...
Sale of Plant Asset Shannon Company has a equipment that originally cost $68,000. Depreciation has been recorded for six years using the straight-line method, with a $9,000 estimated salvage value at the end of an expected eight-year life. After recording depreciation at the end of six years, Shannon sells the equipment. Prepare the journal entry to record the equipment's sale for (Round to the nearest dollar): a. $30,000 cash b. $23,750 cash c. $21,000 cash General Journal Description Date Debit...
Sale of Plant Asset Shannon Company has a equipment that originally cost $68,000. Depreciation has been...
Sale of Plant Asset Shannon Company has a equipment that originally cost $68,000. Depreciation has been recorded for six years using the straight-line method, with a $9,000 estimated salvage value at the end of an expected eight-year life. After recording depreciation at the end of six years, Shannon sells the equipment. Prepare the journal entry to record the equipment's sale for (Round to the nearest dollar): a. $30,000 cash b. $23,750 cash c. $21,000 cash General Journal Credit Debit Date...
E9-7B. Sale of Plant Asset Shannon Company has equipment that originally cost $68,000. Depreciation has been...
E9-7B. Sale of Plant Asset Shannon Company has equipment that originally cost $68,000. Depreciation has been recorded for six years using the straight-line method, with a $9,000 estimated salvage value at the end of an expected eight-year life. After recording depreciation at the end of six years. Shannon sells the equipment. Prepare the journal entry to record the equipment's sale for: a. $30,000 cash. b. $23,750 cash. c. $21,000 cash.
Problem 4: (11 marks) (20 minutes) On January 2, 20x0, Chegal Ltd. purchased equipment for $100,000....
Problem 4: (11 marks) (20 minutes) On January 2, 20x0, Chegal Ltd. purchased equipment for $100,000. Chegal had to spend an additional $10,000 for transportation and $15,000 for installation of the equipment. Assume that all of these were paid in cash. The equipment is expected to produce a total of 100,000 widgets over its life of 5 years. The residual value expected at the end of 5 years is $25,000. During 20x0, Chegal produced 19,000 widgets. Required b. Prepare the...
Exercise 11-10 Disposal of property, plant, and equipment [L011-2] Mercury Inc. purchased equipment in 2016 at...
Exercise 11-10 Disposal of property, plant, and equipment [L011-2] Mercury Inc. purchased equipment in 2016 at a cost of $497,000. The equipment was expected to produce 580,000 units over the next five years and have a residual value of $33,000. The equipment was sold for $253,600 part way through 2018. Actual production in each year was: 2016 -83,000 units; 2017 133,000 units; 2018 67,000 units. Mercury uses units-of-production depreciation, and all depreciation has been recorded through the disposal date. Required...
Required Information Exercise 7-17A Record the sale of equipment (L07-6) [The following information applies to the...
Required Information Exercise 7-17A Record the sale of equipment (L07-6) [The following information applies to the questions displayed below] Abbott Landscaping purchased a tractor at a cost of $36,000 and sold it three years later for $18.000. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $2.000 residual value. Tractors are included in the Equipment account. Exercise 7-17A Part 2 2. Assume the tractor was sold for $11.200 instead of $18.000. Record the sale. (If no...
Required information Exercise 7-17A Record the sale of equipment (LO7-6) The following information applies to the ques...
Required information Exercise 7-17A Record the sale of equipment (LO7-6) The following information applies to the questions displayed below.] Abbott Landscaping purchased a tractor at a cost of $27,000 and sold it three years later for $14,40o. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in the Equipment account Exercise 7-17A Part 1 Required: 1. Record the sale. (If no entry is required for a particular transaction/event, select "No...
Required Information Exercise 7-17A Record the sale of equipment (L07-6) [The following information applies to the ques...
Required Information Exercise 7-17A Record the sale of equipment (L07-6) [The following information applies to the questions displayed below.] Abbott Landscaping purchased a tractor at a cost of $36,000 and sold it three years later for $18,000. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $2.000 residual value. Tractors are included in the Equipment account. Exercise 7-17A Part 1 Required: 1. Record the sale. (If no entry is required for a particular transaction/event, select "No...
Three cases are provided below concerning a plant asset currently held for sale. Exercise 12-77 Recording...
Three cases are provided below concerning a plant asset currently held for sale. Exercise 12-77 Recording Impairment Loss on Asset Held for Sale LO8 Case Original Cost Selling Costs Accumulated Depreciation 50,000 150,000 Fair Value 2 3 $96,000 45,000 280,000 45,000 30,000 140,000 $1,500 1,000 7,000 1,000 Which cases(s), if any, require an impairment loss to be recognized, and for what amount? Record the entry for the impairment loss on the case(s) identified in part a (if any). a. b.
Required information Exercise 7-17A Record the sale of equipment (LO7-6) [The following information applies to the...
Required information Exercise 7-17A Record the sale of equipment (LO7-6) [The following information applies to the questions displayed below.] Abbott Landscaping purchased a tractor at a cost of $44,000 and sold it three years later for $19,600. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $1,500 residual value. Tractors are included in the Equipment account. Exercise 7-17A Part 2 2. Assume the tractor was sold for $15,400 instead of $19,600. Record the sale. (If no...
Sale of Plant Asset Shannon Company has a equipment that originally cost $68,000. Depreciation has been recorded for six years using the straight-line method, with a $9,000 estimated salvage value at the end of an expected eight-year life. After recording depreciation at the end of six years, Shannon sells the equipment. Prepare the journal entry to record the equipment's sale for (Round to the nearest dollar): a. $30,000 cash b. $23,750 cash c. $21,000 cash General Journal Description Date Debit...
Sale of Plant Asset Shannon Company has a equipment that originally cost $68,000. Depreciation has been recorded for six years using the straight-line method, with a $9,000 estimated salvage value at the end of an expected eight-year life. After recording depreciation at the end of six years, Shannon sells the equipment. Prepare the journal entry to record the equipment's sale for (Round to the nearest dollar): a. $30,000 cash b. $23,750 cash c. $21,000 cash General Journal Credit Debit Date...
E9-7B. Sale of Plant Asset Shannon Company has equipment that originally cost $68,000. Depreciation has been recorded for six years using the straight-line method, with a $9,000 estimated salvage value at the end of an expected eight-year life. After recording depreciation at the end of six years. Shannon sells the equipment. Prepare the journal entry to record the equipment's sale for: a. $30,000 cash. b. $23,750 cash. c. $21,000 cash.
Problem 4: (11 marks) (20 minutes) On January 2, 20x0, Chegal Ltd. purchased equipment for $100,000. Chegal had to spend an additional $10,000 for transportation and $15,000 for installation of the equipment. Assume that all of these were paid in cash. The equipment is expected to produce a total of 100,000 widgets over its life of 5 years. The residual value expected at the end of 5 years is $25,000. During 20x0, Chegal produced 19,000 widgets. Required b. Prepare the...
Exercise 11-10 Disposal of property, plant, and equipment [L011-2] Mercury Inc. purchased equipment in 2016 at a cost of $497,000. The equipment was expected to produce 580,000 units over the next five years and have a residual value of $33,000. The equipment was sold for $253,600 part way through 2018. Actual production in each year was: 2016 -83,000 units; 2017 133,000 units; 2018 67,000 units. Mercury uses units-of-production depreciation, and all depreciation has been recorded through the disposal date. Required...
Required Information Exercise 7-17A Record the sale of equipment (L07-6) [The following information applies to the questions displayed below] Abbott Landscaping purchased a tractor at a cost of $36,000 and sold it three years later for $18.000. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $2.000 residual value. Tractors are included in the Equipment account. Exercise 7-17A Part 2 2. Assume the tractor was sold for $11.200 instead of $18.000. Record the sale. (If no...
Required information Exercise 7-17A Record the sale of equipment (LO7-6) The following information applies to the questions displayed below.] Abbott Landscaping purchased a tractor at a cost of $27,000 and sold it three years later for $14,40o. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in the Equipment account Exercise 7-17A Part 1 Required: 1. Record the sale. (If no entry is required for a particular transaction/event, select "No...
Required Information Exercise 7-17A Record the sale of equipment (L07-6) [The following information applies to the questions displayed below.] Abbott Landscaping purchased a tractor at a cost of $36,000 and sold it three years later for $18,000. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $2.000 residual value. Tractors are included in the Equipment account. Exercise 7-17A Part 1 Required: 1. Record the sale. (If no entry is required for a particular transaction/event, select "No...
Three cases are provided below concerning a plant asset currently held for sale. Exercise 12-77 Recording Impairment Loss on Asset Held for Sale LO8 Case Original Cost Selling Costs Accumulated Depreciation 50,000 150,000 Fair Value 2 3 $96,000 45,000 280,000 45,000 30,000 140,000 $1,500 1,000 7,000 1,000 Which cases(s), if any, require an impairment loss to be recognized, and for what amount? Record the entry for the impairment loss on the case(s) identified in part a (if any). a. b.
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