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Irwin, Inc. constructed a machine at a total cost of $44 million. Construction was completed at the end of 2017 and the machine was placed in service at the beginning of 2018. The machine was being depreciated over a 10-year life using the straight-line method. The residual value is expected to be $2 million. At the beginning of 2021, Irwin decided to change to the sum-of-the-years'-digits method. Ignoring income taxes, prepare the journal entry relating to the machine for 2021....
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Irwin, Inc. constructed a machine at a total cost of $45 million. Construction was completed at the end of 2017 and the machine was placed in service at the beginning of 2018. The machine was being depreciated over a 10-year life using the sum-of-the-years’-digits method. The residual value is expected to be $1 million. At the beginning of 2021, Irwin decided to change to the straight-line method. Ignoring income taxes, prepare the journal entry relating to the machine for 2021....
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Irwin, Inc., constructed a machine at a total cost of $32 million. Construction was completed at the end of 2014 and the machine was placed in service at the beginning of 2015. The machine was being depreciated over a 10-year life using the straight-line method. The residual value is expected to be $2 million. At the beginning of 2018, Irwin decided to change to the sum-of-the-years’-digits method. Ignoring income taxes, prepare the journal entry relating to the machine for 2018....
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Irwin, Inc., constructed a machine at a total cost of $32 million. Construction was completed at the end of 2014 and the machine was placed in service at the beginning of 2015. The machine was being depreciated over a 10-year life using the straight-line method. The residual value is expected to be $2 million. At the beginning of 2018, Irwin decided to change to the sum-of-the-years’-digits method. Ignoring income taxes, prepare the journal entry relating to the machine for 2018....
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Irwin, Inc., constructed a machine at a total cost of $51
million. Construction was completed at the end of 2012 and the
machine was placed in service at the beginning of 2013. The machine
was being depreciated over a 10-year life using the straight-line
method. The residual value is expected to be $3 million. At the
beginning of 2016, Irwin decided to change to the
sum-of-the-years’-digits method.
Ignoring income taxes, prepare the journal entry relating to the
machine for 2016.
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years’-digits method. The residual value is expected to be $3
million. At the beginning of 2018, Irwin decided to change to the
straight-line method.
Ignoring income taxes, prepare the journal entry relating to the
machine for 2018.(If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field. Enter your answers in millions rounded to 1 decimal
place (i.e., 5,500,000 should be entered as 5.5).)
Brief Exercise 20-4 Change in depreciation methods [LO20-3]...
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Exercise 17-22 IFRS; prior service cost [LO17-7, 17-12] Lacy Construction has a noncontributory, defined benefit pension plan. At December 31, 2018. Lacy received the following information: ($ in millions) $ 749 98 Projected Benefit Obligation Balance, January 1 Service cost Prior service cost Interest cost(5%) Benefits paid Balance, December 31 50 (96) $ 829 ($ in millions) $ 610 62 Plan Assets Balance, January 1 Actual return on plan assets Contributions 2018 Benefits paid Balance, December 31 98 (96) The...
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Required Information Problem 8-2B Record notes payable and notes receivable (L08-2) [The following information applies to the questions displayed below.] Eskimo Joe's, designer of the world's second best-selling T-shirt (fust behind Hard Rock Cafe), borrows $20.5 million cash on November 1, 2021. Eskimo Joe's signs a six-month, 9% promissory note to Stillwater National Bank under a prearranged short-term line of credit. Interest on the note is payable at maturity. Each firm has a December 31 year-end. Problem 8-2B Part 1...
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t 1 of 2 Saved Hel On January 1, 2021, California Financial purchases a building for $900,000, signing a 5%, 20-year mortgage. Installment payments of $5,939.60 are due at the end of each month, with the first payment due on January 31, 2021. Required: 1.2.& 3. Record the issuance of the mortgage installment and the first two monthly mortgage payments. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do...
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Problem 8-7B Record contingencies (LO8-5) Compact Electronics is a leading manufacturer of digital camera equipment. Assume the following transactions occur during the year ended December 31, 2021. 1. Accounts receivable were $27.2 million (all credit) at the end of 2021. Although no specific customer accounts have been shown to be uncollectible, the company estimates that 2% of accounts receivable will eventually prove uncollectible. 2. Compact Electronics is the plaintiff in a $3.2 million lawsuit filed against a supplier. The suit...
Irwin, Inc. constructed a machine at a total cost of $44 million. Construction was completed at the end of 2017 and the machine was placed in service at the beginning of 2018. The machine was being depreciated over a 10-year life using the straight-line method. The residual value is expected to be $2 million. At the beginning of 2021, Irwin decided to change to the sum-of-the-years'-digits method. Ignoring income taxes, prepare the journal entry relating to the machine for 2021....
Irwin, Inc. constructed a machine at a total cost of $45 million. Construction was completed at the end of 2017 and the machine was placed in service at the beginning of 2018. The machine was being depreciated over a 10-year life using the sum-of-the-years’-digits method. The residual value is expected to be $1 million. At the beginning of 2021, Irwin decided to change to the straight-line method. Ignoring income taxes, prepare the journal entry relating to the machine for 2021....
Irwin, Inc., constructed a machine at a total cost of $32 million. Construction was completed at the end of 2014 and the machine was placed in service at the beginning of 2015. The machine was being depreciated over a 10-year life using the straight-line method. The residual value is expected to be $2 million. At the beginning of 2018, Irwin decided to change to the sum-of-the-years’-digits method. Ignoring income taxes, prepare the journal entry relating to the machine for 2018....
Irwin, Inc., constructed a machine at a total cost of $32 million. Construction was completed at the end of 2014 and the machine was placed in service at the beginning of 2015. The machine was being depreciated over a 10-year life using the straight-line method. The residual value is expected to be $2 million. At the beginning of 2018, Irwin decided to change to the sum-of-the-years’-digits method. Ignoring income taxes, prepare the journal entry relating to the machine for 2018....
years’-digits method. The residual value is expected to be $3
million. At the beginning of 2018, Irwin decided to change to the
straight-line method.
Ignoring income taxes, prepare the journal entry relating to the
machine for 2018.(If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field. Enter your answers in millions rounded to 1 decimal
place (i.e., 5,500,000 should be entered as 5.5).)
Brief Exercise 20-4 Change in depreciation methods [LO20-3]...
Exercise 17-22 IFRS; prior service cost [LO17-7, 17-12] Lacy Construction has a noncontributory, defined benefit pension plan. At December 31, 2018. Lacy received the following information: ($ in millions) $ 749 98 Projected Benefit Obligation Balance, January 1 Service cost Prior service cost Interest cost(5%) Benefits paid Balance, December 31 50 (96) $ 829 ($ in millions) $ 610 62 Plan Assets Balance, January 1 Actual return on plan assets Contributions 2018 Benefits paid Balance, December 31 98 (96) The...
Required Information Problem 8-2B Record notes payable and notes receivable (L08-2) [The following information applies to the questions displayed below.] Eskimo Joe's, designer of the world's second best-selling T-shirt (fust behind Hard Rock Cafe), borrows $20.5 million cash on November 1, 2021. Eskimo Joe's signs a six-month, 9% promissory note to Stillwater National Bank under a prearranged short-term line of credit. Interest on the note is payable at maturity. Each firm has a December 31 year-end. Problem 8-2B Part 1...
t 1 of 2 Saved Hel On January 1, 2021, California Financial purchases a building for $900,000, signing a 5%, 20-year mortgage. Installment payments of $5,939.60 are due at the end of each month, with the first payment due on January 31, 2021. Required: 1.2.& 3. Record the issuance of the mortgage installment and the first two monthly mortgage payments. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do...
Problem 8-7B Record contingencies (LO8-5) Compact Electronics is a leading manufacturer of digital camera equipment. Assume the following transactions occur during the year ended December 31, 2021. 1. Accounts receivable were $27.2 million (all credit) at the end of 2021. Although no specific customer accounts have been shown to be uncollectible, the company estimates that 2% of accounts receivable will eventually prove uncollectible. 2. Compact Electronics is the plaintiff in a $3.2 million lawsuit filed against a supplier. The suit...