Almost you have complete tha problem any how I provide the transaction
Dr acculated depreciation $139200
Cr depreciation expense. $ 139200
I need help figuring accumulated depreciation and depreciation expense the rest of the problem is correct...
Pitcher Corporation purchased 60 percent of Softball Corporation’s voting common stock on January 1, 20X1. On January 1, 20X5, Pitcher received $231,000 from Softball for a truck Pitcher had purchased on January 1, 20X2, for $311,000. The truck is expected to have a 10-year useful life and no salvage value. Both companies depreciate trucks on a straight-line basis. Event Accounts Credit No А Gain on sale Debit 13,300 80,000 Truck Accumulated depreciation 93,300 Accumulated depreciation Depreciation expense b. Prepare the...
Suspect Company issued $750,000 of 8 percent first mortgage bonds on January 1, 20X1, at 102. The bonds mature in 20 years and pay interest semiannually on January 1 and July 1. Prime Corporation purchased $500,000 of Suspect’s bonds from the original purchaser on December 31, 20X5, for $492,000. Prime owns 70 percent of Suspect’s voting common stock. Required: a. Prepare the worksheet consolidation entry or entries needed to remove the effects of the intercorporate bond ownership in preparing consolidated...
For Accumulated Depreciation Parts (A) (B) & (C) Required information [The following information applies to the questions displayed below. Movelt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $26,000. Movelt had originally purchased the truck for $43,000 and had recorded depreciation for three years. 4. Prepare the journal entry to record the disposal...
Question text Preparing the [I] consolidation journal entries for sale of depreciable assets - Equity method Assume that on January 1, 2011, a wholly owned subsidiary sells to its parent, for a sale price of $132,000, equipment that originally cost $156,000. The subsidiary originally purchased the equipment on January 1, 2007, and depreciated the equipment assuming a 10-year useful life (straight-line with no salvage value). The parent has adopted the subsidiary's depreciation policy and depreciates the equipment over the remaining...
please explain how you get depreciation expense and accumulated depreciation Beaver Construction purchases new equipment for $50,400 cash on April 1, 2021. At the time of purchase, the equipment is expected to be used in operations for seven years (84 months) and have no resale or scrap value at the end. Beaver depreciates equipment evenly over the 84 months ($600/month). Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below, 3. Calculate the year-end adjusted balances of Accumulated...
Stallion Corporation sold $100,000 par value, 10-year first mortgage bonds to Pony Corporation on January 1, 20X5. The bonds, which bear a nominal interest rate of 12 percent, pay interest semiannually on January 1 and July 1. The entry to record interest income by Pony Corporation on December 31, 20X7, was as follows: Note: Assume using straight-line amortization of bond discount or premium. General Journal Debit Credit Interest Receivable 6,000 Interest Income 5,750 Investment in Stallion Corporation Bonds 250 Pony...
I will give thumbs up for correct answers! On July 1, 2016, Farm Fresh Industries purchased a specialized delivery truck for $328,000. At the time, Farm Fresh estimated the truck to have a useful life of eight years and a residual value of $40,000. On March 1, 2021, the truck was sold for $156,000. Farm Fresh uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset...
Problem 10-5A Computing and revising depreciation; selling plant assets LO C2, P1, P2 Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 Jan. 1 Paid $20, 515 cash plus $1,485 in sales tax for a new delivery truck estimated to have a five-year life and a $2,000 salvage value. Delivery truck costs are recorded in the Trucks account. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 31 The truck' s estimated...
I need all three journals Garcia Co. owns equipment that cost $77,600, with accumulated depreciation of $41,200. Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $47,600 cash, (2) $36,400 cash, and (3) $31,300 cash. View transaction list Journal entry worksheet A B C Record the sale of equipment assuming Garcia sells the equipment for $47,600 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit
Prime Company holds 80 percent of Suspect Company’s stock, acquired on January 1, 20X2, for $160,000. On the acquisition date, the fair value of the noncontrolling interest was $40,000. Suspect reported retained earnings of $50,000 and had $100,000 of common stock outstanding. Prime uses the fully adjusted equity method in accounting for its investment in Suspect. Trial balance data for the two companies on December 31, 20X6, are as follows: Prime Company Suspect Company Item Debit Credit Debit Credit Cash...