10. Saginaw Company purchased a computer that costs $1,000. It had an estimated useful life of...
10. Saginaw Company purchased a computer that costs $1,000. It had an estimated useful life of 5 years and no residual (salvage) value. The computer was depreciated by the straight-line method and was sold at the end of the fourth year (i.e., after 4 years) of use for $150 cash. The company should make the following journal entry:
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10. Saginaw Company purchased a computer that costs $1,000. It
had an estimated useful life of...
Wardell Company purchased a minicomputer on January 1, 2016, at a cost of $49,000. The computer...
Wardell Company purchased a minicomputer on January 1, 2016, at a cost of $49,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $7,000. On January 1, 2018, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $400. Required: 1. Prepare the year-end journal entry for depreciation in 2018. No depreciation was recorded during the year. 2....
Wardell Company purchased a mainframe on January 1, 2016, at a cost of $40,000. The computer...
Wardell Company purchased a mainframe on January 1, 2016, at a cost of $40,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $4,000. On January 1, 2018, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $400. Required: 1. Prepare the year-end journal entry for depreciation in 2018. No depreciation was recorded during the year. 2....
Wardell Company purchased a mainframe on January 1, 2016, at a cost of $53,000. The computer...
Wardell Company purchased a mainframe on January 1, 2016, at a cost of $53,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $5,000. On January 1, 2018, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $800. Required: 1. Prepare the year-end journal entry for depreciation in 2018. No depreciation was recorded during the year. 2....
Wardell Company purchased a mainframe on January 1, 2019, at a cost of $48,000. The computer...
Wardell Company purchased a mainframe on January 1, 2019, at a cost of $48,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $3,000. On January 1, 2021, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $1,200. 2. Prepare the year-end journal entry for depreciation in 2021. Assume that the company uses the sum-of-the-years' -digits method...
Required information [The following information applies to the questions displayed below.] Wardell Company purchased a...
Required information [The following information applies to the questions displayed below.] Wardell Company purchased a mainframe on January 1, 2019, at a cost of $46,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $7,000. On January 1, 2021, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $1,000. Required: 1. Prepare the year-end journal entry for...
Wardell Company purchased a minicomputer on January 1, 2016, at a cost of $40,000. The computer...
Wardell Company purchased a minicomputer on January 1, 2016, at a cost of $40,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $4,000. On January 1, 2018, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $900. Required: Prepare the year-end journal entry for depreciation in 2018. No depreciation was recorded during the year. Repeat requirement...
Arcadia HS, purchased equipment for $510,000 which was estimated to have a useful life of 10...
Arcadia HS, purchased equipment for $510,000 which was estimated
to have a useful life of 10 years with a residual value of $10,000
at the end of that time. Depreciation has been recorded for 7 years
on a straight-line basis. In 2014 (year 8), it is determined that
the total estimated life should be 15 years with a residual value
of $5,000 at the end of that time.
What is the journal entry to correct
the prior years’ depreciation?
...
On January 1, 2013, Marlon Humphrey Industries purchased a machine at a cost of $300,000. The machine had a useful life...
On January 1, 2013, Marlon Humphrey Industries purchased a machine at a cost of $300,000. The machine had a useful life of 10-years, estimated salvage value of $20,000, and was depreciated using the straight-line method. On January 1, 2018, Humphrey sold the machine for $140,000 cash. The journal entry to record the sale of the machine would include
On January 1, 2013, Powell Company purchased a building and machinery that have the following useful...
On January 1, 2013, Powell Company purchased a building and machinery that have the following useful lives, salvage value, and costs. Building, 25-year estimated useful life, $9,000,000 cost, $900,000 salvage value Machinery, 10-year estimated useful life, $1,200,000 cost, no salvage value The building has been depreciated under the straight-line method through 2017. In 2018, the company decided to switch to the double-declining balance method of depreciation for the building. Powell also decided to change the total useful life of the...
Wardell Company purchased a mini computer on January 1, 2016, at a cost of $42,550. The...
Wardell Company purchased a mini computer on January 1, 2016, at a cost of $42,550. The computer has been depreciated using the straight-line method over an estimated five-year useful life with an estimated residual value of $4,300. On January 1, 2018, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $930. Required: 1. Prepare the appropriate adjusting entry for depreciation in 2018 to reflect the revised estimate....
Required information [The following information applies to the questions displayed below.] Wardell Company purchased a mainframe on January 1, 2019, at a cost of $46,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $7,000. On January 1, 2021, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $1,000. Required: 1. Prepare the year-end journal entry for...
Arcadia HS, purchased equipment for $510,000 which was estimated
to have a useful life of 10 years with a residual value of $10,000
at the end of that time. Depreciation has been recorded for 7 years
on a straight-line basis. In 2014 (year 8), it is determined that
the total estimated life should be 15 years with a residual value
of $5,000 at the end of that time.
What is the journal entry to correct
the prior years’ depreciation?
...
On January 1, 2013, Marlon Humphrey Industries purchased a machine at a cost of $300,000. The machine had a useful life of 10-years, estimated salvage value of $20,000, and was depreciated using the straight-line method. On January 1, 2018, Humphrey sold the machine for $140,000 cash. The journal entry to record the sale of the machine would include
On January 1, 2013, Powell Company purchased a building and machinery that have the following useful lives, salvage value, and costs. Building, 25-year estimated useful life, $9,000,000 cost, $900,000 salvage value Machinery, 10-year estimated useful life, $1,200,000 cost, no salvage value The building has been depreciated under the straight-line method through 2017. In 2018, the company decided to switch to the double-declining balance method of depreciation for the building. Powell also decided to change the total useful life of the...
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