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Exercise 3 Sizemore Company owns land that it purchased at a cost of £600,000 in...
IceCap Hotels operates a series of northern European hotels and reports under IFRS. On June 30,...
IceCap Hotels operates a series of northern European hotels and reports under IFRS. On June 30, 2016, IceCap purchased land for €3,000,000. IceCap reports land values on the balance sheet under Property, plant, and equipment. The appraisal value for the land (which you can assume is the same as the recoverable amount) was reported as: Appraisal Date Land Value 12/31/2016 € 3,150,000 12/31/2017 € 2,750,000 12/31/2018 € 2,850,000 Required: Prepare the journal entries at the end of 2016, 2017, and...
Oriole Company owns equipment that cost $63,200 when purchased on January 1, 2016. It has been...
Oriole Company owns equipment that cost $63,200 when purchased on January 1, 2016. It has been depreciated using the straight-line method based on an estimated salvage value of $5,000 and an estimated useful life of 5 years. Accumulated deprecation was last adjusted on December 31, 2018. Prepare Oriole Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to...
し04, 7, 8 On 1 July 2018, Jupiter Ltd purchased land for S$400000 and buildings for $250000. The...
し04, 7, 8 On 1 July 2018, Jupiter Ltd purchased land for S$400000 and buildings for $250000. The esti- mated useful life of the buildings was 20 years, with a residual value of nil. On 1 October 2018, PSA8.4 Prepare the entries to record revaluation, depreciation and disposal. machinery was purchased at a total cost of S120000. The estimated useful life of the machinery was 4 years with an estimated residual value of $9000. Jupiter Ltd uses straight-line deprec ation...
Exercise 9-11 Cullumber Company owns equipment that cost $68,000 when purchased on January 1, 2019. It...
Exercise 9-11 Cullumber Company owns equipment that cost $68,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $8,000 and an estimated useful life of 5 years. Prepare Cullumber Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
Brief Exercise 10-14 Vaughn Corporation owns machinery that cost $22,400 when purchased on July 1, 2014....
Brief Exercise 10-14 Vaughn Corporation owns machinery that cost $22,400 when purchased on July 1, 2014. Depreciation has been recorded at a rate of $2,688 per year, resulting in a balance in accumulated depreciation of $9,408 at December 31, 2017. The machinery is sold on September 1, 2018, for $11,760 Prepare journal entries to (a) update depreciation for 2018 and (b) record the sale. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no...
Exercise 9-11 Sheridan Company owns equipment that cost $79,000 when purchased on January 1, 2019. It has been depreciat...
Exercise 9-11
Sheridan Company owns equipment that cost $79,000 when purchased
on January 1, 2019. It has been depreciated using the straight-line
method based on an estimated salvage value of $19,000 and an
estimated useful life of 5 years.
Prepare Sheridan Company’s journal entries to record the sale of
the equipment in these four independent situations.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required,
select "No Entry" for the...
Exercise 16-3 Flynn Company purchased 70 Rinehart Company 10%, 10-Year, $1,980 bonds on January 1, 2017, for $138,6...
Exercise 16-3 Flynn Company purchased 70 Rinehart Company 10%, 10-Year, $1,980 bonds on January 1, 2017, for $138,600. The bonds pay interest annually on January 1. On January 1, 2018, after receipt of interest, Flynn Company sold 40 of the bonds for $75,230. Prepare the journal entries to record the transactions described above. (Round answers to decimal places, .. 15.250. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select...
Zimmer Company sold the following two machines in 2020: Machine A Machine B Cost $76,000 $80,000...
Zimmer Company sold the following two machines in 2020: Machine A Machine B Cost $76,000 $80,000 Purchase date July 1, 2016 January 1, 2017 Useful life 8 years 5 years Salvage value $4,000 $4,000 Depreciation method Straight-line Double-declining-balance Date sold July 1, 2020 August 1, 2020 Sales price $35,000 $16,000 Instructions 1. Pass the necessary journal entries to record purchase of the machine A and Machine B on 1 July 2016 and 1 January, 2017 respectively. 2. Calculate depreciation of...
Exercise 9-11 Oriole Company owns equipment that cost $70,000 when purchased on January 1, 2019. It...
Exercise 9-11
Oriole Company owns equipment that cost $70,000 when purchased on
January 1, 2019. It has been depreciated using the straight-line
method based on an estimated salvage value of $10,000 and an
estimated useful life of 5 years.
Prepare Oriole Company’s journal entries to record the sale of the
equipment in these four independent situations. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually. If no entry is required, select "No Entry"
for the...
On January 1, 2017, BAJA Corporation purchased bonds with a face value of $600,000 for $616,747.06...
On January 1, 2017, BAJA Corporation purchased bonds with a face value of $600,000 for $616,747.06 The bonds are due June 30, 2020, carry a 13% stated interest rate, and were purchased to yield 12%. Interest is payable semiannually on June 30 and December 31. On March 31, 2018, in contemplation of a major acquisition, the company sold one-half the bonds for $319,000 including accrued interest; the remainder were held until maturity. Prepare an investment interest income and bond premium...
Oriole Company owns equipment that cost $63,200 when purchased on January 1, 2016. It has been depreciated using the straight-line method based on an estimated salvage value of $5,000 and an estimated useful life of 5 years. Accumulated deprecation was last adjusted on December 31, 2018. Prepare Oriole Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to...
し04, 7, 8 On 1 July 2018, Jupiter Ltd purchased land for S$400000 and buildings for $250000. The esti- mated useful life of the buildings was 20 years, with a residual value of nil. On 1 October 2018, PSA8.4 Prepare the entries to record revaluation, depreciation and disposal. machinery was purchased at a total cost of S120000. The estimated useful life of the machinery was 4 years with an estimated residual value of $9000. Jupiter Ltd uses straight-line deprec ation...
Exercise 9-11 Cullumber Company owns equipment that cost $68,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $8,000 and an estimated useful life of 5 years. Prepare Cullumber Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
Brief Exercise 10-14 Vaughn Corporation owns machinery that cost $22,400 when purchased on July 1, 2014. Depreciation has been recorded at a rate of $2,688 per year, resulting in a balance in accumulated depreciation of $9,408 at December 31, 2017. The machinery is sold on September 1, 2018, for $11,760 Prepare journal entries to (a) update depreciation for 2018 and (b) record the sale. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no...
Exercise 9-11
Sheridan Company owns equipment that cost $79,000 when purchased
on January 1, 2019. It has been depreciated using the straight-line
method based on an estimated salvage value of $19,000 and an
estimated useful life of 5 years.
Prepare Sheridan Company’s journal entries to record the sale of
the equipment in these four independent situations.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required,
select "No Entry" for the...
Exercise 16-3 Flynn Company purchased 70 Rinehart Company 10%, 10-Year, $1,980 bonds on January 1, 2017, for $138,600. The bonds pay interest annually on January 1. On January 1, 2018, after receipt of interest, Flynn Company sold 40 of the bonds for $75,230. Prepare the journal entries to record the transactions described above. (Round answers to decimal places, .. 15.250. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select...
Exercise 9-11
Oriole Company owns equipment that cost $70,000 when purchased on
January 1, 2019. It has been depreciated using the straight-line
method based on an estimated salvage value of $10,000 and an
estimated useful life of 5 years.
Prepare Oriole Company’s journal entries to record the sale of the
equipment in these four independent situations. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually. If no entry is required, select "No Entry"
for the...
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