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Depreciation and Disposal Pipes a Million (PAM) a plumbing supply company purchased a used van on April 1, 2015. The co...
QUESTION N6 Capital Assets ealeulating Book Value and disposal Extra Cor purchased a machine on January 1". 2015....
QUESTION N6 Capital Assets ealeulating Book Value and disposal Extra Cor purchased a machine on January 1". 2015. The machine was purchased in the mount of $920,000. It was expected to have a salvage value of $20,000 at the end of ten years. 1e Company uses straight line depreciation to amortize assets. Prepare the journal entry to record Depreciation expense on December 31" for the year of 2024. Calculations Space for journal entry provided on the next page. Debit Credit...
On January 1, 2014, Red Rock Brewery purchased a van for $45,000. Red Rock expects the...
On January 1, 2014, Red Rock Brewery purchased a van for $45,000. Red Rock expects the van to have a useful life of six years and a residual value of $9,000. The depreciation method used was straight-line. On December 31, 2017, the van was sold for $22,000 cash. 1. What was the carrying amount of the van at the date of sale? 2. Record the sale of the van on December 31, 2017 Requirement 1. What was the carrying amount...
On January 1, 2014, Big Rock Brewery purchased a van for $41,000. Big Rock expects the...
On January 1, 2014, Big Rock Brewery purchased a van for $41,000. Big Rock expects the van to have a useful life of four years and a residual value of $6,000. The depreciation method used was straight-line. On December 31, 2017, the van was sold for $20,000 cash. 1. What was the carrying amount of the van at the date of sale? 2. Record the sale of the van on December 31, 2017. Requirement 1. What was the carrying amount...
Buffalo Co. purchased a equipment on January 1, 2015, for $517,000. At that time, it was...
Buffalo Co. purchased a equipment on January 1, 2015, for $517,000. At that time, it was estimated that the equipment would have a 10-year life and no salvage value. On December 31, 2018, the firm’s accountant found that the entry for depreciation expense had been omitted in 2016. In addition, management has informed the accountant that the company plans to switch to straight-line depreciation, starting with the year 2018. At present, the company uses the sum-of-the-years’-digits method for depreciating equipment....
Stellar Co. purchased a equipment on January 1, 2015, for $610,500. At that time, it was...
Stellar Co. purchased a equipment on January 1, 2015, for
$610,500. At that time, it was estimated that the equipment would
have a 10-year life and no salvage value. On December 31, 2018, the
firm’s accountant found that the entry for depreciation expense had
been omitted in 2016. In addition, management has informed the
accountant that the company plans to switch to straight-line
depreciation, starting with the year 2018. At present, the company
uses the sum-of-the-years’-digits method for depreciating
equipment....
Faster Company purchased equipment in 2010 for $104,000 and estimated an $8,000 salvage value at the...
Faster Company purchased equipment in 2010 for $104,000 and estimated an $8,000 salvage value at the end of the equipment's 10-year useful . At December 31, 2016, there was $67,200 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2017, the equipment was sold for $21,000 Prepare the appropriate journal entries to remove the equipment from the books of Faster Company on March 31, 2017. (Credit accountries are automatically when the entered....
Onslow Co. purchased a used machine for $240,000 cash on January 2. On January 3, Onslow...
Onslow Co. purchased a used machine for $240,000 cash on January
2. On January 3, Onslow paid $8,000 to wire electricity to the
machine and an additional $1,600 to secure it in place. The machine
will be used for six years and have a $28,800 salvage value.
Straight-line depreciation is used. On December 31, at the end of
its fifth year in operations, it is disposed of.
Journal entry worksheet 2 Record the first year year-end adjusting entry for the...
Exercise 7-14 On December 31, 2015, Oriole Co. performed environmental consulting services for Hayduke Co. Hayduke...
Exercise 7-14
On December 31, 2015, Oriole Co. performed environmental
consulting services for Hayduke Co. Hayduke was short of cash, and
Oriole Co. agreed to accept a $346,500 zero-interest-bearing note
due December 31, 2017, as payment in full. Hayduke is somewhat of a
credit risk and typically borrows funds at a rate of 11%. Oriole is
much more creditworthy and has various lines of credit at 6%.
Prepare the journal entry to record the transaction of December
31, 2015, for...
Onslow Co. purchased a used machine for $192,000 cash on January 2. On January 3, Onslow...
Onslow Co. purchased a used machine for $192,000 cash on January
2. On January 3, Onslow paid $6,000 to wire electricity to the
machine and an additional $1,200 to secure it in place. The machine
will be used for six years and have a $23,040 salvage value.
Straight-line depreciation is used. On December 31, at the end of
its fifth year in operations, it is disposed of.
Please answer in the format below!
Record the first year year-end adjusting entry...
Onslow Co. purchased a used machine for $192,000 cash on January 2. On January 3, Onslow...
Onslow Co. purchased a used machine for $192,000 cash on January
2. On January 3, Onslow paid $6,000 to wire electricity to the
machine and an additional $1,200 to secure it in place. The machine
will be used for six years and have a $23,040 salvage value.
Straight-line depreciation is used. On December 31, at the end of
its fifth year in operations, it is disposed of.
Answer in this format please
Record the year of disposal year-end adjusting entry...
QUESTION N6 Capital Assets ealeulating Book Value and disposal Extra Cor purchased a machine on January 1". 2015. The machine was purchased in the mount of $920,000. It was expected to have a salvage value of $20,000 at the end of ten years. 1e Company uses straight line depreciation to amortize assets. Prepare the journal entry to record Depreciation expense on December 31" for the year of 2024. Calculations Space for journal entry provided on the next page. Debit Credit...
On January 1, 2014, Red Rock Brewery purchased a van for $45,000. Red Rock expects the van to have a useful life of six years and a residual value of $9,000. The depreciation method used was straight-line. On December 31, 2017, the van was sold for $22,000 cash. 1. What was the carrying amount of the van at the date of sale? 2. Record the sale of the van on December 31, 2017 Requirement 1. What was the carrying amount...
On January 1, 2014, Big Rock Brewery purchased a van for $41,000. Big Rock expects the van to have a useful life of four years and a residual value of $6,000. The depreciation method used was straight-line. On December 31, 2017, the van was sold for $20,000 cash. 1. What was the carrying amount of the van at the date of sale? 2. Record the sale of the van on December 31, 2017. Requirement 1. What was the carrying amount...
Stellar Co. purchased a equipment on January 1, 2015, for
$610,500. At that time, it was estimated that the equipment would
have a 10-year life and no salvage value. On December 31, 2018, the
firm’s accountant found that the entry for depreciation expense had
been omitted in 2016. In addition, management has informed the
accountant that the company plans to switch to straight-line
depreciation, starting with the year 2018. At present, the company
uses the sum-of-the-years’-digits method for depreciating
equipment....
Faster Company purchased equipment in 2010 for $104,000 and estimated an $8,000 salvage value at the end of the equipment's 10-year useful . At December 31, 2016, there was $67,200 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2017, the equipment was sold for $21,000 Prepare the appropriate journal entries to remove the equipment from the books of Faster Company on March 31, 2017. (Credit accountries are automatically when the entered....
Onslow Co. purchased a used machine for $240,000 cash on January
2. On January 3, Onslow paid $8,000 to wire electricity to the
machine and an additional $1,600 to secure it in place. The machine
will be used for six years and have a $28,800 salvage value.
Straight-line depreciation is used. On December 31, at the end of
its fifth year in operations, it is disposed of.
Journal entry worksheet 2 Record the first year year-end adjusting entry for the...
Exercise 7-14
On December 31, 2015, Oriole Co. performed environmental
consulting services for Hayduke Co. Hayduke was short of cash, and
Oriole Co. agreed to accept a $346,500 zero-interest-bearing note
due December 31, 2017, as payment in full. Hayduke is somewhat of a
credit risk and typically borrows funds at a rate of 11%. Oriole is
much more creditworthy and has various lines of credit at 6%.
Prepare the journal entry to record the transaction of December
31, 2015, for...
Onslow Co. purchased a used machine for $192,000 cash on January
2. On January 3, Onslow paid $6,000 to wire electricity to the
machine and an additional $1,200 to secure it in place. The machine
will be used for six years and have a $23,040 salvage value.
Straight-line depreciation is used. On December 31, at the end of
its fifth year in operations, it is disposed of.
Please answer in the format below!
Record the first year year-end adjusting entry...
Onslow Co. purchased a used machine for $192,000 cash on January
2. On January 3, Onslow paid $6,000 to wire electricity to the
machine and an additional $1,200 to secure it in place. The machine
will be used for six years and have a $23,040 salvage value.
Straight-line depreciation is used. On December 31, at the end of
its fifth year in operations, it is disposed of.
Answer in this format please
Record the year of disposal year-end adjusting entry...
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