As part of a major renovation at the beginning of the year
As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Inc. sold shelving units (recorded as Equipment) that were 10 years old for $830 cash. The shelves originally cost $6,520 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $420.
1. Complete the table below, indicating the account, amount, and direction of the effect on disposal. Assume that depreciation has been recorded to the date of sale. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign. Do not round intermediate calculations.)
Homework Answers
| Assets | = | Liabilities | + | Stockholder's equity | |||
| Cash | $830 | = | + | ||||
| Equipment | ($6,520) | = | + | ||||
| Accumulated depreciation-equipment | $6,100 | = | + | Gain on sale of equipment | $410 |
Calculations:
i.Depreciation expense per year = (Cost of equipment - Salvage value) ÷ Estimated useful life
= ($6,520-$420)/10 = $6,100/10
= $610
ii.Accumulated depreciation = $610 x 10 years = $6,100
iii.Book value = Cost - Accumulated depreciation = $6,520 - 6,100 = $420
iv.Gain on sale of equipment = Sale price - Book value = $830-$420 = $410
.
In general,
Equipment is 10 years old and useful life is also 10 years. So that, book value is equal to salvage value.
As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Inc. sold...
As part of a major renovation at the beginning of the year,
Atiase Pharmaceuticals, Inc. sold shelving units ( recorded as
Equipment ) that were 10 years old for $1,130 cash. The shelves
originally cost $ 7,720 and had been depreciated on a straight-line
basis over an estimated useful life of 10 years with an estimated
residual value of $620
assets?
liabilities?
stockholders equity?
Help Save & Exit Check my Required information (The following information applies to the questions displayed...
As part of a major renovation at the beginning of the yearAtiase Pharmaceuticals, Inc. sold shelving...
As
part of a major renovation at the beginning of the yearAtiase
Pharmaceuticals, Inc. sold shelving units (recorded as Equipment)
that were years old for $1,040 cash. The shelves originally cost
$7,360 and had been depreciated on a straight-line basis over an
estimated useful life of 10 years with an estimated residual value
of $560.
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prepare the journal entry to record the sale of the shelving units Required information (The following...
prepare the journal entry to record the sale of the shelving units
Required information (The following information applies to the questions displayed below.) As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Inc. sold shelving units (recorded as Equipment) that were 10 years old for $1,040 cash. The shelves originally cost $7,360 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $560....
As part of a major renovation at the beginning of the year,
Atiase Pharmaceuticals, Inc. sold shelving units ( recorded as
Equipment ) that were 10 years old for $1,130 cash. The shelves
originally cost $ 7,720 and had been depreciated on a straight-line
basis over an estimated useful life of 10 years with an estimated
residual value of $620
assets?
liabilities?
stockholders equity?
Help Save & Exit Check my Required information (The following information applies to the questions displayed...
As
part of a major renovation at the beginning of the yearAtiase
Pharmaceuticals, Inc. sold shelving units (recorded as Equipment)
that were years old for $1,040 cash. The shelves originally cost
$7,360 and had been depreciated on a straight-line basis over an
estimated useful life of 10 years with an estimated residual value
of $560.
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prepare the journal entry to record the sale of the shelving units
Required information (The following information applies to the questions displayed below.) As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Inc. sold shelving units (recorded as Equipment) that were 10 years old for $1,040 cash. The shelves originally cost $7,360 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $560....
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