Homework Answers
a) Journal entry
| Date | account and explanation | Debit | Credit |
| Dec 31, 2019 | Depreciation expense (920000-160000/8) | 95000 | |
| Accumulated depreciation-Machine | 95000 | ||
b) Accumulated depreciation = 95000*6 = 570000
c) Journal entry
| Date | account and explanation | Debit | Credit |
| Dec 31, 2019 | Cash | 189000 | |
| Accumulated depreciation-machine | 570000 | ||
| Loss on sale of machine | 161000 | ||
| machine | 920000 | ||
| (To record sale of machine) |
Add Answer to:
eBook Show Me How Calculator Print Item Exercise 7-59 (Algorithmic) Disposal of Fixed Asset Pacifica Manufacturing...
Print item Calculator Show Me How Book Disposal of Foced Asset Equipment acquired on January 6...
Print item Calculator Show Me How Book Disposal of Foced Asset Equipment acquired on January 6 at a cost of $385,000, has an estimated useful Ife of 9 years and an estimated residual value of $50.200. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Depreciation Expense Year Yвar 1 Year 2 Year 3 b. What was the book value of the equipment on January 1 of Year 47 Feedba Check...
ebook Show Me How Calculator Entries for Sale of Freed Asset Equipment acquired on January 8...
ebook Show Me How Calculator Entries for Sale of Freed Asset Equipment acquired on January 8 at a cost of $132.970, has an estimated useful life of 13 years, has an estimated residual value of 59,600, and is deprecated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? 6. Assuming that the equipment was sold on April 1 of the fifth year for 87.632. 1. Journalize the...
Exercise 7-58 Disposal of Fixed Asset Perfect Auto Rentals sold one of its cars on January...
Exercise 7-58 Disposal of Fixed Asset Perfect Auto Rentals sold one of its cars on January 1, 2019. Perfect had acquired the car on January 1, 2017, for $23,400. At acquisition Perfect assumed that the car would have an estimated life of 3 years and a residual value of $3,000. Assume that Perfect has recorded straight-line depreciation expense for 2017 and 2018. Required: Prepare the journal entry to record the sale of the car assuming the car sold for (a)...
can you help me solve this please oE0OK Show Me How Calculator Print Hem Disposal of...
can you help me solve this please
oE0OK Show Me How Calculator Print Hem Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $375,000 has an estimated useful life of 20 years and an estimated residual value of $25,000 a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense Year 1 Year 2 Year 3 b. What was the book value of the equipment on...
a JUSaERan, H.. eBook Show Me How Calculator Print item Exercise 7-48 (Algorithmic) Depreciation Methods Berkshire...
a JUSaERan, H.. eBook Show Me How Calculator Print item Exercise 7-48 (Algorithmic) Depreciation Methods Berkshire Corporation purchased a copying machine for $9,800 on January 1, 2019. The machine's residual value was $1,175 and its expected life was 5 years or 2,000,000 copies. Actual usage was 480,000 copies in the first year and 460,000 in the second year. Required: 1. Compute depreciation expense for 2019 and 2020 using the: a. Straight-line method. Depreciation expense: : per year b. Double-declining-balance method....
Disposal of Fixed Asset Perfect Auto Rentals sold one of its cars on January 1, 2019....
Disposal of Fixed Asset Perfect Auto Rentals sold one of its cars on January 1, 2019. Perfect had acquired the car on January 1, 2017, for $13,500. At acquisition Perfect assumed that the car would have an estimated life of 3 years and a residual value of $3,000. Assume that Perfect has recorded straight-line depreciation expense for 2017 and 2018. Required: Prepare the journal entry to record the sale of the car assuming the car sold for (a) $6,500 cash,...
CH 4 - Homework CengageNOWV2 Onli Calculator Print Item eBook 3 Show Me How Post-Closing Trial...
CH 4 - Homework CengageNOWV2 Onli Calculator Print Item eBook 3 Show Me How Post-Closing Trial Balance An accountant prepared the following post-closing trial balance: La Casa Services Co. Post-Closing Trial Balance March 31, 2019 Debit Balances Credit Balances Cash 14,800 Accounts Receivable 32,860 Supplies 2,070 146,370 Equipment 48,840 17,760 Accumulated Depreciation - Equipment Accounts Payable Salaries Payable Unearned Rent Sonya Flynn, Capital 1,630 6,660 121,210 242,130 150,070 Prepare a corrected post-closing trial balance. Assume that all accounts have normal...
purchased merchandise on account from Martin co Entries for Sale of Fixed Asset Equipment acquired on...
purchased merchandise on account from Martin co
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $139,250 has an estimated useful life of 16 years, has an estimated residual value of $7,250, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? Check My Work Book value is the initial cost of the fixed asset minus the accumulated depreciation....
Recording Asset Acquisition, Depreciation, and Disposal On January 2, 2016, Verdi Company acquired a machine for...
Recording Asset Acquisition, Depreciation, and Disposal On January 2, 2016, Verdi Company acquired a machine for $85,000. In addition to the purchase price, Verdi spent $2,000 for shipping and installation, and $2,500 to calibrate the machine prior to use. The company estimates that the machine has a useful life of five years and a residual value of $7,000. Required a. Prepare journal entries to record the acquisition costs. Description Debit Credit 1/2/2016 b. Calculate the annual depreciation expense using straight-line...
Brief Exercise 7-35 (Algorithmic) Disposal of an Operating Asset Jolie Company owns equipment with a cost...
Brief Exercise 7-35 (Algorithmic) Disposal of an Operating Asset Jolie Company owns equipment with a cost of $110,000 and accumulated depreciation of $28,600. Required: Prepare the journal entry to record the disposal of the equipment on April 9 assuming: 1. Jolie sold the equipment for $83,800 cash. If an amount box does not require an entry, leave it blank. Apr. 9 2. Jolie sold the equipment for $75,700 cash. If an amount box does not require an entry, leave it...
Print item Calculator Show Me How Book Disposal of Foced Asset Equipment acquired on January 6 at a cost of $385,000, has an estimated useful Ife of 9 years and an estimated residual value of $50.200. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Depreciation Expense Year Yвar 1 Year 2 Year 3 b. What was the book value of the equipment on January 1 of Year 47 Feedba Check...
ebook Show Me How Calculator Entries for Sale of Freed Asset Equipment acquired on January 8 at a cost of $132.970, has an estimated useful life of 13 years, has an estimated residual value of 59,600, and is deprecated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? 6. Assuming that the equipment was sold on April 1 of the fifth year for 87.632. 1. Journalize the...
Exercise 7-58 Disposal of Fixed Asset Perfect Auto Rentals sold one of its cars on January 1, 2019. Perfect had acquired the car on January 1, 2017, for $23,400. At acquisition Perfect assumed that the car would have an estimated life of 3 years and a residual value of $3,000. Assume that Perfect has recorded straight-line depreciation expense for 2017 and 2018. Required: Prepare the journal entry to record the sale of the car assuming the car sold for (a)...
can you help me solve this please
oE0OK Show Me How Calculator Print Hem Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $375,000 has an estimated useful life of 20 years and an estimated residual value of $25,000 a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense Year 1 Year 2 Year 3 b. What was the book value of the equipment on...
a JUSaERan, H.. eBook Show Me How Calculator Print item Exercise 7-48 (Algorithmic) Depreciation Methods Berkshire Corporation purchased a copying machine for $9,800 on January 1, 2019. The machine's residual value was $1,175 and its expected life was 5 years or 2,000,000 copies. Actual usage was 480,000 copies in the first year and 460,000 in the second year. Required: 1. Compute depreciation expense for 2019 and 2020 using the: a. Straight-line method. Depreciation expense: : per year b. Double-declining-balance method....
CH 4 - Homework CengageNOWV2 Onli Calculator Print Item eBook 3 Show Me How Post-Closing Trial Balance An accountant prepared the following post-closing trial balance: La Casa Services Co. Post-Closing Trial Balance March 31, 2019 Debit Balances Credit Balances Cash 14,800 Accounts Receivable 32,860 Supplies 2,070 146,370 Equipment 48,840 17,760 Accumulated Depreciation - Equipment Accounts Payable Salaries Payable Unearned Rent Sonya Flynn, Capital 1,630 6,660 121,210 242,130 150,070 Prepare a corrected post-closing trial balance. Assume that all accounts have normal...
purchased merchandise on account from Martin co
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $139,250 has an estimated useful life of 16 years, has an estimated residual value of $7,250, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? Check My Work Book value is the initial cost of the fixed asset minus the accumulated depreciation....
Recording Asset Acquisition, Depreciation, and Disposal On January 2, 2016, Verdi Company acquired a machine for $85,000. In addition to the purchase price, Verdi spent $2,000 for shipping and installation, and $2,500 to calibrate the machine prior to use. The company estimates that the machine has a useful life of five years and a residual value of $7,000. Required a. Prepare journal entries to record the acquisition costs. Description Debit Credit 1/2/2016 b. Calculate the annual depreciation expense using straight-line...
Brief Exercise 7-35 (Algorithmic) Disposal of an Operating Asset Jolie Company owns equipment with a cost of $110,000 and accumulated depreciation of $28,600. Required: Prepare the journal entry to record the disposal of the equipment on April 9 assuming: 1. Jolie sold the equipment for $83,800 cash. If an amount box does not require an entry, leave it blank. Apr. 9 2. Jolie sold the equipment for $75,700 cash. If an amount box does not require an entry, leave it...
Most questions answered within 3 hours.
-
Add 1ml of 0.18M of HCl (aq) to 1ml of 0.2M of [Ag(NH3)2]Br
(aq).
Write the...
asked 5 minutes ago -
1. Smoke detectors use Am-241, an alpha emitter, to detect smoke
particles. A parent is concerned...
asked 9 minutes ago -
Scenario: Web application developed to capture customers
demographic and financial information for filling their taxes. This...
asked 13 minutes ago -
Which of the following statements are true?
1. Glass is mostly silicon dioxide and so when...
asked 35 minutes ago -
Korman Company has the following securities in its portfolio of
equity securities on December 31, 2018:...
asked 35 minutes ago -
Using the 12th edition of Language Awareness,
complete the following assignment:
After reading Akiba Solomon's "Thugs....
asked 46 minutes ago -
For all problems assume an effective monthly interest rate of 1%
unless otherwise indicated in the...
asked 57 minutes ago -
Fix all syntax and logical errors for the following program.
Please generate the correct output. //...
asked 1 hour ago -
The USPS sells money orders identified by an 11 –digit number
x1, x2, …, x11. The...
asked 1 hour ago -
Provide an example of equilibrium in relation to
Newton’s First and Second Laws. Explain your answer....
asked 1 hour ago -
You are __________ to commit a Type I error using the 0.05 level
of significance than...
asked 1 hour ago -
1. the following results are obtained:
200
kiwi
575 wild-type
What can we conclude about the...
asked 1 hour ago