Part (b) onlyHomework Answers
Depreciation for 2020 = 53,000*40% = 21,200
Depreciation for 2021 = 31,800*40% = 12,720
Accumulated Depreciation = 21200+12720 = 33,920
| Cash | 21,200 | |
| Accumulated Depreciation | 33,920 | |
| Gain on disposal | 2120 | |
| Equipment | 53,000 |
Add Answer to:
Part (b) only HH Co. purchased equipment at the beginning of 2020 for $53,000 with an estimated residual value of $5,300...
HH Co. purchased equipment at the beginning of 2020 for $46,000 with an estimated residual value...
HH Co. purchased equipment at the beginning of 2020 for $46,000 with an estimated residual value of $4,600 that it has depreciated for the past 2 full years using the double-diminishing-balance method at a rate of 40%. They sold the equipment at the beginning of 2022 for $18,400 cash. Determine the amount of the gain or loss on the disposal of the equipment?
Pharoah Company purchased equipment in 2020 for $104,000 and estimated an $8,000 salvage value at the end of the equipm...
Pharoah Company purchased equipment in 2020 for $104,000 and estimated an $8,000 salvage value at the end of the equipment's 10-year useful life. At December 31, 2021, there was $67,200 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2022, the equipment was sold for $21,000. Prepare the appropriate journal entries to remove the equipment from the books of Pharoah Company on March 31, 2022. (Credit account titles are automatically indented when...
Sandhill Company purchased equipment in 2020 for $104,000 and estimated an $8,000 salvage value at the...
Sandhill Company purchased equipment in 2020 for $104,000 and estimated an $8,000 salvage value at the end of the equipment's 10-year useful life. At December 31, 2021, there was $67,200 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2022, the equipment was sold for $21,000. Prepare the appropriate journal entries to remove the equipment from the books of Sandhill Company on March 31, 2022. (Credit account titles are automatically indented when...
Exercise 9-08 On July 1, 2019, Sandhill Co. purchased new equipment for $90,000. Its estimated useful...
Exercise 9-08 On July 1, 2019, Sandhill Co. purchased new equipment for $90,000. Its estimated useful life was 5 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment’s remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
Exercise 9-08 On July 1, 2019, Crane Company purchased new equipment for $75,000. Its estimated useful...
Exercise 9-08 On July 1, 2019, Crane Company purchased new equipment for $75,000. Its estimated useful life was 5 years with a 58,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
The following are independent situations. Faster Company purchased equipment in 2010 for $104,000 and estimated a...
The following are independent situations. Faster Company purchased equipment in 2010 for $104,000 and estimated an $8,000 salvage value at the end of the equipment's 10 years 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 11, 2017. (Credit account titles...
On July 1, 2019, Crane Company purchased new equipment for $90,000. Its estimated useful life was...
On July 1, 2019, Crane Company purchased new equipment for
$90,000. Its estimated useful life was 7 years with a $13,000
salvage value. On January 1, 2022, before making its depreciation
entry for 2022, the company estimated the remaining useful life to
be 10 years beyond December 31, 2022. The new salvage value is
estimated to be $5,000.
Prepare the journal entry to record depreciation on December
31, 2019. (Credit account titles are automatically
indented when amount is entered. Do...
Sunland Company sold equipment for $22,000. The equipment originally cost $50,000 in 2019 and $12,000 was...
Sunland Company sold equipment for $22,000. The equipment originally cost $50,000 in 2019 and $12,000 was spent on a major overhaul in 2022 (charged to the Equipment account). Accumulated Depreciation on the equipment to the date of disposal was $40,000. Prepare the appropriate journal entry to record the disposition of the equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and...
On July 1, 2019, Sandhill Co, purchased new equipment for $90,000. Its estimated useful life was...
On July 1, 2019, Sandhill Co, purchased new equipment for $90,000. Its estimated useful life was 5 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
Blue Corporation owns machinery that cost $41,600 when purchased on January 1, 2020. Depreciation has been...
Blue Corporation owns machinery that cost $41,600 when purchased on January 1, 2020. Depreciation has been recorded at a rate of $6,240 per year, resulting in a balance in accumulated depreciation of $12,480 at December 31, 2021. The machinery is sold on September 1, 2022, for $27,060. Prepare journal entry to update depreciation for 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
Pharoah Company purchased equipment in 2020 for $104,000 and estimated an $8,000 salvage value at the end of the equipment's 10-year useful life. At December 31, 2021, there was $67,200 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2022, the equipment was sold for $21,000. Prepare the appropriate journal entries to remove the equipment from the books of Pharoah Company on March 31, 2022. (Credit account titles are automatically indented when...
Sandhill Company purchased equipment in 2020 for $104,000 and estimated an $8,000 salvage value at the end of the equipment's 10-year useful life. At December 31, 2021, there was $67,200 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2022, the equipment was sold for $21,000. Prepare the appropriate journal entries to remove the equipment from the books of Sandhill Company on March 31, 2022. (Credit account titles are automatically indented when...
Exercise 9-08 On July 1, 2019, Crane Company purchased new equipment for $75,000. Its estimated useful life was 5 years with a 58,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
The following are independent situations. Faster Company purchased equipment in 2010 for $104,000 and estimated an $8,000 salvage value at the end of the equipment's 10 years 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 11, 2017. (Credit account titles...
On July 1, 2019, Crane Company purchased new equipment for
$90,000. Its estimated useful life was 7 years with a $13,000
salvage value. On January 1, 2022, before making its depreciation
entry for 2022, the company estimated the remaining useful life to
be 10 years beyond December 31, 2022. The new salvage value is
estimated to be $5,000.
Prepare the journal entry to record depreciation on December
31, 2019. (Credit account titles are automatically
indented when amount is entered. Do...
Sunland Company sold equipment for $22,000. The equipment originally cost $50,000 in 2019 and $12,000 was spent on a major overhaul in 2022 (charged to the Equipment account). Accumulated Depreciation on the equipment to the date of disposal was $40,000. Prepare the appropriate journal entry to record the disposition of the equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and...
On July 1, 2019, Sandhill Co, purchased new equipment for $90,000. Its estimated useful life was 5 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
Blue Corporation owns machinery that cost $41,600 when purchased on January 1, 2020. Depreciation has been recorded at a rate of $6,240 per year, resulting in a balance in accumulated depreciation of $12,480 at December 31, 2021. The machinery is sold on September 1, 2022, for $27,060. Prepare journal entry to update depreciation for 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
Most questions answered within 3 hours.
-
Find the critical value(s) for the specified Wilcoxon
signed-rank test.
Sample size = 10, two-tailed test,...
asked 23 minutes ago -
why don't arctic animals feet freeze in winter biology
question
asked 6 minutes ago -
Cellular respiration in eukaryotes has the same purpose as
fermentation in prokaryotes
True
False
asked 8 minutes ago -
A random sample of size n = 32 is taken from a
population with mean μ...
asked 19 minutes ago -
Define the term myogenic index and describe how it is measured
experimentally. What cellular process can...
asked 11 minutes ago -
5.) (a) How does go-back-by N ARQ work?
(b) What operations are required for CRC error...
asked 21 minutes ago -
write a research report on the scope and potential of renewable
energy resources for the kingdom...
asked 20 minutes ago -
1) When the centers of two spherical masses are separated by
distance D, the masses exert...
asked 26 minutes ago -
Population Standard Deviation
5.0000
Sample Size
11
Sample Mean
54.9091
Confidence Interval
Confidence Coefficient
0.98
Lower...
asked 41 minutes ago -
Consider a t distribution with 15 degrees of freedom. Compute
P(-1.42<t<1.42). Round your answer to at...
asked 43 minutes ago -
2-chloro-2-methylpropane is classified as a ____.
primary alkyl chloride
secondary alkyl chloride
tertiary alkyl chloride
asked 41 minutes ago -
Help would be greatly appreciated
Mark each of the statements below as True (T) or False...
asked 43 minutes ago