Account Titles and Explanation | Debit | Credit |
Accumulated depreciation - equipment | $47,000 | |
Equipment | $47,000 |
Account Titles and Explanation | Debit | Credit |
Accumulated depreciation - Equipment | $36,400 | |
Loss on disposal of equipment | $10,600 | |
Equipment | $47,000 |
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Bramble Corp. retires its delivery equipment, which cost $47,000. Accumulated depreciation is also $47,000 on this deli...
(A) Sound Tracker Company retires its delivery
equipment, which cost $48,000. Accumulated depreciation is also
$48,000 on this delivery equipment. No salvage value is received.
(Credit account titles are automatically indented when amount is
entered. Do not indent manually. If no entry is required, select
"No Entry" for the account titles and enter 0 for the amounts.)
(B) Napoli Manufacturing has old equipment that
cost $54,000. The equipment has accumulated depreciation of
$27,700. Napoli has decided to sell the equipment....
Bramble Company has an old factory machine that cost $59,750.
The machine has accumulated depreciation of $33,460. Bramble has
decided to sell the machine. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the
amounts.)
(a)
What entry would Bramble make to record the sale of the machine
for $29,875 cash?
(b)
What entry would Bramble make to record...
Presented below is information related to equipment owned by Bramble Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $10,260,000 1,140,000 7,980,000 5,472,000 Bramble intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $22,800. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Your answer is partially correct. Prepare the journal entry (if any) to...
Presented below is information related to equipment owned by Bramble Company at December 31, 2020. $10,260,000 Cost Accumulated depreciation to date 1,140,000 7,980,000 Expected future net cash flows Fair value 5,472,000 Assume that Bramble will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required,...
Vaughn Company exchanged equipment used in its manufacturing operations plus $3,540 in cash for similar equipment used in the operations of Bramble Company. 1 information pertains to the exchange. Vaughn Bramble Equipment (cost) Accumulated depreciation $33,040 22,420 $33,040 11,800 Fair value of equipment 14.750 18.290 Cash given up 3.540 Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered....
Presented below is Information related to equipment owned by Waterway Company at December 31, 2020. Cost Accumulated depreciation to date Expected futurc nct cash flows Fair value $10.710,000 1,190,000 8.330,000 5,712.000 Assume that Waterway will continue to use this assct in the future. As of December 31, 2020, the equipment has a remaining useful life of 4 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required,...
Flounder Manufacturing has old equipment that cost $53,000. The equipment has accumulated depreciation of $28,100. Flounder has decided to sell the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) (a) What entry would Flounder make to record the sale of the equipment for $31,000 cash? (b) What entry would Flounder make to record the sale of...
explanation very appreciated
Marigold Company owns equipment that cost $936,000 and has accumulated depreciation of $395,200. The expected future net cash flows from the use of the asset are expected to be $520,000. The fair value of the equipment is $416,000. Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered....
Yount Company exchanged an old machine (cost $150,000 less $90,000 accumulated depreciation) plus $10,000 cash for a new machine. The old machine had a fair value of $54,000 (b) Lawson Company trades old equipment (cost $90,000 less $54,000 accumulated depreciation) for new equipment. Lawson paid $36,000 cash in the trade. The old equipment that was traded had a fair value of $54,000. The transaction has commercial substance. Prepare the entry to record the exchange of assets by Yount Company (Credit...
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...