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Sandhill Ltd. purchased equipment on January 1, 2015 at a cost of $182,680. The equipment has an estimated useful life...
Sandhill Ltd. purchased equipment on January 1, 2015 at a cost of $182,680. The equipment has...
Sandhill Ltd. purchased equipment on January 1, 2015 at a cost of $182,680. The equipment has an estimated useful life of 10 years and a residual value of $10,720. Sandhill realized that there was a declining demand for the product being produced by the equipment. Given this indicator of possible impairment, management determined that the recoverable amount of the asset on December 31, 2018 was $97,530. The company uses the straight-line method of depreciation. Calculate the annual depreciation and the...
Ivanhoe Ltd. purchased equipment on January 1, 2015 at a cost of $173,030. The equipment has...
Ivanhoe Ltd. purchased equipment on January 1, 2015 at a cost of $173,030. The equipment has an estimated useful life of 10 years and a residual value of $9,740. Ivanhoe realized that there was a declining demand for the product being produced by the equipment. Given this indicator of possible impairment, management determined that the recoverable amount of the asset on December 31, 2018 was $101,290. The company uses the straight-line method of depreciation. Calculate the annual depreciation and the...
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...
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 8 years with a $18,000 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. a.Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do...
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 8 years with a $18,000 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. Your answer is correct. 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,...
Presented below is information related to equipment owned by Sandhill Company at December 31, 2017. Cost...
Presented below is information related to equipment owned by Sandhill Company at December 31, 2017. Cost $6,960,000 Accumulated depreciation to date 696,000 Expected future net cash flows 4,640,000 Fair value 3,248,000 Assume that Sandhill will continue to use this asset in the future. As of December 31, 2017, 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, 2017. (If no entry is required,...
Crane Enterprises Ltd. purchased machinery on January 1, 2015. The machinery cost $399,000, and was estimated...
Crane Enterprises Ltd. purchased machinery on January 1, 2015. The machinery cost $399,000, and was estimated to have a ten-year useful life and a residual value of $44,000. Straight-line depreciation was recorded each year-end (December 31) to the end of December 31, 2019. On January 1, 2020, Crane re-evaluated the machinery. It was now believed that the equipment's total life was expected to be 15 years. Prepare the journal entry to record depreciation for 2020. (Credit account titles are automatically...
Sweet Enterprises Ltd. purchased machinery on January 1, 2015. The machinery cost $362,000, and was estimated...
Sweet Enterprises Ltd. purchased machinery on January 1, 2015. The machinery cost $362,000, and was estimated to have a ten-year useful life and a residual value of $68,000. Straight-line depreciation was recorded each year-end (December 31) to the end of December 31, 2019. On January 1, 2020, Sweet re-evaluated the machinery. It was now believed that the equipment's total life was expected to be 15 years. Prepare the journal entry to record depreciation for 2020. (Credit account titles are automatically...
Kingbird Enterprises Ltd. purchased machinery on January 1, 2015. The machinery cost $406,000, and was estimated...
Kingbird Enterprises Ltd. purchased machinery on January 1, 2015. The machinery cost $406,000, and was estimated to have a ten-year useful life and a residual value of $59,000. Straight-line depreciation was recorded each year-end (December 31) to the end of December 31, 2019. On January 1, 2020, Kingbird re-evaluated the machinery. It was now believed that the equipment’s total life was expected to be 15 years. Prepare the journal entry to record depreciation for 2020. (Credit account titles are automatically...
Sweet Enterprises Ltd. purchased machinery on January 1, 2015. The machinery cost $362,000, and was estimated...
Sweet Enterprises Ltd. purchased machinery on January 1, 2015. The machinery cost $362,000, and was estimated to have a ten-year useful life and a residual value of $68,000. Straight-line depreciation was recorded each year-end (December 31) to the end of December 31, 2019. On January 1, 2020, Sweet re-evaluated the machinery. It was now believed that the equipment's total life was expected to be 15 years. Prepare the journal entry to record depreciation for 2020. (Credit account titles are automatically...
Sandhill Ltd. purchased equipment on January 1, 2015 at a cost of $182,680. The equipment has an estimated useful life of 10 years and a residual value of $10,720. Sandhill realized that there was a declining demand for the product being produced by the equipment. Given this indicator of possible impairment, management determined that the recoverable amount of the asset on December 31, 2018 was $97,530. The company uses the straight-line method of depreciation. Calculate the annual depreciation and the...
Ivanhoe Ltd. purchased equipment on January 1, 2015 at a cost of $173,030. The equipment has an estimated useful life of 10 years and a residual value of $9,740. Ivanhoe realized that there was a declining demand for the product being produced by the equipment. Given this indicator of possible impairment, management determined that the recoverable amount of the asset on December 31, 2018 was $101,290. The company uses the straight-line method of depreciation. Calculate the annual depreciation and the...
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...
On July 1, 2019, Sandhill Co. purchased new equipment for $90,000. Its estimated useful life was 8 years with a $18,000 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. Your answer is correct. 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,...
Crane Enterprises Ltd. purchased machinery on January 1, 2015. The machinery cost $399,000, and was estimated to have a ten-year useful life and a residual value of $44,000. Straight-line depreciation was recorded each year-end (December 31) to the end of December 31, 2019. On January 1, 2020, Crane re-evaluated the machinery. It was now believed that the equipment's total life was expected to be 15 years. Prepare the journal entry to record depreciation for 2020. (Credit account titles are automatically...
Sweet Enterprises Ltd. purchased machinery on January 1, 2015. The machinery cost $362,000, and was estimated to have a ten-year useful life and a residual value of $68,000. Straight-line depreciation was recorded each year-end (December 31) to the end of December 31, 2019. On January 1, 2020, Sweet re-evaluated the machinery. It was now believed that the equipment's total life was expected to be 15 years. Prepare the journal entry to record depreciation for 2020. (Credit account titles are automatically...
Sweet Enterprises Ltd. purchased machinery on January 1, 2015. The machinery cost $362,000, and was estimated to have a ten-year useful life and a residual value of $68,000. Straight-line depreciation was recorded each year-end (December 31) to the end of December 31, 2019. On January 1, 2020, Sweet re-evaluated the machinery. It was now believed that the equipment's total life was expected to be 15 years. Prepare the journal entry to record depreciation for 2020. (Credit account titles are automatically...
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