Homework Answers
| Date | Account Titles and Explanation | Debit | Credit |
| Dec 31 | No Entry | ||
| No Entry | |||
| (To eliminate the accumulated depreciation) | |||
| Dec 31 | Truck | $5,400 | |
| Revaluation Surplus (OCI) | $5,400 | ||
| (To adjust the delivery truck to fair value) |
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Tuur answer is partially correct. Culver Corporation purchased a delivery truck in early January 2016. The truck cos...
Culver Corporation purchased a delivery truck in early January 2016. The truck cost $93,600, and was...
Culver Corporation purchased a delivery truck in early January 2016. The truck cost $93,600, and was to be depreciated over 8 years, assuming no residual value. Culver decided to account for this truck using the revaluation model, with the truck to be revalued every two years. The truck's fair value at the end of 2018 was $75,600. ort Prepare the journal entries to revalue the truck on December 31, 2018 assuming Culver uses the asset adjustment method. (Credit account titles...
Your answer is partially correct. Try again. Culver Company purchased a heavy-duty truck on July 1,...
Your answer is partially correct. Try
again. Culver Company purchased a heavy-duty truck on July 1, 2014,
for $31,320. It was estimated that it would have a useful life of
10 years and then would have a trade-in value of $5,640. The
company uses the straight-line method. It was traded on August 1,
2018, for a similar truck costing $46,964; $17,124 was allowed as
trade-in value (also fair value) on the old truck and $29,840 was
paid in cash. A...
Brambie Manufacturers Inc., a publicly listed company, has two machines that are accounted for under the...
Brambie Manufacturers Inc., a publicly listed company, has two
machines that are accounted for under the revaluation model.
Technology in Brambie’s industry is fast-changing, causing the fair
value of each machine to change significantly approximately every
two years. The following information is available:
Machine #1
Machine #2
Acquisition date
Jan. 2, 2014
June 30, 2013
Original cost
$420,000
$588,000
Original estimate of useful life
8 years
12 years
Original estimate of residual value
–0–
–0–
Pattern of depreciation
Straight-line
Straight-line...
A partial statement of financial position of Wildhorse Ltd. on December 31, 2019, showed the following...
A partial statement of financial position of Wildhorse Ltd. on December 31, 2019, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2019): Buildings Less: accumulated depreciation Equipment Less: accumulated depreciation $326,000 126,000 $200,000 $125,000 45,000 80,000 Wildhorse uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its equipment (remaining useful life of 8 years, no residual value). Wildhorse applies IFRS and...
Splish Brothers’s Delivery Company and Overland’s Express Delivery exchanged delivery trucks on January 1, 2019. Splish...
Splish Brothers’s Delivery Company and Overland’s Express
Delivery exchanged delivery trucks on January 1, 2019. Splish
Brothers’s truck cost $22,500. It has accumulated depreciation of
$15,500 and a fair value of $3,300. Overland’s truck cost $10,000.
It has accumulated depreciation of $8,000 and a fair value of
$3,300. The transaction has commercial substance.
Your answer is partially correct. Try again.
Journalize the exchange for Splish Brothers’s Delivery Company.
(Credit account titles are automatically indented when
amount is entered. Do not...
Yoshi Company completed the following transactions and events involving its delivery trucks. 2016 Jan. 1 Paid...
Yoshi Company completed the following transactions and events
involving its delivery trucks.
2016
Jan.
1
Paid $23,515 cash plus $1,785 in sales tax for a new delivery
truck estimated to have a five-year life and a $2,000 salvage
value. Delivery truck costs are recorded in the Trucks
account.
Dec.
31
Recorded annual straight-line depreciation on the truck.
2017
Dec.
31
Due to new information obtained earlier in the year, the
truck’s estimated useful life was changed from five to four...
Current Attempt in Progress A partial statement of financial position of Ivanhoe Ltd. on December 31,...
Current Attempt in Progress A partial statement of financial position of Ivanhoe Ltd. on December 31, 2019, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2019): upport Buildings Less: accumulated depreciation Equipment Less: accumulated depreciation $337.000 137.000 $200,000 $125.000 45.000 80.000 Ivanhoe uses straight-line depreciation for its building remaining useful life of 20 years, no residual values and for its equipment remaining useful life of years.no residual value). Ivanhoe...
On January 3, 2018, On Time Delivery Service purchased a truck at a cost of $67,000. Before placi...
On January 3, 2018, On Time Delivery Service purchased a truck at a cost of $67,000. Before placing the truck in service, On Time spent $4,000 painting it, $1,700 replacing tires, and $2,000 overhauling the engine. The truck should remain in service for five years and have a residual value of $5,100. The truck's annual mileage is expected to be 20,000 miles in each of the first four years and 12,800 miles in the fifth year 92,800 miles in total....
Here are selected 2017 transactions of Culver Corporation Jan. Retired a piece of machinery that was...
Here are selected 2017 transactions of Culver Corporation Jan. Retired a piece of machinery that was purchased on January 1, 2007. The machine cost $61,300 and had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2015. The computer cost $35,800 and had a useful life of 4 years with no salvage value. The computer was sold for $4,100 cash. Dec. 31 Sold a delivery truck for $9.210...
On January 2, 2018, Reliable Delivery Service purchased a truck at a cost of $65,000. Before...
On January 2, 2018, Reliable Delivery Service purchased a truck at a cost of $65,000. Before placing the truck in service, Reliable spent $2,200 painting it, $1,700 replacing tires, and $10,600 overhauling the engine. The truck should remain in service for five years and have a residual value of $6,000. The truck's annual mileage is expected to be 23,000 miles in each of the first four years and 13,000 miles in the fifth year—105,000 miles in total. In deciding which...
Culver Corporation purchased a delivery truck in early January 2016. The truck cost $93,600, and was to be depreciated over 8 years, assuming no residual value. Culver decided to account for this truck using the revaluation model, with the truck to be revalued every two years. The truck's fair value at the end of 2018 was $75,600. ort Prepare the journal entries to revalue the truck on December 31, 2018 assuming Culver uses the asset adjustment method. (Credit account titles...
Your answer is partially correct. Try
again. Culver Company purchased a heavy-duty truck on July 1, 2014,
for $31,320. It was estimated that it would have a useful life of
10 years and then would have a trade-in value of $5,640. The
company uses the straight-line method. It was traded on August 1,
2018, for a similar truck costing $46,964; $17,124 was allowed as
trade-in value (also fair value) on the old truck and $29,840 was
paid in cash. A...
Brambie Manufacturers Inc., a publicly listed company, has two
machines that are accounted for under the revaluation model.
Technology in Brambie’s industry is fast-changing, causing the fair
value of each machine to change significantly approximately every
two years. The following information is available:
Machine #1
Machine #2
Acquisition date
Jan. 2, 2014
June 30, 2013
Original cost
$420,000
$588,000
Original estimate of useful life
8 years
12 years
Original estimate of residual value
–0–
–0–
Pattern of depreciation
Straight-line
Straight-line...
A partial statement of financial position of Wildhorse Ltd. on December 31, 2019, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2019): Buildings Less: accumulated depreciation Equipment Less: accumulated depreciation $326,000 126,000 $200,000 $125,000 45,000 80,000 Wildhorse uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its equipment (remaining useful life of 8 years, no residual value). Wildhorse applies IFRS and...
Splish Brothers’s Delivery Company and Overland’s Express
Delivery exchanged delivery trucks on January 1, 2019. Splish
Brothers’s truck cost $22,500. It has accumulated depreciation of
$15,500 and a fair value of $3,300. Overland’s truck cost $10,000.
It has accumulated depreciation of $8,000 and a fair value of
$3,300. The transaction has commercial substance.
Your answer is partially correct. Try again.
Journalize the exchange for Splish Brothers’s Delivery Company.
(Credit account titles are automatically indented when
amount is entered. Do not...
Yoshi Company completed the following transactions and events
involving its delivery trucks.
2016
Jan.
1
Paid $23,515 cash plus $1,785 in sales tax for a new delivery
truck estimated to have a five-year life and a $2,000 salvage
value. Delivery truck costs are recorded in the Trucks
account.
Dec.
31
Recorded annual straight-line depreciation on the truck.
2017
Dec.
31
Due to new information obtained earlier in the year, the
truck’s estimated useful life was changed from five to four...
Current Attempt in Progress A partial statement of financial position of Ivanhoe Ltd. on December 31, 2019, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2019): upport Buildings Less: accumulated depreciation Equipment Less: accumulated depreciation $337.000 137.000 $200,000 $125.000 45.000 80.000 Ivanhoe uses straight-line depreciation for its building remaining useful life of 20 years, no residual values and for its equipment remaining useful life of years.no residual value). Ivanhoe...
On January 3, 2018, On Time Delivery Service purchased a truck at a cost of $67,000. Before placing the truck in service, On Time spent $4,000 painting it, $1,700 replacing tires, and $2,000 overhauling the engine. The truck should remain in service for five years and have a residual value of $5,100. The truck's annual mileage is expected to be 20,000 miles in each of the first four years and 12,800 miles in the fifth year 92,800 miles in total....
Here are selected 2017 transactions of Culver Corporation Jan. Retired a piece of machinery that was purchased on January 1, 2007. The machine cost $61,300 and had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2015. The computer cost $35,800 and had a useful life of 4 years with no salvage value. The computer was sold for $4,100 cash. Dec. 31 Sold a delivery truck for $9.210...
On January 2, 2018, Reliable Delivery Service purchased a truck at a cost of $65,000. Before placing the truck in service, Reliable spent $2,200 painting it, $1,700 replacing tires, and $10,600 overhauling the engine. The truck should remain in service for five years and have a residual value of $6,000. The truck's annual mileage is expected to be 23,000 miles in each of the first four years and 13,000 miles in the fifth year—105,000 miles in total. In deciding which...
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