Pool Corporation, Inc., is the world's largest wholesale distributor of swimming pool supplies and equipment. Assume...
Pool Corporation, Inc., is the world's largest wholesale distributor of swimming pool supplies and equipment. Assume Pool Corporation purchased for cash new loading equipment for the warehouse on January 1 of Year 1. at an invoice price of $102,000. It also paid $6,000 for freight on the equipment, $3,300 to prepare the equipment for use in the warehouse, and $1,800 for insurance to cover the equipment during operation in Year 1. The equipment was estimated to have a residual value...
Pool Corporation, Inc., is the world's largest wholesale distributor of swimming pool supplies and equipment. Assume Pool Corporation purchased for cash new loading equipment for the warehouse on January 1 of Year 1, at an invoice price of $82,500. It also paid $3,400 for freight on the equipment, $2,000 to prepare the equipment for use in the warehouse, and $1,150 for insurance to cover the equipment during operation in Year 1. The equipment was estimated to have a residual value...
Pool Corporation, Inc., is the world's largest wholesale distributor of swimming pool supplies and equipment. Assume Pool Corporation purchased for cash new loading equipment for the warehouse on January 1 of Year 1, at an invoice price of $102.000. It also paid $6,000 for freight on the equipment, $3,300 to prepare the equipment for use in the warehouse, and $1,800 for insurance to cover the equipment during operation in Year 1 The equipment was estimated to have a residual value...
Pool Corporation, Inc., is the world's largest wholesale distributor of swimming pool supplies and equipment. It is a publicly traded corporation that trades on the NASDAQ exchange under the symbol POOL. It sells these products to swimming pool repair and service businesses like Penny's Pool Service & Supply, Inc., swimming pool builders, and retail swimming pool stores. The majority of these customers are small, family-owned businesses like Penny's. Its trial balance and additional information adapted from a recent year ended...
On January 2, 2019, Konrad Corporation acquired equipment for $800,000. The estimated life of the equipment is 5 years or 31,000 hours. The estimated residual value is $25,000. If Konrad Corporation uses the units of production method of depreciation, what will be the debit to Depreciation Expense for the year ended December 31, 2020, assuming that during this period, the asset was used 10,000 hours?
Wolverines Corporation purchased a large piece of equipment for $500,000 and placed in in service on January 1, 2018. The machinery has a useful life of 5 years or 37,500 hours of operation. Its estimated residual value is $50,000 Please give me the following (while clearly showing your calculations): 1. Journal entry for Depreciation Expense in 2020 using the Straight-Line Method 2. Journal entry for Depreciation Expense in 2020 using the Production method with depreciation being based on estimated machine...
Depreciate the equipment using the units of production method The equipment is expected to work 90,000 hours during its 5 year useful life with a salvage value of $4,700. The productivity level is as follows: Year 1 - 30,000 hours; Year 2 - 25,000 hours, Year 3 - 15,000 hours, Year 4 - 12,000 hours, Year 5 - 8,000 hours The equipment was disposed of on January 1, Year 5 for $22,000. Prepare the journal entry to record the disposal...
On January 2, 2019, Konrad Corporation acquired equipment for $600,000. The estimated life of the equipment is 5 years or 37,000 hours. The estimated residual value is $8,000. If Konrad Corporation uses the units of production method of depreciation, what will be the debit to Depreciation Expense for the year ended December 31, 2020, assuming that during this period, the asset was used 7,000 hours? O A. $113,514 OB. $115,027 OC. $118,400 O D. $112,000
2. On January 2, 2019, Kornis Corporation acquired equipment for $300,000. The estimated life of the equipment is 5 years or 40,000 hours. The estimated residual value is $50,000. What is the balance in Accumulated Depreciation on December 31, 2019, if Kornis Corporation uses the double−declining−balance method ofdepreciation? A.$120,000 B. $60,000 C.$50,000 D.$100,000 3. On January 2, 2019, Konrad Corporation acquired equipment for $760,000. The estimated life of the equipment is 5 years or 37,000 hours. The estimated residual value...
On January 2, 2019. Konrad Corporation acquired equipment for $500,000. The estimated life of the equipment is 5 years or 18,000 hours. The estimated residual value is $14,000. If Konrad Corporation uses the units of production method of depreciation, what will be the debit to Depreciation Expense for the year ended December 31, 2020, assuming that during this period, the asset was used 6,000 hours? O A. $97,200 O B. $166,667 OC. $171,333 OD. $162,000 point