Question

29. What is the journal entry to record depreciation for a manufacturing company that uses the machine entirely for the production of inventory? a. Depreciation Expense b. Inventory-Work-In-Process OH c. Depreciation Expense d. Inventory-Work-In-Process OH 1,000 Accumulated Depreciation-Machine Accumulated Depreciation-Machine Inventory-Work-In-Process OH Accumulated Depreciation-Machine 1,000 1,000 1,000 1,000 4,000 1,000 4,000 How is depreciation recorded for a manufacturer using the machine 70% for the production of inventory? 30. a. Inventory-Work-In-Process OH 700 300 Depreciation Expense b. Inventory-Work-In-Process OH c. Inventory-Work-In-Process OH Accumulated Depreciation-Machine 1,000 1,000 Accumulated Depreciation-Machine 1,000 3,600 400 Depreciation Expense Inventory-Work-In-Process OH 4,000 d. Depreciation Expense 1,000 Accumulated Depreciation-Machine 1,000 Use the following information to answer Questions 31-33: On September 2, 2016, a calendar-year company purchases a used machine (5-year property) for $510,000. 31. What is the maximum tax deduction for the machine in 2016? a·$529,800 What is the maximum tax deduction for the machine in 2017? b. $583,400 c. $502,000 d. $541,000 32. a. $17,600 b. $1,600 c. $3,200 d. $35,200

Answer 1

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Statementshowing Computations
Paticulars	Debit	Credit
Debit Inventory-Work-In-Process OH	1,000.00
Credit Accumulated Depreciation-Equipment		1,000.00
Q30
Debit Inventory-Work-In-Process OH	700.00
Debit Depreciation expense	300.00
Credit Accumulated Depreciation-Equipment		1,000.00