31, 2020, and $55,375 at December 31, 2019. ired: there have not been any purchases, sales, or other transactions affecting this equipment account since the equipment was first cquired, what is the amount of depreciation expense for 2020? 1. What the original cost of the equipment was. 2. What depreciation method is apparently being used. $ 68,200 ssume the same facts as in part a, and assume that the estimated useful life of the equipment is four years and the estimated alvage value is $23,900. Determine: $101,425 omplete this question by entering your answers in the tabs below. 3. When the equipment was acquired. ssume that the equipment is sold on December 31, 2020, for $56,000. Prepare the horizontal model and record the journal entry or the sale of the equipment. Indicate the financial statement effect. Required B1 quired A Required B2 Required B3 Required C1 Required C2 sume that the equipment is sold on December 31, 2020, for $56,000. Prepare the horizontal model for the sale of the equipment. Indicate the financial statement ef

31, 2020, and $55,375 at December 31, 2019. ired: there have not been any purchases, sales, or other transactions affecting this equipment account since the equipment was first cquired, what is the amount of depreciation expense for 2020? 1. What the original cost of the equipment was. 2. What depreciation method is apparently being used. $ 68,200 ssume the same facts as in part a, and assume that the estimated useful life of the equipment is four years and the estimated alvage value is $23,900. Determine: $101,425 omplete this question by entering your answers in the tabs below. 3. When the equipment was acquired. ssume that the equipment is sold on December 31, 2020, for $56,000. Prepare the horizontal model and record the journal entry or the sale of the equipment. Indicate the financial statement effect. Required B1 quired A Required B2 Required B3 Required C1 Required C2 sume that the equipment is sold on December 31, 2020, for $56,000. Prepare the horizontal model for the sale of the equipment. Indicate the financial statement ef

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 60E

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Pete's Propellers Company showed the following information in its Property, Plant, and Equipment Subledger regarding Machine #5027. Machine 5027 Date of Depreciation purchane Jan. 12/10 Jan. 12/18 Rat. Cost $ 62,000 40,000 16,200 Component Single metal housing Methode Reaidual Ent.tife SL. $8,000 15 yra Motor DDB 6,000 10 yrs Blade Jan. 12/18 SL 1,400 s yrs $118,200 *SL = Straight-line; DDB = Double-declining-balance On January 7, 2020, the machine blade cracked and it was replaced with a new one costing $13,200 purchased for cash (the old blade was scrapped). The new blade had an estimated residual value of $2,000 and an estimated life of filve years and would continue to be depreciated using the straight-line method. During 2020, it was determined that the useful life on the metal housing should be Increased to a total of 18 years instead of 15 years and that the residual value should be increased to $10,000. Required: 1. Prepare the entry to record the purchase of the replacement…
Study the information given below and answer the following questions:5.1 Calculate the profit or loss on the disposal of the equipment. 5.2 Prepare the following note to the financial statements as at 28 February 2020:* Property, plant and equipment INFORMATIONThe following balances appeared in the general ledger of Umzinto Traders on 01 March 2019, the beginning of the financial year:RVehicles 300 000Accumulated depreciation on vehicles 140 000Equipment 130 000Accumulated depreciation on equipment 75 000Additional information1) A new vehicle, cost price R160 000, was purchased on credit on 01 December 2019.2) Equipment with a cost price of R10 000, was sold for cash on 31 August 2019 for R2 000. The accumulated depreciation on the equipment sold amounted to R7 000 on 01 March 2019.3) Depreciation is calculated on equipment at 10% per annum on cost.4) Depreciation is calculated on vehicles at 20% per annum on the diminishing balance.
I need to know how to calculate the gain on the equipment sold in part C The balance sheets of HiROE Inc. showed the following at December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Equipment, less accumulated depreciation of $212,625 at December 31, 2020, and $151,875 at December 31, 2019. $ 273,375 $ 334,125 Required: If there have not been any purchases, sales, or other transactions affecting this equipment account since the equipment was first acquired, what is the amount of the depreciation expense for 2020? Assume the same facts as in part a, and assume that the estimated useful life of the equipment to HiROE Inc., is eight years and that there is no estimated salvage value. Determine: What the original cost of the equipment was. What depreciation method is apparently being used. When the equipment was acquired. Assume that this equipment account represents the cost of 5 identical machines. Prepare the horizontal model and record the journal…
The balance sheets of Tully Corp. showed the following at December 31, 2020, and 2019: December 31, 2020 $ 68,200 Equipment, less accumulated depreciation of $88,600 at December 31, 2020, and $55,375 at December 31, 2019. Required: a. If there have not been any purchases, sales, or other transactions affecting this equipment account since the equipment was first acquired, what is the amount of depreciation expense for 2020? b. Assume the same facts as in part a, and assume that the estimated useful life of the equipment is four years and the estimated salvage value is $23,900. Determine: Complete this question by entering your answers in the tabs below. 1. What the original cost of the equipment was. 2. What depreciation method is apparently being used. 3. When the equipment was acquired. c. Assume that the equipment is sold on December 31, 2020, for $56,000. Prepare the horizontal model and record the journal entry for the sale of the equipment. Indicate the financial statement…
Kindly explain how should the purchase on January 2, 2020 of additional machineries and equipments affect the depreciation in SYD method. Can you please show me the complete solution to get the depreciation for machinery and equipment (SYD method) on Dec. 31, 2020 and its carrying value at the same date? Thank you so much in advance!
SHOW YOUR SOLUTION IN GOOD ACCOUNTING FORM. THANK YOU What amount should be recorded as depreciation for 2021? a. 287200 b. 384000 c. 460000 d. 359000
Answer the required part: a. Entries to record the purchase of the land and other costs related to the mining activities in the year 2020. b. Entries to record the depletion expense for the years 2021 and 2022. Please complete your answers. Thank you!
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Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense for 2019 if the units-of-production method were used ( Note: Round your answer to the nearest dollar)? a. $179,400 b. $184,000 c. $218,400 d. $224,000
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Hello, in the above question 3 on the change in policy on the depreciation why not calculate the depreciation expense for the year-end December 31, 2018, and 2019 which is 100,000 divided by 10 = 10,000 for 2 years = 20,000. Then subtract the 36,000 -20,000 = 16,000. Reverse the 12,800 which was booked using the double declining balance method. and record the correct amount to accumulated depreciation and depreciation expense.
Please not that the accumulated Depriciation for 2020 using both methods does not agree to my opening depreciation Opening depreciation according to TB = 3,451,709 Depreciation at 2020 RBal Meth = 1,770,854 Depreciation at 2020 UPro Meth=1,864,865 both = 3,635,719 There is a difference of 184,010