question 6-2

Jared Industries Ltd., a public company, presents you with the following information: (a) Complete the table for the year ended December 31, 2027. The company depreciates all assets for a half year in the year of acquisition and the year of disposal (Round answers to 0 decimal places, e.g. 5,275.) Cost $142,500 75,400 (3) Residual Value $16,000 21,000 23,500 Life in Years 10 5 8 Depreciation Method Double-declining-balance Straight line Double-declining balance (1) Accumulated Depreciation to Dec. 31, 2026 $39.900 29,000 (5) Depreciation for 2027 (2) (4) (6)

Presented below is information related to equipment owned by Novak Company at December 31, 2025. Cost $6,820,000 Accumulated depreciation to date 670,000 Expected future net cash flows 4,730,000 Fair value 3,430,000 Assume that Novak will continue to use this asset in the future. As of December 31, 2025, the equipment has a remaining useful life of 4 years and no salvage value. (a) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2025. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Date December 31, 2025 Account Titles and Explanation Debit Credit I

h8

General accounting

Munabhai

Concord Corp's statement of financial position at the end of 2022 included the following items: Current assets Land Buildings Equipment Accumulated depreciation-buildings Accumulated depreciation equipment Intangible assets-patents. Total 1 2 3. 4. 5. The following information is available for the 2023 fiscal year: 6. 7. 8. 5. 6. 7. 8 9. $1,265,000 (a) 30,100 1,210,000 330,000 (141,000) (12,200) 40,200 $2.722,100 December 31, 2023 Concord prepares financial statements in accordance with IFRS. Assets Current liabilities Bonds payable Common shares Retained earnings Concord Corp. Statement of Financial Position Total $1,128,100 Net income was $409,000. Interest paid is treated as an operating activity. Equipment (cost of $21.600 and accumulated depreciation of $8,080) was sold for $10,800. Depreciation expense was $4.150 on the building and $9,160 on equipment. Amortization expense on a patent was $3,110. 1,221,000 Current assets other than cash increased by $33,000. Current liabilities…

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Presented below is information related to equipment owned by Bramble Company at December 31, 2025. Cost Accumulated depreciation to date. Expected future net cash flows Fair value $10,260,000 (a) 1.140,000 7,980,000 5,472,000 Assume that Bramble will continue to use this asset in the future. As of December 31, 2025, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2025. (If no entry is required, select "No entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) ternunt Titles and Fynlanation Debit Credit SUPPORT

Presented below is information related to equipment owned by Crane Company at December 31, 2025. Cost Accumulated depreciation to date Expected future net cash flows Fair value (a) $9,090,000 1,010,000 Crane intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $20,250. As of December 31, 2025, the equipment has a remaining useful life of 4 years. 7,070,000 4,848,000 Dec. 31 Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2025. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation Debit Credit

Presented below is information related to equipment owned by Sunland Company at December 31, 2025. Cost Accumulated depreciation to date Expected future net cash flows Fair value (a) $10,170,000 Sunland intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $22,600. As of December 31, 2025, the equipment has a remaining useful life of 4 years. 1,130,000. 7,910,000 5,424,000 Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2025. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Dec. 31 Date Account Titles and Explanation Debit Credit

Swifty Industries presents you with the following information.Complete the table for the year ended December 31, 2022. The company depreciates all assets using the half-year convention. (Round answers to 0 decimal places, e.g. 45,892.) Description     DatePurchased     Cost   SalvageValue   Lifein Years     DepreciationMethod     AccumulatedDepreciation to12/31/21     Depreciationfor 2022   Machine A     2/12/20     $146,800   $17,000   10      SYD                                                               $34,220     $20060   Machine B     8/15/19     81370   21,630   5     SL     29,870     11948   Machine C     7/21/18     67,200   23,500   8     DDB   (A)     (B)     Machine D      (C)                                                   225,570   71,070   5     SYD     72,100   (D)

Swifty Industries presents you with the following information.Complete the table for the year ended December 31, 2022. The company depreciates all assets using the half-year convention. (Round answers to 0 decimal places, e.g. 45,892.) Description     DatePurchased     Cost   SalvageValue   Lifein Years     DepreciationMethod     AccumulatedDepreciation to12/31/21     Depreciationfor 2022   Machine A     2/12/20     $146,800   $17,000   10   (a)                                                                 $34,220   (b) $   Machine B     8/15/19   (c)     21,630   5     SL     29,870   (d)     Machine C     7/21/18     67,200   23,500   8     DDB   (e)     (f)     Machine D   (g)                                                                 225,570   71,070   5     SYD     72,100   (h)

Presented below is information related to equipment owned by Marigold Company at December 31, 2025. Cost $9,360,000 Accumulated depreciation to date 1,040,000 Expected future net cash flows 7,280,000 Fair value 4,992,000 Assume that Marigold will continue to use this asset in the future. As of December 31, 2025, the equipment has a remaining useful life of 5 years. (a) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2025. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31 Debit Credit eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer

Presented below is information related to equipment owned by Oriole SpA at December 31, 2022. Cost Accumulated depreciation to date Value-in-use Fair value less cost of disposal (a) €10,620,000 Oriole intends to dispose of the equipment in the coming year. As of December 31, 2022, the equipment has a remaining useful life of 4 years. Date 1,180,000 Dec. 31 8,260,000 5,192,000 Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2022. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

Subject: accounting

The gain or loss on disposal?

Skysong Industries presents you with the following information. Complete the table for the year ended December 31, 2027. The company depreciates all assets using the half-year convention. (Round answers to O decimal places, e.g. 45,892.) Description Machine A Machine B Machine C Machine D Date Purchased 2/12/25 8/15/24 7/21/23 Cost $151,050 80,000 232,140 (c) Salvage Value $16,960 22,260 23,500 73,140 Life in Years. 10 5 00 8 5 Depreciation Method SL DDB SYD (a) f D

Hh2. Account

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Presented below is information related to equipment owned by Sunland Company at December 31, 2020. Cost $10,170,000 Accumulated depreciation to date 1,130,000 Expected future net cash flows 7,910,000 Fair value 5,424,000 Assume that Sunland will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 4 years. (a) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 eTextbook and Media

A. On September 22, 2023, Phantom Inc. purchased machinery for $190,000. Residual value was estimated to be $10,000. The machinery will be depreciated over eight years using the sum-of-the-years’-digits method. If depreciation is computed on the basis of the nearest full month, how much depreciation expense for 2024 on this machinery should Marvel record?  $

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A8

Presented below is information related to equipment owned by Oriole Company at December 31, 2025. Cost Accumulated depreciation to date. Expected future net cash flows Fair value (a) $10,000,000 (b) 1,200,000 Oriole intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $24,000. As of December 31, 2025, the equipment has a remaining useful life of 5 years 8.400.000 5,760,000 Prepare the journal entry of any to record depreciation expense for 2026 ( no entry is required, select "No entry for the account titles and enter O for the amounts Credit account titles are automatically indented we entered. Do not indent manually List debit entry before credit entry) Account Titles and Explanation Debit Credit

Presented below is information related to equipment owned by Swifty Company at December 31, 2020. Cost   $9,270,000 Accumulated depreciation to date   1,030,000 Expected future net cash flows   7,210,000 Fair value   4,944,000 Assume that Swifty will continue to use this asset in the future. As of December 31, 2020, 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, 2020. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Prepare the journal entry to record depreciation expense for 2021.(If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) The fair value of the equipment at December 31, 2021, is…

Presented below is information related to equipment owned by Swifty Company at December 31, 2020. Cost   $9,270,000 Accumulated depreciation to date   1,030,000 Expected future net cash flows   7,210,000 Fair value   4,944,000 Assume that Swifty will continue to use this asset in the future. As of December 31, 2020, 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, 2020. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 enter an account title to record the transaction on December 31, 2017 enter a debit amount enter a credit amount   enter an account title to record the transaction on December 31, 2017 enter a debit amount enter a credit amount

Presented below is information related to equipment owned by Vaughn Company at December 31, 2020. Cost $10,350,000 Accumulated depreciation to date 1,150,000 Expected future net cash flows 8,050,000 Fair value 5,520,000 Assume that Vaughn will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 4 years. (a) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 List of Accounts

Presented below is information related to equipment owned by Suarez Company at December 31, 2020. Cost $9,000,000 Accumulated depreciation to date 1,000,000 Expected future net cash flows 7,000,000 Fair value 4,800,000   Assume that Suarez will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 4 years. Instructions a.   Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. b.   Prepare the journal entry to record depreciation expense for 2021. c.   The fair value of the equipment at December 31, 2021, is $5,100,000. Prepare the journal entry (if any) necessary to record this increase in fair value.

Presented below is information related to equipment owned by Bramble Company at December 31, 2020.   Cost $10,260,000 Accumulated depreciation to date 1,140,000 Expected future net cash flows 7,980,000 Fair value 5,472,000   Assume that Bramble will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 5 years.   a) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020.   b) Prepare the journal entry to record depreciation expense for 2021.