1/1 8/10 8/12 8/25 11/10 (a) Led shows the following entries in its Equipment account for 2023. All amounts are based on historical cost. Balance Purchases of equipment Freight on equipment purchased (b) Installation costs Repairs Your answer is correct Account Titles and Explanation Repairs and Maintenance Expense Equipment eTextbook and Media List of Accounts Your answer is partially correct Equipment Prepare any necessary correcting entries (Credit account titles are automatically indented when the amount is entered. De not indent manually. If no enby is required, select "No Entry for the account titles and enter O for the amounts. List debit entry before credit entry) 115.000 1.Straight-line 27.000 600 2.300 425 Cost of equipment sold (purchased prior to 6/30 2023) 2. Declining balance (assume twice the straight-line rate) $ Debit 425 Assuming that depreciation is to be charged for a full year based on the ending balance in the asset account no matter when acquired, calculate the proper depreciation charge for 2023 under both methods listed below. Assume an estimated life of 10 years for all equipment at the time of acquisition with no residual value. The equipment included in the January 1, 2023 Equipment balance was purchased in 2021. 12490 Credit 19255 20,000 Attempts: 1 of 3 used
1/1 8/10 8/12 8/25 11/10 (a) Led shows the following entries in its Equipment account for 2023. All amounts are based on historical cost. Balance Purchases of equipment Freight on equipment purchased (b) Installation costs Repairs Your answer is correct Account Titles and Explanation Repairs and Maintenance Expense Equipment eTextbook and Media List of Accounts Your answer is partially correct Equipment Prepare any necessary correcting entries (Credit account titles are automatically indented when the amount is entered. De not indent manually. If no enby is required, select "No Entry for the account titles and enter O for the amounts. List debit entry before credit entry) 115.000 1.Straight-line 27.000 600 2.300 425 Cost of equipment sold (purchased prior to 6/30 2023) 2. Declining balance (assume twice the straight-line rate) $ Debit 425 Assuming that depreciation is to be charged for a full year based on the ending balance in the asset account no matter when acquired, calculate the proper depreciation charge for 2023 under both methods listed below. Assume an estimated life of 10 years for all equipment at the time of acquisition with no residual value. The equipment included in the January 1, 2023 Equipment balance was purchased in 2021. 12490 Credit 19255 20,000 Attempts: 1 of 3 used
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:1/1
8/10
8/12
8/25
11/10
(a)
Led shows the following entries in its Equipment account for 2023. All amounts are based on historical cost.
Balance
(b)
Purchases of equipment
Freight on equipment
purchased
Installation costs
Repairs
Your answer is correct
Account Titles and Explanation
Repairs and Maintenarios Expense
Equipment
eTextbook and Media
List of Accounts
Your answer is partially correct
Equipment
115.000
Prepare any necessary correcting entries (Credit account titles are automatically indented when the amount is entered. Do not indent
manually. If no enby is required, select "No Entry for the account titles and enter O for the amounts. List debit entry before credit entry)
1.Straight-line
27.000
600
2.300
425
Cost of equipment sold (purchased prior to
6/30 2023)
2. Declining balance (assume twice the straight-line rate)
Debit
425
Assuming that depreciation is to be charged for a full year based on the ending balance in the asset account no matter when
acquired, calculate the proper depreciation charge for 2023 under both methods listed below. Assume an estimated life of 10
years for all equipment at the time of acquisition with no residual value. The equipment included in the January 1, 2023
Equipment balance was purchased in 2021
12490
Credit
19255
20,000
Attempts: 1 of 3 used
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