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2 For the tangible and Intanglble assets acqulred In the preceding transactions, determine the amount of depreclation and amortization that Casting Crown Construction should report for the quarter that ended March 31. The equipment Is depreclated using the double-declining-balance method with a useful Iife of five years and $40,000 residual value. Equipment Licensing nights 3. Prepare a journal entry to record the depreclation and amortization calculated In regulrement 2 (If no entry Is required for a transaction/event, select "No Journal entry required" In the first account field.) View tranaaction llet Journal entry worksheet Record the entry for depreciation and amortization. Nate: Enter debits betare credits. Date General Journal Debit Credit Depreciation expense Amortization expense Mar 31 Accumulated depreciation (Equip.) Accumulated amortization

2 For the tangible and Intanglble assets acqulred In the preceding transactions, determine the amount of depreclation and amortization that Casting Crown Construction should report for the quarter that ended March 31. The equipment Is depreclated using the double-declining-balance method with a useful Iife of five years and $40,000 residual value. Equipment Licensing nights 3. Prepare a journal entry to record the depreclation and amortization calculated In regulrement 2 (If no entry Is required for a transaction/event, select "No Journal entry required" In the first account field.) View tranaaction llet Journal entry worksheet Record the entry for depreciation and amortization. Nate: Enter debits betare credits. Date General Journal Debit Credit Depreciation expense Amortization expense Mar 31 Accumulated depreciation (Equip.) Accumulated amortization

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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2. For the tangible and Intangible assets acquired In the preceding transactlons, determine the amount of depreclation and amortizatlon that Casting Crown Construction should report for the quarter that ended March 31. The equipment Is depreclated usIng the double-declining-balance method with a useful life of five years and $40,000 resldual value. Equipment. Licensing nights 3. Prepare a Journal entry to record the depreclation and amortization calculated in requlrement 2 (If no entry Is required for a transaction/event, select "No journal entry required" In the first account field.) Viow tranooction llet Journal entry worksheet Record the entry for deprediation and amortization. Date General Journal Debit Credit Mar 31 Depreciation,expense Amortization expense Accumulated depreciation (Equip) Accumu ated amortization
Transcribed Image Text:2. For the tangible and Intangible assets acquired In the preceding transactlons, determine the amount of depreclation and amortizatlon that Casting Crown Construction should report for the quarter that ended March 31. The equipment Is depreclated usIng the double-declining-balance method with a useful life of five years and $40,000 resldual value. Equipment. Licensing nights 3. Prepare a Journal entry to record the depreclation and amortization calculated in requlrement 2 (If no entry Is required for a transaction/event, select "No journal entry required" In the first account field.) Viow tranooction llet Journal entry worksheet Record the entry for deprediation and amortization. Date General Journal Debit Credit Mar 31 Depreciation,expense Amortization expense Accumulated depreciation (Equip) Accumu ated amortization
Casting Crown Construction etered Into the following transactions during a recent year 2 Purchased a bulldozer for 5200,000 by paying $20,000 cash and signing a $180,000 note. 3 Replaced Lhe steel tracks on the bulldozer at a cost of 520.600, purchased on account. Danuary January Danuany30 Wrote a cheque for the anount owed on account for the work completed on Jarnuary 3. February 1 Replaced the seat on the bulldozer and wrote e cheque for the full S6e0 cost. March 1 Pald $2,480 cash for the rights to use computer software for a two-year perlod. Required: 1-a. Analyze the accounting equation effects. (Enter any decreases to accounts with a minus sign.) Date Assets Liabilites Shareholder's Equity Note payable (20,000) 200,000 Jan. 2 Cash 180,000 Equipment Jan. 3 Equipment Jan. 30 Cash 20,000 (20,000) Accounts payable Accounts payable 20,000 (20,000) Feb. 1 (600) (600) (2,400) Cash Repairs and mantenance expense Mar. 1 Cash 2,400 1-b. Prepare thejournal entrles for each of the transactions. (If no entry is required for a transaction/event, select No Journal entry required" In the first account field.) No Date: General Journal Debit Credit Jan 02 Equipment 200,000 Cash 20,000 Note payable 180,000 dan 03 Equipment 20,000 Accounts payable 20.000 3 Jan 30 Accounts payable 20,000 Cash 20,000 Feb 01 Repairs and ma ntenance expense; Cash Mar 01 Licensing rights 2.400 Cash 2.400 2 For the tang ble and Intang ble assets acquired nthe preceding trancactions, determine the amount of depreclation and amortization that Casting Crown Construction should report for the quarter that ended March 3t. The equipment Is depreclated using the double-deaining-balance methodw/th a useful Iife of five years and $40,000 residual vaue. Equipment Licensing rights
Transcribed Image Text:Casting Crown Construction etered Into the following transactions during a recent year 2 Purchased a bulldozer for 5200,000 by paying $20,000 cash and signing a $180,000 note. 3 Replaced Lhe steel tracks on the bulldozer at a cost of 520.600, purchased on account. Danuary January Danuany30 Wrote a cheque for the anount owed on account for the work completed on Jarnuary 3. February 1 Replaced the seat on the bulldozer and wrote e cheque for the full S6e0 cost. March 1 Pald $2,480 cash for the rights to use computer software for a two-year perlod. Required: 1-a. Analyze the accounting equation effects. (Enter any decreases to accounts with a minus sign.) Date Assets Liabilites Shareholder's Equity Note payable (20,000) 200,000 Jan. 2 Cash 180,000 Equipment Jan. 3 Equipment Jan. 30 Cash 20,000 (20,000) Accounts payable Accounts payable 20,000 (20,000) Feb. 1 (600) (600) (2,400) Cash Repairs and mantenance expense Mar. 1 Cash 2,400 1-b. Prepare thejournal entrles for each of the transactions. (If no entry is required for a transaction/event, select No Journal entry required" In the first account field.) No Date: General Journal Debit Credit Jan 02 Equipment 200,000 Cash 20,000 Note payable 180,000 dan 03 Equipment 20,000 Accounts payable 20.000 3 Jan 30 Accounts payable 20,000 Cash 20,000 Feb 01 Repairs and ma ntenance expense; Cash Mar 01 Licensing rights 2.400 Cash 2.400 2 For the tang ble and Intang ble assets acquired nthe preceding trancactions, determine the amount of depreclation and amortization that Casting Crown Construction should report for the quarter that ended March 3t. The equipment Is depreclated using the double-deaining-balance methodw/th a useful Iife of five years and $40,000 residual vaue. Equipment Licensing rights
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