a company purchased equipment in 1/4/2022 for 110,000 with six years estimation life with 10,000 salvage value, in 31/12/2023 soldthe equipment for 80,000.journalize the entry in 31/12/2023

Journal entry for December 31, 2023, to record the sale of the equipment:Date: December 31, 2023…

Answered: a company purchased equipment in…

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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A company purchases a $10,000 piece of equipment with a $1,000 salvage value and estimated life of 5 years on October 1, 2019. What is the company’s depreciation expense for 2019 if they use the straight-line method of depreciation? Group of answer choices $2,000 $450 $1,800 $0
The following data relate to the Machinery account of Wildhorse, Inc. at December 31, 2025. Original cost Year purchased Useful life Salvage value Depreciation method Accum. depr. through 2025* a. Cash A Machinery (Machine A) $54,280 2020 15,340 10 years $3,658 Sum-of-the-years'-digits $36,816 B 15,340 $60,180 2021 Machinery 15,000 hours $3,540 Activity $41,536 C $94,400 2022 15 years $5,900 Straight-line $17,700 D $94,400 *In the year an asset is purchased, Wildhorse, Inc. does not record any depreciation expense on the asset. In the year an asset is retired or traded in, Wildhorse, Inc. takes a full year's depreciation on the asset. The following transactions occurred during 2026. 2024 10 years $5,900 On May 5, Machine A was sold for $15,340 cash. The company's bookkeeper recorded this retirement in the following manner in the cash receipts journal. Double-declining balance $18,880
Bruce Company acquired a machinery on April 1, 2020. Cost P 1,200,000 Residual Value P 120,000 Estimated Useful Life 8 years What is the depreciation for 2020 using straight line depreciation? A. P150,000 B. P101,250 C. P112,500 D. P125,000 What is the carrying amount of the machinery on December 31, 2022 using straight line depreciation? A. P750,000 B. P817,500 C. P828,750 D. P780,000
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
Consider a 5-year MACRS asset, which was purchased at $140,000. The asset was disposed of at end of year 5 with a salvage value of $50,000. What is amount of gain(or loss) when asset is disposed of ? O $33,872 O $11,280 O $17,744 O $16,128
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Peavey Enterprises purchased a depreciable asset for $25,000 on April 1, Year 1. The asset will be depreciated using the straight-line method over its four-year useful life. Assuming the asset's salvage value is $2,600, what will be the amount of accumulated depreciation on this asset on December 31 Year 3? Multiple Choice О $5,600 $22,400 $18,667 $15,400 О $4,667
A machine was purchased on 1 January 2021 and the other details of the machine are:- Cost of machine N$324 000 Depreciation rate 5 % Determine the amount of deprecation as at 31 December 2021
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Purchased a used heavy duty truck for $83,500 on January2, 2016, It was repaired at a cost of $3,420 and installed on a new platform costing $1,080. The useful life will be 6 years,. Residual value is $14,800 on Sep30, 2021, it was retired: 1) sold it for 15,000 2) sold it for $19,500 Please prepare all the calculation and related entries.
2. A company purchased a truck for $35,000 on January 1, 2019. The truck is estimated to have a useful life of four years and a salvage value of $1,000. Assuming that the company uses straight-line depreciation, what is depreciation expense for the year ended December 31, 2020? a. $8,750 b. $17,500 c. $8,500 d. $17,000 e. $25,500

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a company purchased equipment in 1/4/2022 for 110,000 with six years estimation life with 10,000 salvage value, in 31/12/2023 sold the equipment for 80,000. journalize the entry in 31/12/2023