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
Q: The book value of an asset that is listed as a 10-year MACRS property is $49,500 after the first…
A: Cost basis: It can be defined as the original or actual value of an asset measured for the purpose…
Q: TB MC Qu. 08-176 Martin Company purchases a machine a... Martin Company purchases a machine at the…
A: Determine double declining depreciation rate
Q: Current Attempt in Progress Equipment was acquired on January 1, 2025 at a cost of $168,000. The…
A: Depreciation expense :— It is the allocation of depreciable cost of asset over the estimated useful…
Q: Bramble Industries presents you with the following information. Complete the table for the year…
A: Accumulated Depreciation Accumulated depreciation refers to an asset's depreciation up to a single…
Q: A small delivery truck was purchased on January 1 at A cost of $25,000 it has an estimated useful…
A: Depreciation is considered a reduction in the value of assets due to use of that asset. We can…
Q: TB MC Qu. 08-173 Martin Company purchases a machine... Martin Company purchases a machine at the…
A: Formula to calculate depreciation under straight line method:
Q: Disposal of Fixed Asset Equipment acquired on January 8, 20Y1, at a cost of $607,500, has an…
A: Book value is the value of an asset according to its balance sheet account balance. For assets, the…
Q: A plant asset was purchased on January 1 for $20,000 with an estimated salvage value of $4000 at the…
A: DEPRECIATION UNDER STRAIGHT LINE METHOD = (COST OF ASSET - SALVAGE VALUE) / USEFUL LIFE OF ASSET…
Q: What is the book value of the building
A: Compute the depreciation.
Q: TB MC Qu. 08-173 (Static) Martin Company purchases a machine... Martin Company purchases a machine…
A: Depreciation is considered an expense charge on the value of the asset. It can be calculated by…
Q: Records show the following information for a plant asset purchased on October 1 of Year 1. Cost $…
A: Depreciation is a reduction in value of asset due to wear and tear, technological advancement and…
Q: Intangibles: Balance Sheet Presentation and Income Statement Effects Bringle Company has provided…
A: We have the following information: A patent was purchased from Lou Company for $1,845,000 on…
Q: Current Attempt in Progress X Your answer is incorrect. Metlock Company purchased equipment for…
A: Depreciation is considered an expense charge on the value of the asset. It can be calculated by…
Q: • Johns Company has three assets that are depreciated straight-line under one Group Depreciation…
A: Depreciation = Total Cost - Salvage Value / Useful life
Q: Machinery was purchased on January 1 for $72,000. The machinery has an estimated life of 7 years and…
A: Depreciation for Year 1 = $72,000 * 2/7 = $20,571.43
Q: Equipment acquired on October 1, 2022, at a cost of $754,000, has an estimated useful life of 10…
A: Depreciation helps businesses to recoup the cost of an asset at the time it was bought. The approach…
Q: Lacey Company purchased a depreciable asset for $440,000. The estimated salvage value is $20,000,…
A: Depreciation is the decrease in value of assets due to its obsolete condition ,wear and tear…
Q: Desk purchased January 10 for $3,000; 8-year useful life; $600 salvage value. Calculate MACRS…
A: The practice of allocating the cost of a tangible or physical item over the course of that asset's…
Q: Current Attempt in Progress Sandhill Company owns equipment that cost $63,700 when purchased on…
A: Depreciation is considered an expense charge on the value of the asset. It can be calculated by…
Q: Shannon Company has a equipment that originally cost $68,000. Depreciation has been recorded for six…
A: Lets understand the basics.Journal entry is required to make to record event and transaction that…
Q: Peavey enterprises purchased a depreciable asset for 28,000 on April 1 year 1. the asset will be…
A: Depreciation under the straight-line method is calculated by dividing the difference of the cost of…
Q: A company purchased factory equipment on June 1,2021 , for $151000. It is estimated that the…
A: Depreciation expense :— It is the allocation of depreciable cost of asset over the estimated useful…
Q: If a fixed asset, such as a computer, were purchased on January 1st for $2,253.00 with an estimated…
A: Straight line Depreciation Expense per year = (Original Cost - Residual Value)/Useful Life According…
Q: Packaging equiptment purchased 12 years ago for $240,000 was sold for $100,000 cash. Accumulated…
A: Prepare journal entry for the loss on sale of equipment:
Q: Show Me How Intangibles: Balance Sheet Presentation and Income Statement Effects Han Company has…
A: Intangible Assets The Accounting of intangible assets which are taken consider the amortization cost…
Q: SPISE On January 4, 2006, Blue Company purchased for $900,000 equipment having an estimated useful…
A: Depreciation Expenses are the expenses incurred on the wear and tear of the fixed assets. This is…
Q: Equipment acquired on January 9, 20Y3, at a cost of $615,000, has an estimated useful life of 17…
A: Straight Line Depreciation Expense = (Cost - Residual Value)/ Useful Life Book Value = Cost -…
Q: Sale of Plant Asset Shannon Company has a equipment that originally cost $68,000. Depreciation has…
A: Under the straight line depreciation method, the depreciation is charged at the same amount for each…
Q: Last year, Mountain Top, Incorporated, purchased a coal mine at a cost of $900,000. The salvage…
A: Solution: Cost of coal mine = $900,000 Estimated salvage value = $100,000 Estimated life (in tons)…
Q: Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2012. The…
A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…
Q: 2. On July 1, 2025, Sport Company purchase estimated useful life of 5 years with an estimat the…
A: Depreciation represents the reduction of the value of long term asset of the company. The…
Q: Equipment was purchased on January 1, 2018 and management determined a useful life of 8 years and a…
A:
Q: Marigold Industries presents you with the following information. Complete the table for the year…
A: Depreciation is the amount which reduces the value of an asset over its useful life. Depreciation is…
Q: Mid Company purchased a building for $130,000 with an estimated useful life of 10 years and $10,000…
A: Formula for Depreciation Calculation using SLM (Cost of purchase - salvage value)/useful life…
Q: Required a. Prepare journal entries to record the acquisition costs. Description Debit ◆ b.…
A: The straight-line method is a depreciation technique that evenly allocates the cost of an asset over…
Q: From the following information prepare adjusting entries in the general journal and enter them in…
A: In absence of any information I assume that the question has asked to calculate depreciation expense…
Q: ir Company purchased equipment that cost $110,000 cash on January 1, Year 1. The equipment had an…
A: Solution: Under straight line method of depreciation, depreciation is based on depreciable cost and…
Q: Machinery was purchased on January 1 for $65,660. The machinery has an estimated life of seven years…
A: Machinery purchase =65660 Salvage value =9000 Life =7 years Straight line depreciation…
Q: Item 2: Entity B purchased equipment for $180,000 on January 1, 2024 with an estimated salvage value…
A: Straight line depreciation is a common and simplest method of calculation depreciation.As per this…
Q: Orr January 1, 2024, Company ABC purchased a piece of equipment for $50,000. The equipment has an…
A: Depreciation expense:— It is the allocation of depreciable cost of asset over the estimated useful…
Q: Machinery was purchased on January 1 for $50,000. The machinery has an estimated life of 7 years and…
A: Depreciation is a method of accounting that allocates the cost of a tangible or physical object over…
Q: The following data relate to the Machinery account of Wildhorse, Inc. at December 31, 2025. Original…
A: Journal entry is the procedure for initially documenting commercial transactions in the books of…
Q: Subject: accounting On September 1, 2020, Sport Company purchased for $4,600,000 snow-making…
A: Depreciation is reduction in value of fixed assets over the period of time. Under straight line…
Q: The following information is available on a depreciable asset: Purchase date January 1, Year 1…
A: The Depreciation expense is charged on fixed assets as reduction in the value of the fixed assets…
Q: Based on the information below, what amount should be recorded for depreciation at the end of Year 2…
A: Depreciation is considered an expense charge on the value of the asset. It can be calculated by…
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F83e61fe3-4307-4cf1-bdbf-4a7f12fdb52b%2Fbeae4112-8ecd-4469-844f-0e7cf88ac177%2F31qjecs_processed.jpeg&w=3840&q=75)
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 1 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- A plant asset was purchased on January 1 for $120000 with an estimated salvage value of $10000 at the end of its useful life. The current year's Depreciation Expense is $10000 calculated on the straight-line basis and the balance of the Accumulated Depreciation account at the end of the year is $60000. The remaining useful life of the plant asset is 5 years. O. 11 years. O 12 years. O 7 years.Instructions Chart of Accounts General Journal Instructions Computer equipment (office equipment) purchased 6 1/2 years ago for $170,000, with an estimated life of 8 years and a residual value of $10,000, is now sold for $60,000 cash. (Appropriate entries for depreciation had been made for the first six years of use.) Required: Journalize the following entries: a. Record the depreciation for the one-half year prior to the sale, using the straight-line method. b. Record the sale of the equipment.* C. Assuming that the equipment had been sold for $25,000 cash, prepare the entry to record the sale.* *Refer to the Chart of Accounts for exact wording of account titles. Previous NextRecording partial-year depreciation and sale of an asset On January 2, 2016, Pet Spa purchased fixtures for $37,800 cash, expecting the fixtures to remain in service for six years. Pet Spa has depreciated the fixtures on a straight-line basis, with $9,000 residual value. On May 31, 2018, Pet Spa sold the fixtures for $24,200 cash. Record both depreciation expense for 2018 and sale of the fixtures on May 31, 2018.
- 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 $4,667Colvin Enterprises purchased a depreciable asset on October 1, Year 1 at a cost of $100,000. The asset is expected to have a salvage value of $20,000 at the end of its five-year useful life. If the asset is depreciated on the double-declining-balance method, the asset's book value on December 31, Year 2 will be: A. $36,000 B. $42,000 C. $54,000 D. $16,000 E. $90,000Prepare the general journal entries for the following transactions. 20-a Jan. 2 Purchased land with a building on it for $750,000. The land is worth $300,000. Paid $150,000 down and signed a mortgage to be paid over 20 years. Dec. 31 Depreciation is computed using the straight-line method. The building has an estimated salvage value of $75,000 and an estimated life of 20 years. 20-b Jul. 1 The building and the land are sold for $825,000 cash. If an amount box does not require an entry, leave it blank. 20-a Page: 1 Date DESCRIPTION POST. REF. DEBIT CREDIT 1 Jan. 2 fill in the blank 37b26efe5005049_2 fill in the blank 37b26efe5005049_3 1 2 fill in the blank 37b26efe5005049_5 fill in the blank 37b26efe5005049_6 2 3 fill in the blank 37b26efe5005049_8 fill in the blank 37b26efe5005049_9 3 4 fill in the blank 37b26efe5005049_11 fill in the blank 37b26efe5005049_12 4 5 Dec. 31 fill in the blank 37b26efe5005049_14 fill in the…
- Cullumber Company had the following assets on January 1, 2022. Useful Life (in years) Salvage Value $ 0 Item Cost Purchase Date Machinery $72,000 Jan. 1, 2012 10 Forklift 31,000 Jan. 1, 2019 Truck 37,400 Jan. 1, 2017 8. 3,000 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $12,100. The truck was discarded on December 31. Journalize all entries required on the above dates, indluding entries to update depreciation, where applicable, on disposed assets. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit (To record depreciation expense on forklift) (To record sale of forklift) (To record depreciation expense on…Peavey Enterprises purchased a depreciable asset for $32,000 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 $4,000, Peavey Enterprises should recognize depreciation expense in Year 2 in the amount of: Multiple Choice $26,833.33 $28,000.00 $7,000.00 $8,000.002. 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
- A building is acquired on January 1st at a cost of $1,010,000 with an estimated useful life of 8 years in salvage value of $9,900 compute depreciation expense for the first three years using the double declining balance methodTB MC Qu. 08-106 Marlow Company purchased a point of sale... Marlow Company purchased a point of sale system on January 1 for $3,400. This system has a useful life of 10 years and a salvage value of $400. What would be the book value of the asset at the end of the first year of its useful life using the double- declining-balance method?TB MC Qu. 08-168 Mohr Company purchases a machine at the... Mohr Company purchases a machine at the beginning of the year at a cost of $24,000. The machine is depreciated using the straight-line method. The machine's useful life is estimated to be 5 years with a $4,000 salvage value. Depreciation expense in year 2 is
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)