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(a) Compute the rate of depreciation per year to be applied to the plant assets under the composite method. (b) Prepare the adjusting entry necessary at the end of the year to record depreciation for the year. (c)Prepare the entry to record the sale of asset D for cash of $4,800. It was used for 6 years, and depreciation was entered under the composite method.

(a) Compute the rate of depreciation per year to be applied to the plant assets under the composite method. (b) Prepare the adjusting entry necessary at the end of the year to record depreciation for the year. (c)Prepare the entry to record the sale of asset D for cash of $4,800. It was used for 6 years, and depreciation was entered under the composite method.

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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E11-9 (Composite Depreciation) Presented below is information related to LeBron James Manufacturing Corporation. Instructions Estimated Salvage Asset Cost $40,500 A B 33,600 с 36,000 D 19,000 E 23,500 (a) Compute the rate of depreciation per year to be applied to the plant assets under the composite method. (b) Prepare the adjusting entry necessary at the end of the year to record depreciation for the year. (c)Prepare the entry to record the sale of asset D for cash of $4,800. It was used for 6 years, and depreciation was entered under the composite method. $5,500 4,800 3,600 Estimated Life (in years) 1,500 2,500 10 9 9 7 6
Transcribed Image Text:E11-9 (Composite Depreciation) Presented below is information related to LeBron James Manufacturing Corporation. Instructions Estimated Salvage Asset Cost $40,500 A B 33,600 с 36,000 D 19,000 E 23,500 (a) Compute the rate of depreciation per year to be applied to the plant assets under the composite method. (b) Prepare the adjusting entry necessary at the end of the year to record depreciation for the year. (c)Prepare the entry to record the sale of asset D for cash of $4,800. It was used for 6 years, and depreciation was entered under the composite method. $5,500 4,800 3,600 Estimated Life (in years) 1,500 2,500 10 9 9 7 6
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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