A computer server is purchased for $9,876.54 on November 2. 2020. The depreciation entries are recorded at the end of each month. The useful life of the computer server is 3 years with a salvage value of $200.00. Using GAP and the sum-of-the-year's-digits method, what will be the general journal entry recorded for March 31, 2022?

A computer server is purchased for $9,876.54 on November 2. 2020. The depreciation entries are recorded at the end of each month. The useful life of the computer server is 3 years with a salvage value of $200.00. Using GAP and the sum-of-the-year's-digits method, what will be the general journal entry recorded for March 31, 2022?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 9P: During 2019, Ryel Companys controller asked you to prepare correcting journal entries for the...

See similar textbooks

Similar questions

A computer server is purchased for $9,876.54 on November 2. 2020. The depreciation entries are recorded at the end of each month. The useful life of the computer server is 3 years with a salvage value of $200.00. Using GAP and the sum-of-the-year's-digits method, what will be the general journal entry recorded for March 31, 2022?
Calculate depreciation. A machine cost $165,000 on April 28, 2021. Its estimated salvage value is $5,000 and its expected life is eight years. Instructions Prepare a depreciation schedule for each year using each of the following methods, showing the figures used. These schedules should have formulas in the cells referencing the "input section" that was discussed previously. (a) Straight-line (b) Double-declining-balance (c) Sum-of-the-years'-digits
On July 1, 2021, Rodger Construction Co. bought a new concrete mixer. The mixer cost $54,000. The expected life is 16 years with a salvage value of $1,000. What is the journal entry for depreciation for the month of July assuming straight-line depreciation? Debit: Accumulated Depreciation, $3,312.50; Credit: Depreciation expense, $3,312.50 Debit: Depreciation Expense, $3,312.50; Credit: Accumulated Depreciation, $3,312.50 Debit: Depreciation Expense, $276.04; Credit: Accumulated Depreciation, $276.04 Debit: Accumulated Depreciation, $276.04; Credit: Depreciation expense, $276.04
A Company purchased equipment on January 1, 2019 for AED 70,000. It is estimated that the equipment will have a AED 5,000 salvage value at the end of its 5-year useful life. It is also estimated that the equipment will produce 100,000 units over its 5-year life. Required: Solve the following independent questions where you need to show all the required calculations: Part A Compute the amount of depreciation expense for the year ended December 31, 2020, using the straight-line method of depreciation. Part B:- If 16,000 units of product are produced in 2019 and 24,000 units are produced in 2020, what is the book value of the equipment at December 31, 2020? The company uses the units-of-activity depreciation method. I Part C If the company uses the double-declining-balance method of depreciation, what is the balance of the Accumulated Depreciation-Equipment account at December 31, 2020?
On October 1, 2019, Jefferson Consulting purchased new computers for $13,820. The computers are expected to last 3 years and will have an estimated residual value of $500. Jefferson Consulting has a December 31 year end. Required Prepare the table below showing the yearly depreciation, accumulated depreciation, and net book value of the equipment. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole number. Year Original Cost of Equipment Depreciation Expense Accumulated Depreciation Net Book Value 2019 Answer Answer Answer Answer 2020 Answer Answer Answer Answer 2021 Answer Answer Answer Answer 2022 Answer Answer Answer Answer
On January 1, 2019, Williams Company purchased a copy machine. The machine costs $160,000, its estimated useful life is 8 years, and its expected salvage value is $10,000. What is the depreciation expense for 2020 using double-declining-balance method?
Please help me with the following question. b. The second year (2019) of depreciation on a computer costing $5,000 purchased in May 2018, using the half-year convention and accelerated depreciation considering any bonus depreciation taken.
On August 1, 2019, Jefferson Consulting purchased new computers for $15,920. The computers are expected to last 3 years and will have an estimated residual value of $800. Jefferson Consulting has a December 31 year end. Required Prepare the table below showing the yearly depreciation, accumulated depreciation, and net book value of the equipment.
On July 1, 2024, Action Printers purchased a printer for $67,000. It expects the printer to last for four years and have a residual value of $9,000. What is the journal entry to record the depreciation expense for the year ending December 31, 2024 using the straight-line method?
On April 21, 2018, OO YAN! Manufacturing Company bought new equipment for P725, 000. The new equipment has an estimated salvage value of P75, 000 and useful life of 12 years. Depreciation is computed using the sum-of -the-year's digits method whole year convention. How much is the amount of depreciation for 2018? Use four decimal places for your depreciation rate. Round off your final answer to the whole number.
Please see below. Need help with this asap please and thank you.
Prepare the entry, if necessary, to adjust the account balances because of the revision of the estimated life in 2027.