Bertram Company failed to record depreciation expense in 2024. The journal entry to correct the error in 2025 will include O a debit to Retained Earnings and a credit to Accumulated Depreciation. O a debit to Depreciation Expense and a credit to Accumulated Depreciation. O credits to both Retained Earnings and Accumulated Depreciation. O no entry is necessary because the books for 2024 have been closed.

Bertram Company failed to record depreciation expense in 2024. The journal entry to correct the error in 2025 will include O a debit to Retained Earnings and a credit to Accumulated Depreciation. O a debit to Depreciation Expense and a credit to Accumulated Depreciation. O credits to both Retained Earnings and Accumulated Depreciation. O no entry is necessary because the books for 2024 have been closed.

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

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 10P: At the beginning of 2020, Tanham Company discovered the following errors made in the preceding 2...

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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 Account Titles and Explanation Dec. 31 Inventory Debit 4,800,000 Credit (b) Accumulated Depreciation - Equipment 4,800,000 Prepare the journal entry (if any) to record depreciation expense for 2026. (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.) Account Titles and Explanation Debit Credit (c) The asset was not sold by December 31, 2026. The fair value of the equipment on that date is $5,300,000. Prepare the journal entry (if any) necessary to record this increase in fair value.…
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At December 31, 2025, Blue Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets Apr. May June During 2026, the following selected cash transactions occurred. (a) 1 $26,520,000 1 11,934,000 60,640,000 7,580,000 Your answer is correct. $4,548,000 14,586,000 1 Purchased land for $3,335,200. Sold equipment that cost $909,600 when purchased on January 1, 2019. The equipment was sold for $257,720. Sold land for $2,425,600. The land cost $1,516,000. 53,060,000 $72,194,000 July 1 Purchased equipment for $1,667,600. Dec. 31 Retired equipment that cost $1,061,200 when purchased on December 31, 2016. No salvage value was received. Journalize the transactions. (Hint: You may wish to set up T-accounts, post beginning balances, and then post 2026 transactions.) Blue uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful…
A partial statement of financial position of Ivanhoe Ltd. on December 31, 2022, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2022): Buildings $294,000 Less: Accumulated depreciation 94,000 Equipment $125,000 Less: Accumulated depreciation 45,000 (a) Ivanhoe uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its equipment (remaining useful life of 8 years, no residual value). Ivanhoe applies IFRS and has decided to adopt the revaluation model for its building and equipment, effective December 31, 2022. On this date, an independent appraiser assessed the fair value of the building to be $146,000 and that of the equipment to be $100,000. (To eliminate the accumulated depreciation) Prepare the necessary general journal entries, if any, to revalue the building and the equipment as at December 31, 2022, using the asset adjustment…
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Tamarisk Company uses special strapping equipment in its packaging business. The equipment was purchased in January 2019 for $11,600,000 and had an estimated useful life of 8 years with no salvage value. At December 31, 2020, new technology was introduced that would accelerate the obsolescence of Tamarisk's equipment. Tamarisk's controller estimates that expected future net cash flows on the equipment will be $7,308,000 and that the fair value of the equipment is $6,496,000. Tamarisk intends to continue using the equipment, but it is estimated that the remaining useful life is 4 years. Tamarisk uses straight-line depreciation.
Journal entries to record these transactions. (Credit account titles are automatically indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) (a) (b) (b) No. Account Titles and Explanation (a) Sunland Company retires its delivery equipment, which cost $48,030. Accumulated depreciation is also $48,030 on this delivery equipment. No salvage value is received. m Assume the same information as in part (a), except that accumulated depreciation for the equipment is $36,360 instead of 48,030. Debit !!! Credit
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The following data relate to the Machinery account of Metlock, Inc. at December 31, 2025. Machinery A B C D Original cost $50,600 $56,100 $88,000 $88,000 Year purchased 2020 2021 2022 2024 Useful life 10 years 15,000 hours 15 years 10 years Salvage value $3,410 $3,300 $5,500 $5,500 Depreciation method Sum-of-the-years-digits Activity Straight-line Double-declining balance Accum. depr. through 2025* $34,320 $38,720 $16,500 $17,600 "In the year an asset is purchased, Metlock, Inc. does not record any depreciation expense on the asset. In the year an asset is retired or traded in, Metlock, Inc. takes a full year's depreciation on the asset. The following transactions occurred during 2026. a. On May 5, Machine A was sold for $14,300 cash. The company's bookkeeper recorded this retirement in the following manner in the cash receipts journal. Cash Machinery (Machine A) 14,300 14,300 b. On December 31, it was determined that Machine B had been used 2,350 hours during 2026. c. On December 31,…
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