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(c) Assume that the equipment consists of an input device with a cost of $60,000, residual value of $5,000, and useful life of 5 years; a processor with a cost of $120.000, residual value of $18,000, and useful life of 10 years; and an output device with a cost of $267.000, residual value of $22,000, and useful life of 12 years Prepare the journal entry to record the purchase on January 1 2023. (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 occount titles and enter 0 for the amounts List oll debit entries before credit entries) Account Titles and Explanation eTextbook and Media Save for Lase Debit Credit Attempts: 0 of 3 used Submit Answer

(c) Assume that the equipment consists of an input device with a cost of $60,000, residual value of $5,000, and useful life of 5 years; a processor with a cost of $120.000, residual value of $18,000, and useful life of 10 years; and an output device with a cost of $267.000, residual value of $22,000, and useful life of 12 years Prepare the journal entry to record the purchase on January 1 2023. (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 occount titles and enter 0 for the amounts List oll debit entries before credit entries) Account Titles and Explanation eTextbook and Media Save for Lase Debit Credit Attempts: 0 of 3 used Submit Answer

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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Sunland Company Ltd. buys equipment on January 1, 2023. for $447,000 cash. The asset is expected to have a useful life of 12 years and a residual value of $45.000, Sunland prepares financial statements under IFRS. (a) ✓ Your answer is correct. Calculate the amount of depreciation for each of 2023, 2024, and 2025 using the straight-line method. 2023 2024 2025 (b) $ e Textbook and Media 2023 S ✓ Your answer is correct 2024 2025 Depreciation $ Calculate the amount of depreciation for each of 2023 2024, and 2025 using the double-declining balance method (Round percentage to 2 decimal places eg 52.75 and round final onswers to the nearest dollar, eg 5.275) 3 33500 33500 33500 Depreciation. 74515 62093 Attempts: 1 of 3 used 51742
Transcribed Image Text:Sunland Company Ltd. buys equipment on January 1, 2023. for $447,000 cash. The asset is expected to have a useful life of 12 years and a residual value of $45.000, Sunland prepares financial statements under IFRS. (a) ✓ Your answer is correct. Calculate the amount of depreciation for each of 2023, 2024, and 2025 using the straight-line method. 2023 2024 2025 (b) $ e Textbook and Media 2023 S ✓ Your answer is correct 2024 2025 Depreciation $ Calculate the amount of depreciation for each of 2023 2024, and 2025 using the double-declining balance method (Round percentage to 2 decimal places eg 52.75 and round final onswers to the nearest dollar, eg 5.275) 3 33500 33500 33500 Depreciation. 74515 62093 Attempts: 1 of 3 used 51742
(c) Assume that the equipment consists of an input device with a cost of $60,000, residual value of $5,000, and useful life of 5 years; a processor with a cost of $120.000, residual value of $18,000, and useful life of 10 years; and an output device with a cost of $267.000 residual value of $22,000, and useful life of 12 years. Prepare the journal entry to record the purchase on January 1, 2023. (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 O for the amounts List all debit entries before credit entries) Account Titles and Explanation eTextbook and Media Save For Late V Debit Credit Attempts: 0 of 3 used Submit Answer (d) The parts of this question must be completed in order. This part will be available when you complete the part above (e) The parts of this question must be completed in order. This part will be available when you complete the part above 4
Transcribed Image Text:(c) Assume that the equipment consists of an input device with a cost of $60,000, residual value of $5,000, and useful life of 5 years; a processor with a cost of $120.000, residual value of $18,000, and useful life of 10 years; and an output device with a cost of $267.000 residual value of $22,000, and useful life of 12 years. Prepare the journal entry to record the purchase on January 1, 2023. (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 O for the amounts List all debit entries before credit entries) Account Titles and Explanation eTextbook and Media Save For Late V Debit Credit Attempts: 0 of 3 used Submit Answer (d) The parts of this question must be completed in order. This part will be available when you complete the part above (e) The parts of this question must be completed in order. This part will be available when you complete the part above 4
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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