On December 31, 2020, Riverbed Inc. has a machine with a book value of $1,410,000. The original cost and related accumulateddepreciation at this date are as follows.Machine$1,950,000Less: Accumulated depreciation540,000Book value$1,410,000Depreciation is computed at $90,000 per year on a straight-line basis.Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record thetransaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal.(a)Your answer is correct.A fire completely destroys the machine on August 31, 2021. An insurance settlement of $645,000 was received for this casualty.Assume the settlement was received immediately. (Credit account titles are automatically indented when amount is entered. Do notindent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)DateAccount Titles and ExplanationDebitCreditAugust 31, 2021Depreciation Expense60000 (c)On July 31, 2021, the company donated this machine to the Mountain King City Council. The fair value of the machine at the timeof the donation was estimated to be $1,650,000. (Credit account titles are automatically indented when amount is entered. Do notindent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)DateAccount Titles and ExplanationDebitCreditJuly 31, 2021(To record current depreciation.)July 31, 2021(To record donation of the machine.)eTextbook and Media

Depreciation means the amount fixed assets written off due to normal wear and tear , normal usage ,…

(c) On July 31, 2021, the company donated this machine to the Mountain King City Council. The fair value of the machine at the time of the donation was estimated to be $1,650,000. (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.) Date Account Titles and Explanation Debit Credit July 31, 2021 (To record current depreciation.) July 31, 2021 (To record donation of the machine.)

(c) On July 31, 2021, the company donated this machine to the Mountain King City Council. The fair value of the machine at the time of the donation was estimated to be $1,650,000. (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.) Date Account Titles and Explanation Debit Credit July 31, 2021 (To record current depreciation.) July 31, 2021 (To record donation of the machine.)

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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