* CengageNowv2 |Online teachin X+.ignment/takeAssignmentMain.do?invoker%3&takeAssignmentSessionLocator=&inprogress=falseeBookShow Me HowCalculatorPrint ItemEntries for sale of fixed assetChart of AccountsFirst QuestionJournalInstructionsEquipment acquired on January 8 at a cost of S168,000 has an estimated useful life of 18 years, has an estimated residual value of $15,000, and is depreciated bythe straight-line method.A. What was the book value of the equipment at December 31 the end of the fourth year?B. Assuming that the equipment was sold on April 1 of the fifth year for 5125,000, journalize the entries to record (1) depreciation for the threemonths until the sale date and (2) the sale of the equipment.

Straight line method refers to process of measuring depreciation and amortization and expending…

Answered: * CengageNowv2 |Online teachin X +.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Saved Help Save & Exit Submit TB MC Qu. 07-124 (Algo) Valley Spa purchased... Valley Spa purchased $11,200 in plumbing components from Tubman Company. Valley Spa signed a 90-day, 7% promissory note for $11,200. If the note is dishonored, what is the amount due on the note? (Use 360 days a year.) Multiple Choice $11,200 $11,450 $196 $11.396 1,069 15 étv MacBook Air 80 888 DII DE F3 F4 F5 F6 F7 F8 %23 24 2 3 7 8 W E R
Please no written by hand solutions Solve in a spreadsheet with excel functions A purchased machine cost $320,000, with delivery and installation charges amounting to $30,000. The declared salvage value was $50,000. Its useful life is 10 years. a) Compute the SL depreciation schedule over its useful life. b) Compute the DDB depreciation schedule over its useful life. c) Compute the MACRS depreciation schedule. Its ADR life is 12 years. d) Early in Year 4, the company changed its product mix and found that it no longer needed the machine. One of its competitors agreed to buy the machine for $110,000. Determine the loss, gain, or recapture on the sale. Use the MACRS schedule.
Please do not give solution in image format thanku
please no copy from other answers answer with steps and all work like explanation , calculation ,formula answer in text need complete and correct answer without copy paste
Do not give image format
SOLVE STEP BY STEP IN DIGITAL FORMAT DON'T USE AI Obtain the annual depreciation of the pencil machine, which cost $200,000. At the end of its 5-year useful life, $15,000 is redeemed and it is considered that 8 million pieces are produced, distributed as follows: End of the year 0 1 2 3 4 5 Year 1 2 3 4 5 Annual production Production 2 millions 2 millions 2 millions 1 million 1 million annual depreciation Accumulated depreciation ida book value
CALCULATOR STANDARD VIEW PRINTER VERSION Gill Company, organized in 2020, has the following transactions related to intangible assets. 1 BACK NEXT ES 1/2/20 Purchased patent (7-year life) $595,000 4/1/20 Goodwill purchased (indefinite life) 360,000 7/1/20 10-year franchise 480,000 an) 9/1/20 Research and development costs 185,000 on) v (a1) Z Your answer is partially correct. Try again. udy Prepare the necessary entries to record these intangibles. All costs incurred were for cash, Make the adiusting entries as of December 31, 2020, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit 1/2/20 Patents 595,000 Cash 595,000 4/1/20 Goodwill 360,000 Cash 360,000 7/1/20 :Franchises 480,000 Cash 480,000…
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
ng Enabled: FINAL EXAM Help Save &Exit Submit Salvia Company recently purchased a truck. The price negotlated with the dealer was $43,500. Salvia also pald sales tax of $2,700 on the purchase, shipping and preparation costs of $3,700, and Insurance for the first year of operation of $4,700. At what amount should the truck be recorded on the balance sheet prior to recording depreclation expense? Multiple Choice $47,200. $49,900. $43,500. $46,200.
If the equipment account has a balance of $52,000 and its accumulated depreciation account has a balance of $10,000, what would be the book value of the equipment? Group of answer choices $10,000 $62,000 $42,000 $52,000
CengageNOWV2| Assignme * CengageNOwv2 | Onlin X enow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker38&takeAssignmentSessionLocator=&inprogress=false Calculator If a fixed asset, such as a computer, were purchased on January 1 for $3,750 with an estimated life of three years and a salvage or residual value of $150, the journal entry for monthly expense under straight-line depreciation is Oa. Depreciation Expense 100 Accumulated Depreciation 100 Ob. Depreciation Expense 1,200 Accumulated Depreciation 1,200 Oc. Accumulated Depreciation 1,200 Depreciation Expense 1,200 Od. Accumulated Depreciation 100 Depreciation Expense 100 Previous 0-23 AM
Now change the Cost, Life of the Asset, and Salvage Value for all of the assets listed in the table in your worksheet to match the information below: Asset No. 1-001 1-002 1-003 1-004 1-005 1-006 1-007 Fixed Asset Name Desktop computer 13" Laptop Laptop 15" Tablet 4-person Workstation Office chairs (set of 4) 70" Flat Screen TV - Straight-Line Double-Declining Straight-Line Double-Declining Straight-Line Double-Declining Total Depreciation Year 1 $ 1,940 Cost $1,700 $1,100 $2,700 $ 650 Be sure to also check the Cost in both of your Depreciation Method tables in your worksheet so that it matches the updated information. Total Accumulated Depreciation Year 1 $3,100 $1,000 $1,500 Required: 2a. Complete the chart below that shows comparisons of the two depreciation methods. (Round your answers to the nearest whole dollar.) Total Net Book Value Year 1 Life of Asset 5 Total Depreciation Year 2 55510105 Total Accumulated Depreciation Year 2 Salvage Value $ 0 $ 0 Total Net Book Value Year 2…

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS