← Chapter 9 Homework Assignment (Graded) Question 3 of 5 < > View Policies -/1 E Current Attempt in Progress Wildhorse Company owns equipment that cost $121,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $12,100 and an estimated useful life of 5 years. Depreciation expense adjustments are recognized annually. Instructions: Prepare Wildhorse Company's journal entries to record the sale of the equipment in these four independent situations. Update depreciation on assets disposed of at time of sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) Sold for $73,000 on January 1, 2022. (b) Sold for $73,000 on April 1, 2022. (c) Sold for $25,500 on January 1, 2022. (d) Sold for $25,500 on September 1, 2022. (e) Repeat (a), assuming Wildhorse uses double-declining balance depreciation. (f) Repeat (c), assuming Wildhorse uses double-declining balance depreciation. SR. Account Titles and Explanation (a) Debit Credit SUPPORT
← Chapter 9 Homework Assignment (Graded) Question 3 of 5 < > View Policies -/1 E Current Attempt in Progress Wildhorse Company owns equipment that cost $121,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $12,100 and an estimated useful life of 5 years. Depreciation expense adjustments are recognized annually. Instructions: Prepare Wildhorse Company's journal entries to record the sale of the equipment in these four independent situations. Update depreciation on assets disposed of at time of sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) Sold for $73,000 on January 1, 2022. (b) Sold for $73,000 on April 1, 2022. (c) Sold for $25,500 on January 1, 2022. (d) Sold for $25,500 on September 1, 2022. (e) Repeat (a), assuming Wildhorse uses double-declining balance depreciation. (f) Repeat (c), assuming Wildhorse uses double-declining balance depreciation. SR. Account Titles and Explanation (a) Debit Credit SUPPORT
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 62E
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Question
Transcribed Image Text:← Chapter 9 Homework Assignment (Graded)
Question 3 of 5
<
>
View Policies
-/1 E
Current Attempt in Progress
Wildhorse Company owns equipment that cost $121,000 when purchased on January 1, 2019. It has been depreciated using the
straight-line method based on an estimated salvage value of $12,100 and an estimated useful life of 5 years. Depreciation expense
adjustments are recognized annually.
Instructions:
Prepare Wildhorse Company's journal entries to record the sale of the equipment in these four independent situations. Update
depreciation on assets disposed of at time of sale. (Credit account titles are automatically indented when the amount is entered. Do not
indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the
amounts.)
(a)
Sold for $73,000 on January 1, 2022.
(b)
Sold for $73,000 on April 1, 2022.
(c)
Sold for $25,500 on January 1, 2022.
(d)
Sold for $25,500 on September 1, 2022.
(e)
Repeat (a), assuming Wildhorse uses double-declining balance depreciation.
(f)
Repeat (c), assuming Wildhorse uses double-declining balance depreciation.
SR. Account Titles and Explanation
(a)
Debit
Credit
SUPPORT
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