Please help, give me a detailed answer to this. Current Attempt in ProgressOn December 31, 2025, Wildhorse Inc. has a machine with a book value of $1,278,400. The original cost and related accumulateddepreciation at this date are as follows.Machine$1,768,000Less: Accumulated depreciation489,600Book value$1,278,400Depreciation is computed at $81,600 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)A fire completely destroys the machine on August 31, 2026. An insurance settlement of $584,800 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. List all debit entries beforecredit entries.)DateAccount Titles and ExplanationAug. 31, 2026(To record current depreciation.)Aug. 31, 2026(To record loss of the machine.)DebitCredit

Entry to record the current depreciation: Debit depreciation expense account with $54,400 to…

Answered: Current Attempt in Progress On December…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter18: Accounting For Long-term Assets

Section: Chapter Questions

Problem 3CE: A machine costing 350,000 has a salvage value of 15,000 and an estimated life of three years....

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Hathaway Company purchased a copying machine for 8,700 on October 1, 2019. The machines residual value was 500 and its expected service life was 5 years. Hathaway computes depreciation expense to the nearest whole month. Required: 1. Compute depredation expense (rounded to the nearest dollar) for 2019 and 2020 using the: a. straight-line method b. sum-of-the-years-digits method c. double-declining-balance method 2. Next Level Which method produces the highest book value at the end of 2020? 3. Next Level Which method produces the highest charge to income in 2020? 4. Next Level Over the life of the asset, which method produces the greatest amount of depreciation expense?
VIEW PUncles Current Attempt in Progress On December 31, 2025, Vaughn Inc. has a machine with a book value of $1,222,000. The original cost and related accumulated depreciation at this date are as follows. Machine Less: Accumulated depreciation Book value (a) $1,690,000 Depreciation is computed at $78,000 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 the transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal. Date 468,000 Aug. 31, 2026 $1,222,000 A fire completely destroys the machine on August 31, 2026. An insurance settlement of $559,000 was received for this casualty. Assume the settlement was received immediately. (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…
On December 31, 2025, Wildhorse Inc. has a machine with a book value of $1,278,400. The original cost and related accumulated depreciation at this date are as follows. Machine Less: Accumulated depreciation Book value (a) Depreciation is computed at $81,600 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 the transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal. Date Your answer is partially correct. ug. 31, 2026 $1,768,000 A fire completely destroys the machine on August 31, 2026. An insurance settlement of $584,800 was received for this casualty. Assume the settlement was received immediately. (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. List all debit…
Please help, give me a detailed answer to this.
On December 31, 2020, Tritt Inc. has a machine with a book value of $940,000. The original cost and related accumulated depreciation at this date are as follows. Machine $1,300,000 Less: Accumulated depreciation 00360,000 Book value $0940,000 Depreciation is computed at $60,000 per year on a straight-line basis. Instructions Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal. a. A fire completely destroys the machine on August 31, 2021. An insurance settlement of $430,000 was received for this casualty. Assume the settlement was received immediately. b. On April 1, 2021, Tritt sold the machine for $1,040,000 to Yoakam Company. 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…
On December 31, 2020, Coronado Inc. has a machine with a book value of $1,165,600. The original cost and related accumulated depreciation at this date are as follows. Machine $1,612,000 Less: Accumulated depreciation 446,400 Book value $1,165,600 Depreciation is computed at $74,400 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 the transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal. (a) A fire completely destroys the machine on August 31, 2021. An insurance settlement of $533,200 was received for this casualty. Assume the settlement was received immediately. (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.)
On December 31, 2020, Waterway Inc. hap a machine with a book value of $1,128,000. The original cost and related accumulated depreciation at this date are as follows. Machine $1,560,000 Less: Accumulated depreciation 432.000 Book value $1,128,000 Depreciation is computed at $72.000 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 the transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal. (a) A fire completely destroys the machine on August 31, 2021. An insurance settlement of $516,000 was received for this casualty. Assume the settlement was received immediately. (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…
On December 31, 2020, Riverbed Inc. has a machine with a book value of $1,410,000. The original cost and related accumulated depreciation at this date are as follows. Machine $1,950,000 Less: Accumulated depreciation 540,000 Book value $1,410,000 Depreciation 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 the transaction. 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 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…
On December 31, 2020, Riverbed Inc. has a machine with a book value of $ 1,410,000. The original cost and related accumulated depreciation at this date are as follows. Machine $1,950,000 Less: Accumulated depreciation 540,000 Book value $ 1,410,000 Depreciation 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 the transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal. (a) 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 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…
On December 31, 2020, Flounder Inc. has a machine with a book value of $1,071,600. The original cost and related accumulated depreciation at this date are as follows. Machine $1,482,000 Less: Accumulated depreciation 410,400 Book value $1,071,600 Depreciation is computed at $68,400 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 the transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal. A fire completely destroys the machine on August 31, 2021. An insurance settlement of $490,200 was received for this casualty. Assume the settlement was received immediately. (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 0 for…
On December 31, 2022, Tamarisk Inc. owns a machine with a carrying amount of $744, 000. The original cost and accumulated depreciation for the machine on this date are as follows: Machine S 1,320, 000 Accumulated depreciation 576, 000 S744, 000 Depreciation is calculated at $96, 000 per year on a straight - line basis. A set of independent situations follows. For each situation, prepare the journal entry for Tamarisk to record the transaction. Ensure that depreciation entries are recorded to update the machine's carrying amount before its disposal. Assume that Tamarisk uses IFRS for financial statement purposes. (a) A fire completely destroyed the machine on August 31, 2023. An Insurance settlement of $428,000 was received for this casualty. Assume the settlement was received immediately. (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 0 for the amounts.…
Calculate depreciation. A machine cost $165,000 on April 28, 2021. Its estimated salvage value is $5,000 and its expected life is eight years. Instructions Prepare a depreciation schedule for each year using each of the following methods, showing the figures used. These schedules should have formulas in the cells referencing the "input section" that was discussed previously. (a) Straight-line (b) Double-declining-balance (c) Sum-of-the-years'-digits

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