Details regarding Leroux Steel's purchases of plant and equipment items during 2020 follow:Plant andEstimatedEstimated Sales ValueDate ofPurchaseEquipmentItemMachine AUsefulat End of Estimatedlife$ 102, 000 5 years4 yearsCostUseful Lifea. Jan. 1b. Apr. 1c. Nov. 1Machine B61,e0030,500 2 years3,4002,900Machine CAssume Leroux Steel uses the straight-line method to depreciate its assets.Requlred:Prepare the annual adjusting entry at December 31, 2020, Leroux's year-end, for each plant and equipment item.View transaction listJournal entry worksheet23>Record the depreciation on Machine A.Note: Enter debits before credits.DateGeneral JournalDebitCreditDec 31, 2020

Annual Depreciation (Straight line method) = ( Cost of Asset - salvage value ) / Useful life period…

Details regarding Leroux Steel's purchases of plant and equipment items during 2020 follow: Estimated Useful Estimated Sales Value Plant and Equipment Item Date of at End of Estimated Purchase Cost life Useful Life a. Jan. 1 b. Apr. 1 c. Nov. 1 $ 102,e00 5 years 61,eee 4 years 3e,5ee 2 years Machine A e Machine B Machine C 3,400 2,98e Assume Leroux Steel uses the straight-line method to depreciate its assets. Required: Prepare the annual adjusting entry at December 31, 2020, Leroux's year-end, for each plant and equipment item. View transaction list Journal entry worksheet 2 3 > Record the depreciation on Machine A. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31. 2020

Details regarding Leroux Steel's purchases of plant and equipment items during 2020 follow: Estimated Useful Estimated Sales Value Plant and Equipment Item Date of at End of Estimated Purchase Cost life Useful Life a. Jan. 1 b. Apr. 1 c. Nov. 1 $ 102,e00 5 years 61,eee 4 years 3e,5ee 2 years Machine A e Machine B Machine C 3,400 2,98e Assume Leroux Steel uses the straight-line method to depreciate its assets. Required: Prepare the annual adjusting entry at December 31, 2020, Leroux's year-end, for each plant and equipment item. View transaction list Journal entry worksheet 2 3 > Record the depreciation on Machine A. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31. 2020

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

Computing Depreciation Using Various Depreciation Methods To demonstrate the computations involved in several methods of depreciating a fixed asset, the following data are used for equipment purchased on January 1, 2020. Cost and residual value Estimated service life: Acquisition cost $26,250 Years 5 Residual value $1,050 Service hours 21,000 Productive output (units) 50,400 e. Double-declining-balance method: Compute the depreciation amount for each year. 2020 2021 2022 2023 2024 Answer Answer Answer Answer Answer
On March 31, 2024, the Herzog Company purchased a factory complete with vehicles and equipment. The allocation of the total purchase price of $900,000 to the various types of assets along with estimated useful lives and residual values are as follows: Asset Land Building Equipment Vehicles Total Cost $ 150,000 400,000 200,000 150,000 $ 900,000 Estimated Residual Value N/A none 12% of cost $ 15,000 Estimated Useful Life (in years) N/A 25 On June 29, 2025, equipment included in the March 31, 2024, purchase that cost $90,000 was sold for $70,000. Herzog uses the straight-line depreciation method for building and equipment and the double-declining-balance method for vehicles. Partial-year depreciation is calculated based on the number of months an asset is in service. Required 1 Required 2 Required 3 Building Equipment Vehicles Required: 1. Compute depreciation expense on the building, equipment, and vehicles for 2024. 2. Prepare the journal entries to record the depreciation on the…
1.How much is the carrying amount of property, plant and equipment as of December 31, 2020?a. P435,160 c. P763,440b. P729,840 d. P860,400
Historical cost $ 270,000 Estimated useful life 6 years Salvage value $ 24,000 Estimated useful hours 12,000 hours 3,100 2019 1,100 2020 1,200 2021 Estimated hours per year: 2,800 2022 2,600 2023 1,200 2024 Required 1 Complete the depreciation schedule using the Units of Production Method. Page Adventure Park, Corp. ciation Schedule - Units of Production Depreciation Accumulated Depreciable Year Expense Depreciation Cost 12.31.19 12.31.20 12.31.21 12.31.22 12.31.23 12.32.24 2 Record depreciation expense for 2020. General Journal DR CR 3 What is the net book value of the equipment on 12.31.20? Historical cost (Accumulated depreciation) Net book value at 12.31.20 |24
Following are the details related to fixed assets of Jackson company as at December 31, 2022: Date of Residual Purchase January 1, 2020 $15,000 April 1, 2015 1,000 Asset Machinery Delivery Van September 30, 2018 Furniture 500 December 31, 2012 Building 25,000 Required: Estimated Useful Life 30 Years 12 Years 8 Years 40 Years Cost $ 550,000 45,000 72,000 1,250,000 Value 1. Calculate the annual depreciation for each of the fixed assets given above. 2. Determine the book value of each fixed asset as on December 31, 2022.
please need help with must must explanation , narrations , computation for each entry and for each calculation , parts answer in text form
At December 31, 2025, Blue Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets During 2026, the following selected cash transactions occurred. Apr. May June Date 1 Purchased land for $3,335,200. 1 Sold equipment that cost $909,600 when purchased on January 1, 2019. The equipment was sold for $257,720. 1 Sold land for $2,425,600. The land cost $1,516,000. July 1 Purchased equipment for $1,667,600. Dec. 31 Retired equipment that cost $1,061,200 when purchased on December 31, 2016. No salvage value was received. April 1 $26,520,000 11,934,000 60,640,000 7,580,000 May 1 Journalize the transactions. (Hint: You may wish to set up T-accounts, post beginning balances, and then post 2026 transactions.) Blue uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment is estimated…