During the year, Davis Company sold equipment with a book value of $280,000 for $400,000 (original purchase cost of $480,000). New equipment was purchased. Davis provided the following comparative balance sheets: Davis Company Comparative Balance Sheets At December 31, 20X1 and 20X2 Line Item Description 20X1 20X2 Long-Term Assets: Plant and equipment $2,200,000 $2,130,000 Accumulated depreciation (1,200,000) (1,270,000) Land 1,000,000 1,442,500 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet Required: Calculate the investing cash flows for the current year. Use a minus sign to indicate a cash outflow. fill in the blank 1 of 1$ Check My Work2 more Check My Work uses remaining.

Albany Corporation purchased equipment at the beginning of Year 1 for 75,000. The asset does not have a residual value and is estimated to be in service for 8 years. Calculate the depreciation expense for Years 1 and 2 using the double-declining-balance method. Round to the nearest dollar.

Disposition of Assets: Journalizing Mitchell Parts Co. had the following plant asset transactions during the year: 1. Assets discarded or sold: Motor #12, which had a cost of $2,800 and accumulated depreciation of Jan. 1 $2,800, was discarded. Motor #8, which had a cost of $4,400 and accumulated depreciation of $4,000, 8 was sold for $200. Motor #16, which had a cost of $5,600 and accumulated depreciation of 14 $5,400, was sold for $450. 2. Assets exchanged or traded in: Feb. 1 Motor #6, which had a cost of $6,000 and accumulated depreciation of $4,800, was traded in for a new motor (#22) with a fair market value of $7,000. The old motor and $5,600 in cash were given for the new motor. ° Motor #9, which had a cost of $5,500 and accumulated depreciation of $5,000, was traded in for a new motor (#23) with a fair market value of $6,500. The old motor and $6,200 in cash were given for the new motor. Required: Prepare general journal entries for the transactions. Page: 1 DOC. POST NO. REF.…

The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2023: Plant Asset Accumulated Depreciation $ 480,000 245,000 2,150,000 1,184,000 215,000 Land Land improvements Building Equipment Automobiles Transactions during 2024 were as follows: a. On January 2, 2024, equipment was purchased at a total invoice cost of $325,000, which included a $6,800 charge for freight Installation costs of $40,000 were incurred in addition to the invoice cost. b. On March 31, 2024, a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $32,000. The fair value of the building on the day of the donation was $21,000. c. On May 1, 2024, expenditures of $63,000 were made to repave parking lots at Pell's plant location. The work was necessitated by damage caused by severe winter weather. The repair doesn't provide future benefits beyond those originally anticipated. d. On…

General Accounting

The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2023: Plant Asset Accumulated Depreciation $ 335,000 175,500 1,470,000 1,128,000 147,000 Land Land improvements Building Equipment Automobiles Transactions during 2024 were as follows: a. On January 2, 2024, equipment were purchased at a total invoice cost of $245,000, which included a $5,200 charge for freight. Installation costs of $24,000 were incurred in addition to the invoice cost. b. On March 31, 2024, a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $22,000. The fair value of the building on the day of the donation was $15,400. c. On May 1, 2024, expenditures of $47,000 were made to repave parking lots at Pell's plant location. The work was necessitated by damage caused by severe winter weather. The repair doesn't provide future benefits beyond those originally anticipated. d. On…

Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $612,500. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $49,470. a.  What was the depreciation for the first year? Round your answer to the nearest cent. $ b.  Using the rounded amount from Part a in your computation, determine the gain(loss) on the sale of the equipment, assuming it was sold at the end of year eight for $106,489. Round your answer to the nearest cent and enter as a positive amount. $Loss    c.  Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent.   Cash        Accumulated Depreciation-Equipment        Loss on Sale of Equipment        Equipment

An analysis of changes in selected balance sheet accounts of Johnson Corporation shows the following for the current year: Plant and Equipment accounts: Debit entries to asset accounts Credit entries to asset accounts Debit entries to accumulated depreciation accounts (resulting from sale of plant assets) Credit entries to accumulated depreciation accounts (representing depreciation for the current year) $ 154,000 $ 115,000 $ 88,000 Johnson's income statement for the current year includes a $11,000 loss on disposal of plant assets. All payments and proceeds relating to purchase or sale of plant assets were in cash. Select one: $ 104,000 Total cash proceeds received by Johnson from sales of plant assets during the current year amounted to: a. $104,000. b. $208,000. c. $219,000. d. $16,000.

Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $662,500. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $48,475. a.  What was the depreciation for the first year? Round your answer to the nearest cent.$ b.  Using the rounded amount from Part a in your computation, determine the gain(loss) on the sale of the equipment, assuming it was sold at the end of year eight for $110,575. Round your answer to the nearest cent and enter as a positive amount.$   GAIN OR LOSS? c.  Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent.         WHICH ONE FOR EACH?  Accounts Payable Accounts Receivable Cash Depreciation Expense Equipment Gain on Sale of Equipment                               Depletion Hidden Hollow Mining Co. acquired mineral rights for…

Equipment was acquired at the beginning of the year at a cost of $625,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $46,635. a.  What was the depreciation for the first year? Round your answer to the nearest cent.$ b.  Using the rounded amount from Part a in your computation, determine the gain(loss) on the sale of the equipment, assuming it was sold at the end of year eight for $105,608. Round your answer to the nearest cent and enter as a positive amount.$ Loss    c.  Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent