E9-8 (Algo) Computing and Recording Double-Declining-Balance Depreciation [LO 9-3] Yazzie Incorporated bought a machine at the beginning of the year at a cost of $20,000. The estimated useful life was five years and the residual value was $2,000. Required: 1. Complete a depreciation schedule for the double-declining-balance method. 2. Prepare the journal entry to record Year 2 depreciation. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete a depreciation schedule for the double-declining-balance method. (Do not round intermediate calculations. Round final answers to the nearest whole dollars.) Year At acquisition 1 2 3 4 5 Income Statement Depreciation Expense Cost Balance Sheet Accumulated Depreciation Book Value

E9-8 (Algo) Computing and Recording Double-Declining-Balance Depreciation [LO 9-3] Yazzie Incorporated bought a machine at the beginning of the year at a cost of $20,000. The estimated useful life was five years and the residual value was $2,000. Required: 1. Complete a depreciation schedule for the double-declining-balance method. 2. Prepare the journal entry to record Year 2 depreciation. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete a depreciation schedule for the double-declining-balance method. (Do not round intermediate calculations. Round final answers to the nearest whole dollars.) Year At acquisition 1 2 3 4 5 Income Statement Depreciation Expense Cost Balance Sheet Accumulated Depreciation Book Value

Name: E9-8 (Algo) Computing and Recording Double-Declining-Balance Deprecia
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Description: E9-8 (Algo) Computing and Recording Double-Declining-Balance Depreciation [LO 9-3]Yazzie Incorporated bought a machine at the beginning of the year at a cost of $20,000. The estimated useful life was five years andthe residual value was $2,000.Requi

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Use the following information for the Quick Studies below. (Algo) Skip to question [The following information applies to the questions displayed below.]Equipment costing $60,000 with a 4-year useful life and an estimated $10,000 salvage value is acquired and started operating on January 1. The equipment is estimated to produce 5,000 units of product during its life. It produced 750 units in the first year. QS 8-8 (Algo) Recording depreciation journal entries LO P1 Record the journal entries for equipment depreciation for the first year under straight-line, units-of-production, and double-declining-balance.
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Reeseco inc is specialty chemical compounding company. The company has 4 high precision compounding mixers and one manual mixer. The manual mixer was purchased six years ago for $52,000. It was being depreciated over eight years using straight-line depreciation without taking salvage value into consideration. Reeseco inç has decided to sell the old mixer to another firm. Assume that depleciation is up to date. a. DATE Make the required journal entry to record the sale assuming that Kenco received 15,500 in cash for the old mixer. Make the required journal entry to record the sale assuming that Kenco received 10,000 in cash for the old system. ACCOUNT DR CR
[The following information applies to the questions displayed below.] Abbott Landscaping purchased a tractor at a cost of $25,000 and sold it three years later for $13,400. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in the Equipment account. Exercise 7-17A Part 1 Required: 1. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Next > search Designed by Apole in Cafomia Assembled in Chna
Required information Skip to question [The following information applies to the questions displayed below.] Onslow Company purchased a used machine for $144,000 cash on January 2. On January 3, Onslow paid $ 8,000 to wire electricity to the machine. Onslow paid an additional $1,600 on January 4 to secure the machine for operation. The machine will be used for six years and have a $17, 280 salvage value. Straight line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $24, 500 cash and (b) it is sold for $98, 000 cash.
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! Required information [The following information applies to the questions displayed below.] Faucet Landscaping purchased a tractor at a cost of $31,000 and sold it three years later for $16,700. Faucet recorded depreciation using the straight-line method, a five-year service life, and a $4,000 residual value. Tractors are included in the Equipment account. 2. Assume the tractor was sold for $10,900 instead of $16,700. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Transaction 1 1 Cash General Journal Debit Credit 10.900
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*only part b and c. Answers for A in pictures* Swanson & Hiller, Inc., purchased a new machine on September 1 of the current year at a cost of $150,000. The machine’s estimated useful life at the time of the purchase was five years, and its residual value was $10,000. The company reports on a calendar year basis. Required:a-1. Prepare a complete depreciation schedule, beginning with the current year, using the straight-line method. (Assume that the half-year convention is used).a-2. Prepare a complete depreciation schedule, beginning with the current year, using the 200 percent declining-balance method. (Assume that the half-year convention is used).a-3. Prepare a complete depreciation schedule, beginning with the current year, using the 150 percent declining-balance, switching to straight-line when that maximizes the expense. (Assume that the half-year convention is used). b. Which of the three methods computed in part a is most common for financial reporting purposes? c. Assume…