e-deciilig-alanCe 5. Scheuller Company had machinery that had originally cost $246,000. The machinery was three years old and had been depreciated using the double-declining-balance method, over a five-year useful life with a residual value of $18,000. Answer each of the following independent questions: 20. 24 2461000 x 401 147760004To 98400 P1040 heh'se Required: If the company sold the machinery for $105,000, prepare a journal entry to record the sale. b. If the company sold the machinery for $48,000, prepare a journal entry to record the sale. a. On January 1, 2019, Ginger Company purchased land and a building for a total cash price of $6,900,000. Individually, the land was appraised at $2,250,000 and the building at $5,250,000. The buildings estimated useful life is 25 years and its estimated salvage value is $300,000. 6. Required: Prepare the journal entry to record the purchase of land and building on January 1, 2019. b. What is the 2019 depreciation expense on the building, assuming that double declining-balance depreciation is used? a.

e-deciilig-alanCe 5. Scheuller Company had machinery that had originally cost $246,000. The machinery was three years old and had been depreciated using the double-declining-balance method, over a five-year useful life with a residual value of $18,000. Answer each of the following independent questions: 20. 24 2461000 x 401 147760004To 98400 P1040 heh'se Required: If the company sold the machinery for $105,000, prepare a journal entry to record the sale. b. If the company sold the machinery for $48,000, prepare a journal entry to record the sale. a. On January 1, 2019, Ginger Company purchased land and a building for a total cash price of $6,900,000. Individually, the land was appraised at $2,250,000 and the building at $5,250,000. The buildings estimated useful life is 25 years and its estimated salvage value is $300,000. 6. Required: Prepare the journal entry to record the purchase of land and building on January 1, 2019. b. What is the 2019 depreciation expense on the building, assuming that double declining-balance depreciation is used? a.

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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