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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Can you help with question 6. I keep getting a different answer than other students.
Transcribed Image Text: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.
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