Required information[The following information applies to the questions displayedbelow.]Evergreen Corporation (calendar year-end) acquired the followingassets during the current year: (Use MACRS Table 1 and Table 2)AssetDate Placed inOriginalBasisMachineryComputer equipmentServiceOctober 25$ 86,000February 322,000Used delivery truck*August 1735,000FurnitureApril 22170,000The delivery truck is not a luxury automobile.Note: Do not round intermediate calculations. Round youranswers to the nearest whole dollar amount.a. What is the allowable depreciation on Evergreen's property in the current year,assuming Evergreen does not elect §179 expense and elects out of bonusdepreciation?Depreciation

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Description: Required information[The following information applies to the questions displayedbelow.]Evergreen Corporation (calendar year-end) acquired the followingassets during the current year: (Use MACRS Table 1 and Table 2)AssetDate Placed inOriginalBasisMa

Depreciation: Depreciation means the reduction in the value of the asset over its useful life.…

Answered: ets duri Machinery Asset Computer…

Business

Accounting

ets duri Machinery Asset Computer equipment Used delivery truck* Furniture Date Placed in Service October 25 February 3 August 17 April 22 Original Basis $ 86,000 22,000 35,000 170,000

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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Please don't provide solution in an image format thanku Computing and Assessing Plant Asset Impairment Zeibart Company purchases equipment for $235,000 on July 1, 2012, with an estimated useful life of 10 years and expected salvage value of $28,000. Straight-line depreciation is used. On July 1, 2016, economic factors cause the market value of the equipment to decline to $97,500. On this date, Zeibart examines the equipment for impairment and estimates $127,500 in future cash inflows related to use of this equipment.a. Is the equipment impaired at July 1, 2016?AnswerYesNo b. Compute the impairment loss (if any) as of 7/1/2016 as well as the depreciation expense for the 12 months from July 1, 2016 to July 1, 2017. Round calculations to the nearest dollar.Using the financial statement effects template, show how those two entries affect Zeibart Company’s balance sheet and income statement. Balance Sheet Transaction Cash Asset + Noncash Assets - Contra Assets = Liabilities…
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Problem 33-11 Yellow Company acquired a delivery truck, making payment of $2,680,000, the payment being analyzed as follows: Price of truck 2,500,000 Charge of extra equipment 50,000 Value added tax 300,000 Insurance for one year 120,000 Motor vehicle registration 10,000 ————— Total 2,980,000 Less: trade in value allowed on old truck 300,000 —————— Cash paid 2,680,000 The old truck cost $1,500,000 and has a carrying amount of $200,000, and fair value of $50,000. The value added tax is refundable or recoverable. Required: Prepare journal entry to record the exchange transaction.
Exercise 22 Records of the equipment purchased by Sinta Company showed: Useful life Items Qty Cost/ Unit Date Acquired Scrap Value in years Computer (2) P29,000 Sept. 1, 2018 P5,000 4. Aircon Mar. 1, 2018 3,000 (1) (3) 10,000 Airfan 1,500 Feb. 1, 2017 300 Direction: a) Adjusting entries on December 31, 2018 b) Financial position presentation as of December 31, 2018. Using the data in No. 22 above, give the adjusting entries and the financial position presentation if the accounting period ends on December 31, 2019. 6 6
Direct material used $20,000 Depreciation- plant building $8,000 Indirect material (supplies) $2,500 Depreciation - sales building $6,000 Direct manufactured labor $7,000 Depreciation - plant tools $2.300 Indirect manufactured labor (annually salaries) $3,500 Production 40,000 units The total of "ixed costs" is: Question 3/20o 1.22300, 2 17300. 3.16300. 4.10,300. 5. None of the above
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FINANCIAL ACCOUNTING DEPRECIATION YEAR TWO EXAM CHAPTER 7-9 DEPRECIABLE BASE COST Student Name: SALVAGE VALUE TYPE NAME HERE USEFUL LIFE SRTAIGHT LINE RATE OPERATING HOURS TOTAL COMPUTE YEAR TWO I HAVE COMPUTED YEAR ONE FOR YOU CURRENT OPERATING HOURS DOUBLE DECLINING RATE Equipment purchased at the beginning of the fiscal year for $360,000 is expected to have a useful life of 5 years, or 14,000 operating hours, and a residual value of $10,000. Compute the depreciation for the first and second years of use by each of the following methods: DEPRECIATION EXPENSE UNIT OF PRODUCTION RATE straight-line units-of-output (1,200 hours first year; 2,250 hours second year) double-declining-balance YEAR ONE YEAR TWO DOUBLE DOUBLE STRAIGHT UNITS OF DECLINING STRAIGHT UNITS OF DECLINING LINE PRODUCTION BALANCE LINE PRODUCTION BALANCE
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Property, plant and equipment Ian has provided you with the details of the delivery trucks included in the PPE above, as summarised below: Delivery trucks Urban Swift Metro Mover Total $ $ At cost 114,000 85,000 199,000 Accumulated depreciation - 31 March 2023 (34,200) (4,250) (38,450) Carrying amount – 1 April 2023 79,800 80,750 160,550 Depreciation (11,400) (8,500) (19,900) Carrying amount – 31 March 2024 68,400 72,250 140,650 Remaining useful life as at 1 April 2024 6 years 8.5 years Urban Swift is a Ford F-150 four-door pickup truck with an open cargo at the rear. Ford Australia has stopped producing this model of vehicle and its resale value has improved given the constant demand for this type of truck. Metro Mover is an 18-wheeler truck used for long-distance transport on highways. Both the delivery trucks are depreciated at 10% on a straight-line basis. No acquisitions,…
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Do journal entry 1-2 please and thank you