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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Required information Problem 10-6A (Algo) Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.] Onslow Company purchased a used machine for $192,000 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 $23,040 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. Problem 10-6A (Algo) Part 1 Required: 1. Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurred. View transaction list Journal entry worksheet
Exercise 8-4A (Algo) Determining the cost of an asset LO 8-1 Southwest Milling Company purchased a front-end loader to move stacks of lumber. The loader had a list price of $120,090. The seller agreed to allow a 4.75 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Transportation cost amounted to $2,500. Southwest Milling had to hire a specialist to calibrate the loader. The specialist's fee was $1,100. The loader operator is paid an annual salary of $27,380. The cost of the company's theft insurance policy increased by $1,560 per year as a result of acquiring the loader. The loader had a four-year useful life and an expected salvage value of $5,100. Required: Determine the amount to be capitalized in an asset account for the purchase of the front-end loader. Note: Round your answers to the nearest whole dollar. Amounts to be deducted should be indicated with minus sign. Costs that are to be capitalized: List price Total costs
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Chapter 10 Problem Set A Problem 10-1 On January 1, 2019 Crampton Company acquired land on which to construct a new distribution warehouse. During 2019, the company made expenditures as follows: Contract price of the land $600,000 Closing costs $23,000 Hoerr Excavating for clearing and grading $65,000 Sparks Concrete Construction for sidewalk and parking lot $158,500 Touchstone Lighting for parking lot lighting $21,500 J Hacker and Associates, Architects $71,000 Town of Normal for building permits $9,500 Lewis General Contractors $4,100,000 Crampton also purchased $1,450,000 of warehousing equipment and conveyors. The entire facility was placed in service before December 31, 2019. Prepare Crampton Company’s PPE section of their balance sheet dated December 31, 2019 before the adjusting entries for depreciation
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Brief Exercise 8-5 (Algo) Effect of the disposal of plant assets on the financial statements LO 8-5 Mix & Match Company sold office equipment with a cost of $48,600 and accumulated depreciation of $33,000 for $28,000 cash. Required: a. What is the amount of gain or loss on the disposal? b. How would the sale affect net income (increase, decrease, no effect)? c. How would the sale affect the amount of total assets shown on the balance sheet (increase, decrease, no effect)? d. How would the event affect the statement of cash flows (inflow, outflow, no effect)? a. b. Effect of sale on net income c. Effect of sale on total assets d. Effect of sale on statement of cash flows
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Problem 9-03A Sunland Company had the following assets on January 1, 2022. Item Cost Purchase Date Useful Life(in years) Salvage Value Machinery $77,000 Jan. 1, 2012 10 $ 0 Forklift 36,000 Jan. 1, 2019 5 0 Truck 42,400 Jan. 1, 2017 8 3,000 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $12,600. The truck was discarded on December 31.Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on disposed assets. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit choose a transaction date…
Do journal entry 1-2 please and thank you
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Do journal entries 1-2 pleaee and thank you
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