Montana Mining Co. pays $4,020,970 for an ore deposit contalning 1,559,000 tons. The company Installs machinery In themine costing $22000, which will be abandoned when the ore is completely mined. Montana mines and sells 131,600 tons ofore during the year.Prepare the year-end entries to record both the ore deposit depletlon and the mining machinery depreciation. Miningmachinery depreclation should be in proportion to the mine's depletion. (Do not round intermediate calculations. Round yourfinal answers to the nearest whole number.)Vlew transaction llatJournal entry worksheet2Record the year-end adjusting entry for the depletion expense of ore mine.Note: Enter debits before credits.DateGeneral JourmalDebitCreditDec 31Record entryClear entryVlew general journal Garcla Co. owns equlipment that cost $77,600, with accumulated depreclation of $41.200.Record the sale of the equipment under the following three separate cases assuming Garcla sells the equipment for (1)$47,600 cash. (2) $36,400 cash, and (3) $31.,300 cash.Vlew transaction IlatJournal entry worksheetARecord the sale of equipment assuming Garcia sells the equipment for $47,600cash.Note: Enter debits before credits.TransactionGeneral JournalDebitCreditRecord entryClear entryVlew general journal

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Euring the year. are the year-end entries to record both the ore deposit depletion and the mining machinery depreclation inery depreciation should be in proportion to the mine's depletion. (Do not round intermediate calculat answers to the nearest whole number.) ew transaction lst Journal entry worksheet

Euring the year. are the year-end entries to record both the ore deposit depletion and the mining machinery depreclation inery depreciation should be in proportion to the mine's depletion. (Do not round intermediate calculat answers to the nearest whole number.) ew transaction lst Journal entry worksheet

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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On January 1, 2021, Culver Company purchased on credit machinery costing $180,000 and incurred $6,145 in installation costs. The machinery has an estimated useful life of 15 years and a residual value of $11,440. The company uses the straight-line method of depreciation. At the end of 2022, Culver recorded depreciation and assessed the asset, determining a recoverable amount of $150,800. Culver sold the equipment to Voilex Corporation on June 30, 2023, for $148,300. Prepare the necessary entries assuming Culver has a December 31 year-end. (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 O for the amounts. List all debit entries before credit entries. Round answers to O decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date (To record depreciation expense) Debit Credit
Please answer the following question Must choose from the following LIST OF ACCOUNTS: Accumulated Depletion Accumulated Depreciation - Automobiles Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Furniture and Fixtures Accumulated Depreciation - Machinery Accumulated Depreciation - Vehicles Accumulated Impairment Losses - Building Accumulated Impairment Losses - Equipment Accumulated Impairment Losses - Land Accumulated Impairment Losses - Machinery Accumulated Impairment Losses - Mine Accumulated Impairment Losses - Patents Accumulated Impairment Losses - Tools and Dies Accumulated Impairment Losses - Vehicles Asset Retirement Obligation Buildings Cash Common Shares Contribution Expense Cost of Goods Sold Deferred Revenue - Government Grants Depreciation Expense Equipment Furniture and Fixtures Gain on Disposal of Automobiles Gain on Disposal of Building Gain on Disposal of Equipment Gain on Disposal of Furniture and Fixtures…
And c. Land and d. Factory building journal formal
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Which of the following items is not a consideration when recording periodic depreciation on plant assets? Question 9 options: Salvage value Estimated useful life Cash needed to replace the plant asset Cost
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Please answer the following question Must choose from the following LIST OF ACCOUNTS: Accumulated Depletion Accumulated Depreciation - Automobiles Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Furniture and Fixtures Accumulated Depreciation - Machinery Accumulated Depreciation - Vehicles Accumulated Impairment Losses - Building Accumulated Impairment Losses - Equipment Accumulated Impairment Losses - Land Accumulated Impairment Losses - Machinery Accumulated Impairment Losses - Mine Accumulated Impairment Losses - Patents Accumulated Impairment Losses - Tools and Dies Accumulated Impairment Losses - Vehicles Asset Retirement Obligation Buildings Cash Common Shares Contribution Expense Cost of Goods Sold Deferred Revenue - Government Grants Depreciation Expense Equipment Furniture and Fixtures Gain on Disposal of Automobiles Gain on Disposal of Building Gain on Disposal of Equipment Gain on Disposal of Furniture and Fixtures…
Please answer the following question Must choose from the following LIST OF ACCOUNTS: Accumulated Depletion Accumulated Depreciation - Automobiles Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Furniture and Fixtures Accumulated Depreciation - Machinery Accumulated Depreciation - Vehicles Accumulated Impairment Losses - Building Accumulated Impairment Losses - Equipment Accumulated Impairment Losses - Land Accumulated Impairment Losses - Machinery Accumulated Impairment Losses - Mine Accumulated Impairment Losses - Patents Accumulated Impairment Losses - Tools and Dies Accumulated Impairment Losses - Vehicles Asset Retirement Obligation Buildings Cash Common Shares Contribution Expense Cost of Goods Sold Deferred Revenue - Government Grants Depreciation Expense Equipment Furniture and Fixtures Gain on Disposal of Automobiles Gain on Disposal of Building Gain on Disposal of Equipment Gain on Disposal of Furniture and Fixtures…
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Which method of deprecation results in a lower amount for depreciation each year? ⒸA. Units of production B. Fixed instalment OC. Diminishing balance OD. Straight-line Previous page
Your staff person has provided you with the following journal entry for January 20x1 depreciation. The monthly deprecation is supposed to be $100.00. What is wrong with this entry?