ework i 370253A%252+%252Flms.mheducation.com%252Fmghmiddleware%252Fmheproducts%252 Saved Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not Required information [The following information applies to the questions displayed below.] Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $56,000 The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $8,000. On January 1, 2024, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $2,000. 2. Prepare the year-end journal entry for depreciation on December 31, 2024. Assume that the company uses the double-declining- balance method instead of the straight-line method. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to nearest whole dollar. Answer is complete but not entirely correct. No Event 1 Depreciation expense Accumulated depreciation computer General Journal Debit Credit 4,680 4,680

ework i 370253A%252+%252Flms.mheducation.com%252Fmghmiddleware%252Fmheproducts%252 Saved Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not Required information [The following information applies to the questions displayed below.] Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $56,000 The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $8,000. On January 1, 2024, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $2,000. 2. Prepare the year-end journal entry for depreciation on December 31, 2024. Assume that the company uses the double-declining- balance method instead of the straight-line method. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to nearest whole dollar. Answer is complete but not entirely correct. No Event 1 Depreciation expense Accumulated depreciation computer General Journal Debit Credit 4,680 4,680

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 [The following information applies to the questions displayed below.] Satellite Systems modified its model Z2 satellite to incorporate a new communication device. The company made the following expenditures: Basic research to develop the technology Engineering design work Development of a prototype device Testing and modification of the prototype Legal fees for patent application Legal fees for successful defense of the new patent Total $ 3,500,000 1,100,000 550,000 350,000 75,000 35,000 $ 5,610,000 During your year-end review of the accounts related to intangibles, you discover that the company has capitalized all costs of the patent. Management contends that the device represents an improvement of the existing communication system of the satellite and, therefore, should be capitalized. 2. How much should Satellite Systems report as research and development expense in the income statement? Research and development expense
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2 Required information [The following information applies to the questions displayed below.) Satellite Systems modified its model Z2 satellite to incorporate a new communication device. The company made the following expenditures: Basic research to develop the technology Engineering design work Testing and modification of the prototype Development of a prototype device t Legal fees for patent application Legal fees for successful defense of the new patent Total $ 3,400,000 1,080,000 540,000 340,000 74,000 34,000 $ 5,468,000 During your year-end review of the accounts related to intangibles, you discover that the company has capitalized all costs of the patent. Management contends that the device represents an improvement of the existing communication system of the satellite and, therefore, should be capitalized. 2. How much should Satellite Systems report as research and development expense in the income statement? Research and development expense
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Required information [The following information applies to the questions displayed below.] Moab Inc. manufactures and distributes high-tech biking gadgets. It has decided to streamline some of its operations so that it will be able to be more productive and efficient. Because of this decision it has entered into several transactions during the year. (Do not round intermediate computations.) a. Moab Inc. sold a machine that it used to make computerized gadgets for $27,300 cash. It originally bought the machine for $19,200 three years ago and has taken $8000 in depreciation. b. Moab Inc. held stock in ABC Corp., which had a value of $12,000 at the beginning of the year. That same stock had a value of $15,230 at the end of the year. c. Moab Inc. sold some of its inventory for $7,000 cash. This inventory had a basis of $5,000. d. Moab Inc. disposed of an office building with a fair market value of $75,000 for another office building with a fair market value of $55,000 and $20,000 in cash.…
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I need help on how to do this practice problem and how to start it. On March 1, 2022, Newt’s All Things Weasels purchased an automatic weasel groomer, the Weaselmatic, for $62,000 cash. Newt estimated that the machine would have a useful life of 5 years and a resale or residual value of $2,000. Instructions: Make two T accounts (Machine and Accumulated Depreciation – Machine) at the top. Create the journal entry for the acquisition of the machine. Post to the T accounts Create the journal entry to record depreciation expense on 12/31/22 and 12/31/23. Post both to the T accounts. NOTE: Show your calculations for depreciation expense. What is the book value of the Weaselmatic at 12/31/23? Show your calculation. If Newt sold the Weaselmatic on January 1, 2024 for $42,500, how much gain or loss would he record?
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