Exercise 7-17A Record the sale of equipment (LO7-6) [The following information applies to the questions displayed below.] Abbott Landscaping purchased a tractor at a cost of $25,000 and sold it three years later for $13,400. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in the Equipment account. Exercise 7-17A Part 2 2. Assume the tractor was sold for $8,800 instead of $13,400. Record the sale. (If no entry is required fora particular transaction/event, select "No Journal Entry Required" in the first account field.)

Exercise 7-17A Record the sale of equipment (LO7-6) [The following information applies to the questions displayed below.] Abbott Landscaping purchased a tractor at a cost of $25,000 and sold it three years later for $13,400. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in the Equipment account. Exercise 7-17A Part 2 2. Assume the tractor was sold for $8,800 instead of $13,400. Record the sale. (If no entry is required fora particular transaction/event, select "No Journal Entry Required" in the first account field.)

Name: Required informationExercise 7-17A Record the sale of equipment (LO7-
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Description: Required informationExercise 7-17A Record the sale of equipment (LO7-6)[The following information applies to the questions displayed below.]Abbott Landscaping purchased a tractor at a cost of $25,000 and sold it three years later for $13,400. Abbott

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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A. Br1,600 B. Br2,000 C. Br5.600 D. Br14,400 6. On July 1. 20X1, Clem Company purchased lactory equipment for br50,000, Residual value was estimated to be br2.000. The equipment will be depreciated over ten years using the sum-of- the-years'-digits depreciation method. Clem has a December 31 year-end, and during 20X1, one- half of a year's depreciation expense was recorded. How much depreciation expense should be recorded for 20X2? (round computations to the pearest dollar) A. Br7,855 do00 B. Br8,291 C. Br8,636 D, Br8,727 7. Which of the following expenditures incurred in connection with the acquisition of equipment is not a proper charge to the asset account? A) Freight or transportation costs. B) Cost of test runs to ready the machine for operation C) Taxes and tariffs D) Cost of vandalism E) B and D 8. If the Double-declining depreciations rate of a plant asset is 50%, then its estimated life will be: A. 50 years. B) 10 years C) 5 years D) 4 years E) None of the above Part II:…
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MC Qu. 9-172 On January 1, 2018, Dunbar Echo Co. sells a machine fo... On January 1, 2018, Dunbar Echo Co. sells a machine for $25,800. The machine was originally purchased on January 1. 2016 for $46,700. The machine was estimated to have a useful life of 5 years and a residual value of $0. Dunbar Echo uses straight-line depreciation. In recording this transaction: Multiple Cholce a loss of $2220 would be recorded. a galn of $2.220 would be recorded. a loss of $20,900 would be recorded. a galn of $25..800 would be recorded. pe here to search W Trop storm warning 11:35 AM 8/21/2021 DELL
Required information Problem 7-5B (Algo) Determine depreciation under three methods (LO7-4) [The following information applies to the questions displayed below.] Quick Copy purchased a new copy machine. The new machine cost $128,000 including installation. The company estimates the equipment will have a residual value of $32,000. Quick Copy also estimates it will use the machine for four years or about 8,000 total hours. Actual use per year was as follows: Year 1234 Hours Used 2,100 1,900 1,900 3,300 Problem 7-5B (Algo) Part 1 Required: 1. Prepare a depreciation schedule for four years using the straight-line method. (Do not round your intermediate calculations.) QUICK COPY Depreciation Schedule-Straight-Line End of Year Amounts Year Depreciation Accumulated Book Value Expense Depreciation 1 2 3 4 Total
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Do journal entry 1-2 please and thank you
Required information Problem 7-5A (Algo) Determine depreciation under three methods (LO7-4) [The following information applies to the questions displayed below.) University Car Wash purchased new soap dispensing equipment that cost $219,000 including installation. The company estimates that the equipment will have a residual value of $19,500. University Car Wash also estimates it will use the machine for six years or about 12,500 total hours. Actual use per year was as follows: Year 1 2 Hours Used 2,800 1,400 1,500 2,500 2,300 2,000 4 Problem 7-5A (Algo) Part 1 Required: 1. Prepare a depreciation schedule for six years using the straight-line method. (Do not round your intermediate calculations.) UNIVERSITY CAR WASH Depreciation Schedule-Straight-Line End of Year Amounts Depreciation Expense Accumulated Depreciation Year Book Value
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