Exerclse 8-16 Disposal of assets LO P2 Diaz Company owns a machine that cost $126.800 and has accumulated depreciation of $93.000. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. 2. Diaz sold the machine for $17,500 cash. 3. Diaz sold the machine for $33,800 cash. 4. Diaz sold the machine for $41,800 cash. X Answer is not complete. No Date General Journal Debit Credit Jan 01 Accumulated depreciation-Machine 93,000 O 2 Jan 01 Loss on disposal of machine 33,800 X 3 Jan 01 Machine 126,800 X

Exerclse 8-16 Disposal of assets LO P2 Diaz Company owns a machine that cost $126.800 and has accumulated depreciation of $93.000. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. 2. Diaz sold the machine for $17,500 cash. 3. Diaz sold the machine for $33,800 cash. 4. Diaz sold the machine for $41,800 cash. X Answer is not complete. No Date General Journal Debit Credit Jan 01 Accumulated depreciation-Machine 93,000 O 2 Jan 01 Loss on disposal of machine 33,800 X 3 Jan 01 Machine 126,800 X

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 35BE: Disposal of an Operating Asset Jolie Company owns equipment with a cost of $85,500 and accumulated...

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Exercise 8-17 (Algo) Disposal of assets LO P2 Diaz Company owns a machine that cost $125,000 and has accumulated depreciation of $90,900. Prepare the entry to record the disposal of the machine on January 1 in each separate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. 2. Diaz sold the machine for $16,000 cash. 3. Diaz sold the machine for $34,100 cash. 4. Diaz sold the machine for $40,100 cash. View transaction list Journal entry worksheet 4 Record the disposal of the machine receiving nothing in return. Note: Enter debits before credits. Date General Journal Debit Credit ere to search 10:39 AM 99+ 69°F 10/1/2021 79 brt se delete 24 4 96 & 3 6. backspace lock E R Y. P F G\ H. K L enter BI HP Pavilion Me time No lad
Exerclse 8-16 Disposal of assets LO P2 Diaz Company owns a machine that cost $126,800 and has accumulated depreciation of $93,000. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. 2 Diaz sold the machine for $17,500 cash. 3. Diaz sold the machine for $33,800 cash. 4. Diaz sold the machine for $41,800 cash. X Answer is not complete. No Date General Journal Debit Credit Jan 01 Accumulated depreciation-Machine 93,000 O Jan 01 Cash 17,500 Accumulated depreciation-Machine 93.000 Loss on sale of machine 16,300 Machine 126.800 O 3 Jan 01 Cash 33,800 O Accumulated depreciation-Machine 93.000 4 Jan 01 Machine 126,800 X
Exercise 8-16 Disposal of assets LO P2 Diaz Company owns a machine that cost $126,800 and has accumulated depreciation of $93.000. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. 2. Diaz sold the machine for $17,500 cash. 3. Diaz sold the machine for $33,800 cash. 4. Diaz sold the machine for $41,800 cash. View transaction list Journal entry worksheet 1 2 3 Record the disposal of the machine receiving nothing in return. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Record entry Clear entry View general journal
Exercise 10-16 Disposal of assets LO P2 Diaz Company owns a machine that cost $126,900 and has accumulated depreciation of $91,300. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. Diaz sold the machine for $17,000 cash. Diaz sold the machine for $35,600 cash. Diaz sold the machine for $40,100 cash.
7- Chapter 9 i Ly Company disposed of two different assets. On January 1, prior to disposal of the assets, the accounts reflected the following: Accumulated Depreciation (straight-line) $19,200 (4 years) 57,200 (13 years) Asset Machine A Machine B Original Cost $26,800 69,600 View transaction list No Residual Value $ 2,800 3,600 Estimated Life 5 years 15 years The machines were disposed of in the following ways: a. Machine A: This machine was sold on January 1 for $6,790 cash. b. Machine B: On January 1, this machine suffered irreparable damage from an accident and was removed immediately by a salvage company at no cost. Required: 1. Prepare the journal entries related to the disposal of each machine at the beginning of the current year. Transaction "a" relates to the recording of the depreciation, and transaction "b" relates to the recording of the disposal of the machine. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)…
Problem 10-6A (Algo) Part 3 No Required information Problem 10-6A (Algo) Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.] 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $22,000 cash and (b) it is sold for $88,000 cash. 1 Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3, Onslow paid $10,000 to wire electricity to the machine. Onslow paid an additional $2,000 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. 2 Date December 31 December 31 Cash > Answer is not complete. Cash General Journal Accumulated depreciation Machinery Loss on sale of machinery Machinery Accumulated depreciation-Machinery Machinery Gain on sale of machinery ›››› › › › › ✓ ✓ ✓…
TB MC Qu. 10-170 Mohr Company purchases a machine at the... Mohr Company purchases a machine at the beginning of the year at a cost of $24,000. The machine is depreciated using the double-declining-balance method. The machine's useful life is estimated to be 5 years with a $4,000 salvage value. Depreciation expense in year 2 is: Multiple Cholce $4,800. $8.000. $9,600. $5,760. $14,400.
ook int ences Problem 6-28A (Algo) Revision of estimated useful life of tangible assets LO 6-6 Banger Company purchased delivery equipment for $45,000 on January 1, Year 1. Banger estimated that the delivery equipment would have a life of five years and a $3,000 salvage value. Banger uses the straight-line method to compute the depreciation expense. At the beginning of year 4, Banger revised the useful life of the delivery equipment to be a total of seven years. The estimated salvage value was not changed. Compute the depreciation expense for each of the seven years. Years Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Depreciation Expense $ $ $ 8,400 8,400 8,400
Exercise 9-10Pryce Company owns equipment that cost $55,050 when purchased on January 1, 2012. It has been depreciated using the straight-line method based on estimated salvage value of $4,000 and an estimated useful life of 5 years. Prepare Pryce Company’s journal entries to record the sale of the equipment in these four independent situations. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g.125.) (a) Sold for $31,630 on January 1, 2015.(b) Sold for $31,630 on May 1, 2015.(c) Sold for $10,710 on January 1, 2015.(d) Sold for $10,710 on October 1, 2015. No.Account Titles and ExplanationDebitCredit(a) (b) (To record depreciation) (To record sale of equipment) (c) (d) (To record depreciation) (To record sale of equipment)
TB MC Qu. 08-173 Martin Company purchases a machine... Martin Company purchases a machine at the beginning of the year at a cost of $60,000. The machine is depreciated using the straight-line method. The machine's useful life is estimated to be 4 years with a $5,000 salvage value. Depreciation expense in year 4 is:
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
7.14 Alpha sells machine B for $50,000 cash on 30 April 20X4. Machine B cost $100,000 when it was purchased and has a carrying value of $65,000 at the date of disposal. What are the journal entries to record the disposal of machine B? A Dr Accumulated depreciation $35,000 Dr Loss on disposal (SPL) $15,000 Dr Cash $50,000 Cr Non-current assets – cost $100,000 B Dr Accumulated depreciation $65,000 Dr Loss on disposal (SPL) $35,000 Cr Non-current assets – cost $100,000 C Dr Accumulated depreciation $35,000 Dr Cash $50,000 Cr Non-current assets $65,000 Cr Profit on disposal (SPL) $20,000 D Dr Non-current assets $65,000 Dr Accumulated depreciation $35,000 Cr Cash $50,000 Cr Profit on disposal (SPL) $50,000