DateJan. 1June 30Account Titles and ExplanationAccumulated Depreciation-EquipmentEquipment(To record depreciation to date of disposal)(To record sale of computer)(To record depreciation to date of disposal)(To record retirement of truck)Debit62000JOOD JOULDCredit62000100000 Jan. 1June 30Dec. 31Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $62,000 and had a useful lifeof 10 years with no salvage value.Sold a computer that was purchased on January 1, 2020. The computer cost $39,600 and had a useful life of 3 yearswith no salvage value. The computer was sold for $5,600 cash.Sold a delivery truck for $9,000 cash. The truck cost $29,100 when it was purchased on January 1, 2019, and wasdepreciated based on a 5-year useful life with a $3,000 salvage value.Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable.Marigold Corp. uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021). (Credit account titles areautomatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If noentry is required, select "No Entry" for the account titles and enter O for the amounts. Do not round intermediate calculations.)

Sale of Asset result in derecognizing of Asset, reversal of Accumulated Depreciation and recording…

Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Marigold Corp. uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021). (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Do not round intermediate calculations.)

Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Marigold Corp. uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021). (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Do not round intermediate calculations.)

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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Tamarisk Company uses special strapping equipment in its packaging business. The equipment was purchased in January 2019 for $11,600,000 and had an estimated useful life of 8 years with no salvage value. At December 31, 2020, new technology was introduced that would accelerate the obsolescence of Tamarisk's equipment. Tamarisk's controller estimates that expected future net cash flows on the equipment will be $7,308,000 and that the fair value of the equipment is $6,496,000. Tamarisk intends to continue using the equipment, but it is estimated that the remaining useful life is 4 years. Tamarisk uses straight-line depreciation.
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Subject: accounting
Victor Mineli, the new controller of Novak Corp., has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Type of Asset Building Warehouse Date Acquired Jan. 1, 2014 Jan. 1, 2017 Cost $821,000 106,000 Revised annual depreciation $ eTextbook and Media Accumulated Depreciation Jan. 1, 2022 $157,200 Compute the revised annual depreciation on each asset in 2022. List of Accounts 40 20,380 25 Building Useful life (in years) Old Proposed All assets are depreciated by the straight-line method. Novak Corp. uses a calendar year in preparing annual adjusting entries and financial statements. After discussion, management has agreed to accept Victor's proposed changes. (The "Proposed" useful life is total life, not remaining life.) $ 58 20 Salvage Value Warehouse Old $35,000 4,100 Proposed $53,800 21,120
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The estimated amount of depreciation on equipment for the current year is $10,400. Journalize the adjusting entry to record the depreciation. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Blue Corporation leased equipment to Larkspur, Inc. on January 1, 2025. The lease agreement called for annual rental payments of $1,307 at the beginning of each year of the 3-year lease. The equipment has an economic useful life of 7 years, a fair value of $10,00 a book value of $8,000, and Blue expects a residual value of $7,500 at the end of the lease term. Blue set the lease payments with th intent of earning a 6% return, though Larkspur is unaware of the rate implicit in the lease and has an incremental borrowing rate of 8%. There is no bargain purchase option, ownership of the lease does not transfer at the end of the lease term, and the asset is not of specialized nature. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Your Answer Correct Answer Your answer is correct. Determine the nature of the lease to both Blue and Larkspur. The lease is a/an operating lease to Larkspur. The lease is a/an operating…
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Marigold Co. has equipment that cost $76,500 and that has been depreciated $49,600. Record the disposal under the following assumptions. (a) (b) (c) (List all debit entries before credit entries. Credit account titles are automatically indented when 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.) It was discarded with no cash received. It was sold for $22,100. It was sold for $28,200. No. Account Titles and Explanation (a) (b) U Debit Credit