Martinez Company purchases an oil tanker depot on January 1, 2020, at a cost of $582,100. Martinez expects to operate the depot for 10 years, at which time it is legally required to dismantle the depot and remove the underground storage tanks. It is estimated that it will cost $77,790 to dismantle the depot and remove the tanks at the end of the depot's useful life. (a) Prepare the journal entries to record the depot and the asset retirement obligation for the depot on January 1, 2020. Based on an effective-interest rate of 6%, the present value of the asset retirement obligation on January 1, 2020, is $43,437. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation January 1, 2020 January 1, 2020 (To record the depot) Debit 11 Credit

Q: how does it became an over applied OH? how will you know that it is under or over applied OH?

A: Lets understand the basics. When applied overhead is more than actual overhead then it is known as…

Q: Define what is meant by a tick mark. What is its purpose?

A:

Q: mni.4 answer must be in proper format or i will give down vote

A: Approach to solving the question: post the question  Detailed explanation: Post the question and the…

Q: detail "duditing End What statement Değine duuliting and abat the salement stagts in where…

A: All the transactions will be recorded in the journal book in a chronological manner. It is the first…

Q: What is the meaning of V MFG Ohs, V S&A Ohs, F MFG Ohs snd F S&A Ohs on the chat answer

A: V MFG Ohs, V S&A Ohs, F MFG Ohs and F S&A Ohs, these are the short form some of the titles…

Q: Fill in the blank. ______ standards reflect what is expected to occur.

A: Standards are a set of rules that define the threshold of any activity. In accounting, there are…

Q: What does the blank section post mean or what goes there

A: Post Column : It is the Column through which book keeper identify whether journal entries are…

Q: What would the entry be for the letter H.?

A:

Q: answer is incorrect, pls recheck

A: Statement of Comprehensive Income: Comprehensive income is a measure of the changes in owners'…

Q: 7. The ultimate control of the corporation rests with the board of directors.

A: Introduction:- Board of directors:- Board of directors play vital role in every organization for…

Q: What are the classes of transcription errors?

A: Definition: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Communication is the process of Select one: a. writing messages. b. transferring information ahd…

A: The communication is an important role of accounting so as to communicate the final reports of the…

Q: The scope of coverage under Section I is greatest with an [HO-1|HO-5] policy. Question 98…

A: Insurance coverage is provided based on the types of policy chosen by the policyholder. Some policy…

Q: Activity F stomer Service

A: 1) S. Inc Activity rate = Total activity cost ÷ Activity Base Customer Service = $29,190 ÷ 210 =…

Q: Need help for part C an D

A: In case of realisation of assets, outsider liabilities have first right on such realisation , such…

Q: Fill out the missing column

A: Net revenue = Gross profit + Cost of goods sold = 511000+673400 = $1184400 Operating expense = Net…

Q: What exactly are reversing entries, and why do we need them?

A: Journal entry is the entry which is made at the date on which the transaction which relates to the…

Q: Identify the minimum cardinality of any REA diagram relationship. O or 1. O or N. 1 or N. None of…

A: Cardinality describes the nature of the relationship between two entities. It refers to the number…

Q: it is still incorrect, please find correct answer

A: Accounts receivable is amount that is yet to be recovered from the customers to whom goods or…

Q: What is the importance of a Form 8-K? What is the importance of a proxy statement?

A: Importance of a Form 8-K:   Form 8-K is issued by a company when there is something unique or…

Q: I need answer typing clear urjent no chatgpt used i will give upvotes

A: To solve this problem, we need to find matrices P and C such that A=PCP−1, where C has the form:…

Q: Trying to find answer a through e

A: Since the question has more than 3 sub-parts, the first 3 subparts are answered. If you want the…

Q: Describe about the deferrals? Explain it in detail.

A:

Q: What are reversing entries, and how do they work?

A: The journal entries recorded would be general entries, adjusting entries and reversing entries.…

Q: Wrong Answer

A: The cost of purchase is $1800 on October 23. It can be done using one of the two credit cards a)…

Q: Please answer G part with explanation.  Answer was incoorect in previous solution

A: Market to book ratio includes market capitalisation and book value of the company. Book value is…

Q: Concept of Reconcilation statement with an example .

A: A bank compromise proclamation is a synopsis of banking and business movement that accommodates an…

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.