PLEASE DO ALL REQUIREMENTS WITH WORKING More info 1. On February 1, Braun sold the vehicles to Direct Produce, Inc. for$20,000.2. On March 31, all of Braun's equipment and machinery was destroyed by a fire in one of its facilities.3. On May 1, the equipment was replaced at a cost of$570,000and the machinery cost the company$318,400to replace. The estimated useful lives and residual values remained the same as specified for the original machinery and equipment. The company paid cash for the new assets. KInformation related to the long-term operating assets of Braun Retail Distributors, Inc. at December 31, 2022, isas follows:(Click the icon to view the long-term operating assets.)The fiscal year end of the company is December 31. The following events occurred during 2023:(Click the icon to view the events.)Read the requirementsRequirement a. Prepare the journal entries required to record each of the above events and to record depreciationexpense at the end of the year. (Record debits first, then credits. Exclude explanations from any journal entries.)Event 1. On February 1, 2023, Braun sold the vehicles to Direct Produce, Inc. for $20,000First prepare the journal entry to recognize depreciation expense on the vehicles up to the date of sale. (Round youranswer to the nearest whole dollar)AccountRequirementsa. Prepare the joumal entries required to record each of the above events and torecord depreciation expense at the end of the year.b. Determine the ending net book value of Braun's long-term operating assets onits December 31, 2023, balance sheet. Show the balance for each assetindividually and in total.PrintFebruary 1, 2023DoneX Data tableBalance SheetCategoryEquipmentMachineryVehiclesLeasehold ImprovementsBuildingLand$Cost550,000 $263,200149,800102,00014,900,0005,240,000AccumulatedDepreciationThrough 12/31/2022198,000172,00063,00020,4003,240,000N/AEstimatedUseful Life10 Years6 Years7 Years5 Years25 YearsN/A$EstimatedResidualValueDepreciationMethod10,000 Double-declining balance5,200 Straight-line2,800 Straight-line-0-Straight-line1,400,000 Straight-lineN/AN/AIX

Tangible fixed assets are the resources the companies employ in order to generate revenues spanning…

Answered: More info 1. On February 1, Braun sold…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

PLEASE DO ALL REQUIREMENTS WITH WORKING

More info 1. On February 1, Braun sold the vehicles to Direct Produce, Inc. for$20,000.

2. On March 31, all of Braun's equipment and machinery was destroyed by a fire in one of its facilities.

3. On May 1, the equipment was replaced at a cost of$570,000and the machinery cost the company$318,400to replace. The estimated useful lives and residual values remained the same as specified for the original machinery and equipment. The company paid cash for the new assets.

K
Information related to the long-term operating assets of Braun Retail Distributors, Inc. at December 31, 2022, is
as follows:
(Click the icon to view the long-term operating assets.)
The fiscal year end of the company is December 31. The following events occurred during 2023:
(Click the icon to view the events.)
Read the requirements
Requirement a. Prepare the journal entries required to record each of the above events and to record depreciation
expense at the end of the year. (Record debits first, then credits. Exclude explanations from any journal entries.)
Event 1. On February 1, 2023, Braun sold the vehicles to Direct Produce, Inc. for $20,000
First prepare the journal entry to recognize depreciation expense on the vehicles up to the date of sale. (Round your
answer to the nearest whole dollar)
Account
Requirements
a. Prepare the joumal entries required to record each of the above events and to
record depreciation expense at the end of the year.
b. Determine the ending net book value of Braun's long-term operating assets on
its December 31, 2023, balance sheet. Show the balance for each asset
individually and in total.
Print
February 1, 2023
Done
X

Data table
Balance Sheet
Category
Equipment
Machinery
Vehicles
Leasehold Improvements
Building
Land
$
Cost
550,000 $
263,200
149,800
102,000
14,900,000
5,240,000
Accumulated
Depreciation
Through 12/31/2022
198,000
172,000
63,000
20,400
3,240,000
N/A
Estimated
Useful Life
10 Years
6 Years
7 Years
5 Years
25 Years
N/A
$
Estimated
Residual
Value
Depreciation
Method
10,000 Double-declining balance
5,200 Straight-line
2,800 Straight-line
-0-Straight-line
1,400,000 Straight-line
N/A
N/A
I
X

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 4 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions