Denjar On April 1, 2026, Windsor sold the machine for $1,206,400 to Yoakam Company. (Credit account titles are automatically indentedwhen 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.List all debit entries before credit entries.)DateAccount Titles and ExplanationApr. 1, 2026(To record current depreciation.)Apr. 1, 2026(To record sale of the machine.)DebitCredit

Certainly, here are the journal entries assuming straight-line depreciation for the sale of the…

Answered: On April 1, 2026, Windsor sold the…

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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On December 31, 2020, Riverbed Inc. has a machine with a book value of $1,410,000. The original cost and related accumulated depreciation at this date are as follows. Machine $1,950,000 Less: Accumulated depreciation 540,000 Book value $1,410,000 Depreciation is computed at $90,000 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal. (a) Your answer is correct. A fire completely destroys the machine on August 31, 2021. An insurance settlement of $645,000 was received for this casualty. Assume the settlement was received immediately. (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.) Date Account Titles and…
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Prepare the journal entries to record the following transactions for Sunland Wholesale Company, which has a calendar year end and uses the straight-line method of depreciation. Your answer is partially correct. On September 30, 2028, the company sold old equipment for $42,800. The equipment was purchased on January 1, 2026 for $89,400 and was estimated to have a $14,100 salvage value at the end of its 5-year life. Depreciation on the equipment has been recorded through December 31, 2027. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries.) Account Titles and Explanation Date September 30, 2028 September 30, 2028 Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation expense for the first 9 months of 2028) Cash Accumulated Depreciation-Equipment Loss on Disposal of Plant…
Prepare the journal entry; to record depreciation expense for 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) Date
Carey Enterprises sold equipment on January 1, 2021 for $10,000. The equipment had cost $48,000. The balance in Accumulated Depreciation at January 1 is $40,000. What entry would Carey make to record the sale of the equipment? (Credit account titles are automatically indented when the 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.) Account Titles and Explanation Debit Credit
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Prepare journal entries to record these transactions. (a) Blue Spruce Corp. retires its delivery equipment, which cost $44,000. Accumulated depreciation is also $44,000 on this delivery equipment. No salvage value is received. (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.) Account Titles and Explanation Save for Later Debit Credit Attempts: 0 of 2 used Submit Answer
Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2025. (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. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31 Inventory Debit 4,800,000 Credit (b) Accumulated Depreciation - Equipment 4,800,000 Prepare the journal entry (if any) to record depreciation expense for 2026. (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. List debit entry before credit entry.) Account Titles and Explanation Debit Credit (c) The asset was not sold by December 31, 2026. The fair value of the equipment on that date is $5,300,000. Prepare the journal entry (if any) necessary to record this increase in fair value.…
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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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