None On December 31, 2017, Ayayai Inc. has a machine with a book value of $1,297,200.The original cost and related accumulated depreciation at this date are as follows.Machine$1,794,000Less: Accumulated depreciation 496,800Book value$1,297,200Depreciation is computed at $82,800 per year on a straight-line basis.For the following situation, indicate the journal entry to be made to record thetransaction. Make sure that depreciation entries are made to update the book valueof the machine prior to its disposal.On July 31, 2018, the company donated this machine to the Mountain King CityCouncil. The fair value of the machine at the time of the donation was estimated tobe $1,518,000.

Step 1: Calculate Depreciation for the PeriodAnnual Depreciation: Given as $82,800 per year.Monthly…

Answered: On December 31, 2017, Ayayai Inc. has a…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter10: Long-lived Tangible And Intangible Assets

Section: Chapter Questions

Problem 22E

See similar textbooks

Similar questions

On December 31, 2017, Ayayai Inc. has a machine with a book value of $1,297,200. The original cost and related accumulated depreciation at this date are as follows. Machine $1,794,000 Less: Accumulated depreciation 496,800 Book value I $1,297,200 Depreciation is computed at $82,800 per year on a straight-line basis. For the following 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 fire completely destroys the machine on August 31, 2018. An insurance settlement of $593,400 was received for this casualty. Assume the settlement was received immediately.
On December 31, 2025, Wildhorse Inc. has a machine with a book value of $1,278,400. The original cost and related accumulated depreciation at this date are as follows. Machine Less: Accumulated depreciation Book value (a) Depreciation is computed at $81,600 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. Date Your answer is partially correct. ug. 31, 2026 $1,768,000 A fire completely destroys the machine on August 31, 2026. An insurance settlement of $584,800 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. List all debit…
On December 31, 2017, Swifty Inc. has a machine with a book value of $1,015,200. The original cost and related accumulated depreciation at this date are as follows. Machine $1,404,000 Less: Accumulated depreciation 388,800 Book value $1,015,200 Depreciation is computed at $64,800 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 fire completely destroys the machine on August 31, 2018. An insurance settlement of $464,400 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 0 for…
Need correct answer. please fast
(Entries for Disposition of Assets) On December 31, 2017, Travis Tritt Inc. has a machine with a book value of $940,000. The original cost and related accumulated depreciation at this date are as follows. Machine $1,300,000 Less: Accumulated depreciation 360,000 Book value $ 940,000 Depreciation is computed at $60,000 per year on a straight-line basis.InstructionsPresented 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) A fire completely destroys the machine on August 31, 2018. An insurance settlement of $430,000 was received for this casualty. Assume the settlement was received immediately.(b) On April 1, 2018, Tritt sold the machine for $1,040,000 to Dwight Yoakam Company.(c) On July 31, 2018, the company donated this machine to the Mountain King City Council. The fair value…
Record the journal entries for Depreciation and Disposal each machine .
On August 31, 2018, Option Landscapes discarded equipment that had a cost of $16,500. Accumulated Depreciation as of December 31, 2017, was $15,000. Assume annual depreciation on the equipment is $1,500. Journalize the partial-year depreciation expense and disposal of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Please help, give me a detailed answer to this.
Provide Correct Answer without AI
Swifty Industries presents you with the following information.Complete the table for the year ended December 31, 2022. The company depreciates all assets using the half-year convention. (Round answers to 0 decimal places, e.g. 45,892.) Description DatePurchased Cost SalvageValue Lifein Years DepreciationMethod AccumulatedDepreciation to12/31/21 Depreciationfor 2022 Machine A 2/12/20 $146,800 $17,000 10 SYD $34,220 $20060 Machine B 8/15/19 81370 21,630 5 SL 29,870 11948 Machine C 7/21/18 67,200 23,500 8 DDB (A) (B) Machine D (C) 225,570 71,070 5 SYD 72,100 (D)
Swifty Industries presents you with the following information.Complete the table for the year ended December 31, 2022. The company depreciates all assets using the half-year convention. (Round answers to 0 decimal places, e.g. 45,892.) Description DatePurchased Cost SalvageValue Lifein Years DepreciationMethod AccumulatedDepreciation to12/31/21 Depreciationfor 2022 Machine A 2/12/20 $146,800 $17,000 10 (a) $34,220 (b) $ Machine B 8/15/19 (c) 21,630 5 SL 29,870 (d) Machine C 7/21/18 67,200 23,500 8 DDB (e) (f) Machine D (g) 225,570 71,070 5 SYD 72,100 (h)
Swifty Corporation owns equipment that cost $70,800 when purchased on April 1, 2013. Depreciation has been recorded at a rate of $11,800 per year, resulting in a balance in accumulated depreciation of $56,050 at December 31, 2017. The equipment is sold on July 1, 2018, for $14,160. Prepare journal entries to (a) update depreciation for 2018 and (b) record the sale. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) (b)

SEE MORE QUESTIONS

Recommended textbooks for you

Financial Accounting Intro Concepts Meth/Uses

Finance

ISBN:

9781285595047

Author:

Weil

Publisher:

Cengage

Financial Accounting Intro Concepts Meth/Uses

Finance

ISBN:

9781285595047

Author:

Weil

Publisher:

Cengage

SEE MORE TEXTBOOKS