Please help, give me a detailed answer to this. On December 31, 2025, Wildhorse Inc. has a machine with a book value of $1,278,400. The original cost and related accumulateddepreciation at this date are as follows.Machine$1,768,000Less: Accumulated depreciation489,600Book value$1,278,400Depreciation 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 thetransaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal. On April 1, 2026, Wildhorse sold the machine for $1,414,400 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

Step 1. Update DepreciationWe need to record depreciation from December 31, 2025, to April 1,…

Answered: On December 31, 2025, Wildhorse Inc.…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter18: Accounting For Long-term Assets

Section: Chapter Questions

Problem 3CE: A machine costing 350,000 has a salvage value of 15,000 and an estimated life of three years....

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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…
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Please help, give me a detailed answer to this.
(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…

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