On January 1, 2016, Horton Inc. sells a machine for $24,800. The machine was originally purchased on January 1, 2014, for $44,200. The machine was estimated to have a useful life of 5 years and a residual value of $0. Horton uses straight-line depreciation. How will Horton record this transaction?
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- Give me Journal Entries in table formatSmart Enterprise bought a machine costing $40,000 on 1 January 2015. Themachine has a useful life of 4 years. The supplier which sold the machine hadagreed to take back the machine for $4,000 at the end of the useful life. Thecompany fiscal year-end is 31 December.Compute the depreciation expense, accumulated depreciation and net book valueof the machine for the years 2015, 2016, 2017 and 2018 using:(i) The straight-line method.(ii) The double-declining balance method.Taylor Company purchased a machine for $9,800 on January 1, 2016. The machine has beendepreciated using the straight-line method assuming it has a five-year life with a $1,400residual value. Taylor sold the machine on January 1, 2018, for $7,600.Q7-61. What is the book value of the machine on December 31, 2017?a. $2,100b. $6,440c. $8,400d. $9,800
- Quigley Co. bought a machine on January 1,2016 for $1,400,000. it had a 122,600 estimated residual value and 9 year life. An expense account was debited on the purchase date. Quigley uses straight line depreciation. This was discovered in 2018. Prepare the entries related to the machine for 2018. Ignore taxes.On 1 July 2017, Entity A purchased a chemical machine from Entity B on credit. The purchase price was $4,560,000 and it will be fully settled on 1 August 2017. A legal and professional fee of $35,500 was paid by a cheque to Entity C in order to ensure the machine can be ready for use on 1 July 2017. The economic life of the machine is 5 years without any residual value. According to the purchase contract, Entity A is required to remove the plant on 30 June 2022 and Entity A estimated the dismantling costs of the plant will be $55,123 on that day. Entity A considered that a discount rate of 10.50% is appropriate for the calculation of present value. On 30 June 2022, the actual dismantling costs were only $45,600 and they were paid by a direct bank transfer to Entity D. On 1 July 2022, a recycling company, Entity E, purchased all the machine scraps for $32,500 on credit and agreed to pay in full on 16 July 2022. REQUIRED: According to relevant accounting standards, prepare journal…Need correct answer. please fast
- 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, 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…Jersey Corporation, which has a calendar year accounting period, purchased a machine for $400,000 on April 1, 2016. At that time Jersey expected to use the machine for nine years and then sell it for $4,000. The machine was sold for $22,000 on Sept. 30, 2021. Assuming straight-line depreciation, calculate the gain(/(loss) at the sale of the machine.
- On August 31, 2017, Advanced Automotive purchased a copy machine for $62,500. Advanced Automotive expects the machine to last for five years and to have a residual value of $2,500. Compute depreciation expense on the machine for the year ended December 31, 2017, using the straight-line method. Begin by selecting the formula to calculate the company's depreciation expense on the machine for the year ended December 31, 2017. Then enter the amounts and calculate the depreciation expense. (Abbreviation used: Acc. = accumulated. Do not round intermediary calculations. Only round the amount you input for straight-line depreciation to the nearest dollar.) Straight-line | ]x( / 12) = depreciationDo not give answer in imageOn March 10, 2022, Bonita Company sells equipment that it purchased for $209,280 on August 20, 2015. It was originally estimated that the equipment would have a life of 12 years and a salvage value of $18,312 at the end of that time, and depreciation has been computed on that basis. The company uses the straight-line method of depreciation. Compute the depreciation charge on this equipment for 2015, for 2022, and the total charge for the period from 2016 to 2021, inclusive, under each of the six following assumptions with respect to partial periods. (Round depreciation per day to 2 decimal places, eg. 15.64 and final answers to O decimal places, e.g. 45,892.) 2015 2016-2021 Inclusive 2022 1. Depreciation is computed for the exact period of time during which the 24 2$ 2$ asset is owned. (Use 365 days for base and record depreciation through March 9, 2022.) 2. Depreciation is computed for the full year on the January 1 balance in the 24 24 asset account. 3. Depreciation is computed for…