Homework Help is Here – Start Your Trial Now!
Business
Accounting
Pacifica Manufacturing retired a computerized metal stamping machine on December 31, 2019. Pacifica sold the machine to another company and did not replace it. The following data are available for the machine: Cost (installed), 1/1/2014 $880,000 Residual value estimated on 1/1/2014 60,000 Estimated life as of 1/1/2014 10 years   The machine was sold for $225,000 cash. Pacifica uses the straight-line method of depreciation. Required: 1.  Prepare the journal entry to record depreciation expense for 2019. 2019 Dec. 31 Depreciation Expense  82,000     Accumulated Depreciation    82,000   Feedback 2.  Compute accumulated depreciation on December 31, 2019. $

Pacifica Manufacturing retired a computerized metal stamping machine on December 31, 2019. Pacifica sold the machine to another company and did not replace it. The following data are available for the machine: Cost (installed), 1/1/2014 $880,000 Residual value estimated on 1/1/2014 60,000 Estimated life as of 1/1/2014 10 years   The machine was sold for $225,000 cash. Pacifica uses the straight-line method of depreciation. Required: 1.  Prepare the journal entry to record depreciation expense for 2019. 2019 Dec. 31 Depreciation Expense  82,000     Accumulated Depreciation    82,000   Feedback 2.  Compute accumulated depreciation on December 31, 2019. $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Exercise 7-59
Disposal of Fixed Asset

Pacifica Manufacturing retired a computerized metal stamping machine on December 31, 2019. Pacifica sold the machine to another company and did not replace it. The following data are available for the machine:

Cost (installed), 1/1/2014 $880,000
Residual value estimated on 1/1/2014 60,000
Estimated life as of 1/1/2014 10 years

 

The machine was sold for $225,000 cash. Pacifica uses the straight-line method of depreciation.

Required:

1.  Prepare the journal entry to record depreciation expense for 2019.

2019 Dec. 31 Depreciation Expense  82,000  
  Accumulated Depreciation    82,000
 
Feedback

2.  Compute accumulated depreciation on December 31, 2019.
$

 

How do I calculate accumulated depreciation? 

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Impairment of Assets
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
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS