Park Industries purchased a printing press for $12,000 on March 1. The equipment has an estimated life of 4 years with a residual value of $2,000. Using the straight-line method, what is the journal entry to record depreciation on December 31, assuming no entry has been made to date?
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- A copy machine acquired on May 1 with a cost of $2,545 has an estimated useful life of 3 years. Assuming that it will have a residual value of $745, determine the annual depreciation expense using the straight-line method (no journal entry necessary; show math).On April 1, 20-3, Kwik Kopy Printing purchased a copy machine for $50,000. The estimated life of the machine is five years, and it has an estimated salvage value of $5,000. The machine was used until July 1, 20-6. Required: 1. Assume that Kwik Kopy uses straight-line depreciation and prepare the following entries: (a) Adjusting entries for depreciation on December 31 of 20-3 through 20-5. (b) Adjusting entry for depreciation on June 30, 20-6, just prior to trading in the asset. (c) On July 1, 20-6, the copy machine was traded in for a new copy machine. The market value of the new machine is $38,000. Kwik Kopy must trade in the old copy machine and pay $22,000 for the new machine. 2. Assume that Kwik Kopy uses sum-of-the-years’-digits depreciation and prepare the following entries: (a) Adjusting entries for depreciation on December 31, 20-3 through 20-5. (b) Adjusting entry for depreciation on June 30, 20-6, just prior to trading in the asset. (c) On July 1, 20-6, the…Kerr Company purchased a machine for P115,000 on January1, year 1, the company’s first day of operations. At the end of the year, the current cost of the machine was P125,000. The machine has no salvage value, a five-year life, and is depreciated by the straight-line method. For the year ended December 31,year 1, the amount of the current cost depreciation expense which would appear in supplementary current cost financial statements is P14,000 P23,000 P24,000 P25,000
- KHS&R's Construction bought a truck on 1/1/ at a cost of $31,000, an estimated salvage (residual) value of $3,000, and an estimated useful life of 4 years. The truck is being depreciated on a straight-line basis. At the end of year 3, what amount will be reported for accumulated depreciation? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 ASUS f4 f5 f6 X f7 f8 f9 f10 f11 4. 5 C R Y 60 08 图Williams Company acquired machinery on July 1, Year 1, at a cost of $130,000. The estimated useful life of the machinery was 10 years, and the estimated residual value was $10,000. Williams uses the double-declining-balance method of depreciation. On October 1, Year 4, Williams sold the equipment for $75,000. a. Journalize the entry for the depreciation on this machinery for Year 1. If an amount box does not require an entry, leave it blank. fill in the blank 4f086b01efdcfa8_2 fill in the blank 4f086b01efdcfa8_3 fill in the blank 4f086b01efdcfa8_5 fill in the blank 4f086b01efdcfa8_6 b. Journalize the entry for the sale of the machinery. If an amount box does not require an entry, leave it blank. If required, round amounts to the nearest dollar. fill in the blank 0ea5a0ff7fd802d_2 fill in the blank 0ea5a0ff7fd802d_3 fill in the blank 0ea5a0ff7fd802d_5 fill in the blank 0ea5a0ff7fd802d_6 fill in the blank 0ea5a0ff7fd802d_8 fill in…Williams Company acquired machinery on July 1, Year 1, at a cost of $130,000. The estimated useful life of the machinery was 10 years and the estimated residual value was $10,000. Williams uses the double-declining-balance method of depreciation. On October 1, Year 4, Williams sold the equipment for $75,000. a. Record the journal entry for the depreciation on this machinery for Year 4. If an amount box does not require an entry, leave it blank . b. Record the journal entry for the sale of the machinery. If an amount box does not require an entry, leave it blank. If required, round amounts to the nearest dollar.
- On December 31, Strike Company has decided to discard one of its batting cages. The equipment had an initial cost of $238,400 and has accumulated depreciation of $214,560. Depreciation has been recorded up to the end of the year. Which of the following will be included in the journal entry for the disposal? a. Loss on Disposal of Asset, debit, $214,560 b. Accumulated Depreciation, debit, $238,400 c. Gain on Disposal of Asset, credit, $23,840 d. Equipment, credit, $238,400The Tin company uses the straight-line method to depreciate its equipment. On May 1, 2018, the company purchased some equipment for $200,000. The equipment is estimated to have a useful life of ten years and a salvage value of $20,000. How much depreciation expense should Tin record for the equipment in the adjusting entry on December 31, 2018?A company purchased and installed equipment on January 1 at a total cost of $72,000. Straight-line depreciation was calculated based on the assumption of a 5-year life and no salvage value. The equipment was disposed of on July 1 of the fourth year. The company's year-end is December 31. 1. Prepare the general journal entry to update depreciation to July 1 in the fourth year. 2. Prepare the general journal entry to record the disposal of the equipment under each of these three independent situations: a. The equipment was sold for $22,000 cash. (Remember to calculate accumulated depreciation. A full year of depreciation for the first 3 years and then the partial year for the fourth year calculated above). b. The equipment was sold for $15,000 cash. (Remember accumulated depreciation) c. The equipment was totally destroyed in a fire and the insurance company settled the claim for $18,000…
- The Tin company uses the straight-line method to depreciate its equipment. On May 1, 2018, the company purchased some equipment for $200,000. The equipment is estimated to have a useful life of ten years and a salvage value of $20,000. How much depreciation expense should Tin record for the equipment in the adjusting entry on December 31, 2018? AnswerOn December 31, Strike Company has decided to discard one of its batting cages. The equipment had an initial cost of $206,400 and has accumulated depreciation of $185,760. Depreciation has been recorded up to the end of the year. Which of the following will be included in the entry to record the disposal? a.Equipment, credit, $206,400 b.Gain on Disposal of Asset, credit, $20,640 c.Accumulated Depreciation, debit, $206,400 d.Loss on Disposal of Asset, debit, $185,760On December 31, Strike Company has decided to discard one of its batting cages. The equipment had an initial cost of $230,200 and has accumulated depreciation of $207,180.00. Depreciation has been recorded up to the end of the year. Which of the following will be included in the entry to record the disposal? Oa. Accumulated Depreciation, debit, $230,200 Ob. Loss on Disposal of Asset, debit, $207,180.00 Oc. Gain on Disposal of Asset, credit, $23,020.00 Od. Equipment, credit, $230,200 Previous Next
