Answered: Please explain how the answers in this…

Business

Accounting

Please explain how the answers in this JE is obtained!! Thank you!!

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

January 5th Problem: Traded in all of used computer equipment with a fair value of $13,200,000., and received in exchange new computer equipment (useful life: 10 years, salvage value: 1,947,040) with a fair value of $8,000,000 plus cash of $500,000. Double-declining method will be used.

Please explain how the answers in this JE is obtained!! Thank you!!

I
1
2
3
4
nuary
5th
Computer Equipment - New
Accumulated Depreciation - Computer Equiment
Cash
$11,947,059
100,000
500,000
Computer Equipment
Computer Equipment - Old
Gain on Disposal - Computer Equipmen
12,500,000
$12,500,000
47,059

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Q 2. NC purchased a cement mixer for $ 14500. The mixer is expected to have a useful life of five years and a residual value of $ 1000 at the end of that time. Required: Prepare the journal entries to record the disposal of the mixer at the end of second year, assume the straight line depreciation method was used and that: It was sold for $ 10000 cash а. b. It was sold for $ 8000 cash It was traded in on a similar mixer ( new) C. having a list price of $ 16500, a trade in allowance of $ 8000 was given and the balance was paid in cash.
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An equipment cost P67,000 and has a life of 10 years and salvage value of P53,500. Determine its book value at the end of 8 years by Declining Balance Method. a. 55,962.61 b. 56,731.35 c. 54, 659.05 d. 55, 694.35 PROVE THAT OPTION A IS THE ANSWER
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