Please prepare the following joiurnal entries: Show all calcualtions
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A:
Q: Garcia Co. owns equipment that costs $78,300, with accumulated depreciation of $42,800. Garcia sells…
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Q: dan Corporation purc
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A:
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Q: On April 1, Year 6, Bob the Builder traded in an equipment with a book value of $2,000 (initial cost…
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Q: Prepare the journal entry to record the purchase. Compute the amount that will be debited to the…
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Please prepare the following joiurnal entries:
Show all calcualtions
Bought a van, paying $10500 cash as a down payment and signed a 10 month $32000, 9% note payable for the balanceThe company paid 750 to have its company logo printed on the side of the van. The residual value is $7500. The old van was sold for $7500; it cost $32000 and acculumated
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- A machine was on purchased on September 30th for $500,000 with a residual value of $45,000. The company estimates that the machine will last 7 years and produce 2,000,000 parts over its life. Calculate depreciation expense using the Straight-Line method for the 7-year life. (NOTE: Round your answers to the nearest dollar and enter it enter it WITHOUT decimals, commas or dollar signs [Example 75000].) 1. Year 1 __$ 2. Year 2 - 3. Year 3 4. Year 4 - 5. Year 5 - $ 6. Year 6 - 7. Year 7 8. Year 8 -Mill Creek Golf Club, Inc. purchased a computer for $2,900, debiting Computer Equipment. During 2022 and 2023, Mill Creek Golf Club, Inc. recorded total depreciation of $2,300 on the computer. On January 1, 2024, Mill Creek Golf Club, Inc. traded in the computer for a new one, paying $2,700 cash. The fair market value of the new computer is $4,500. Journalize Mill Creek Golf Club, Inc.'s exchange of computers. Assume the exchange had commercial substance. Let's begin by calculating the gain or loss on the exchange of computer equipment on January 1. Market value of assets received Less: Book value of asset exchanged Cash paid Gain or (Loss) Journalize Mill Creek Golf Club, Inc.'s exchange of computers. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Jan. 1 Accounts and Explanation Debit CreditMarin Corporation purchased a truck by issuing an $113,600, 4-year, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 9%. Prepare the journal entry to record the purchase of this truck. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 5,275. 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.) Account Titles and Explanation Debit Credit
- Kylie Company has sold its old equipment with an original cost of $2,000,000 and accumulated depreciation of $1,800,000 for 3-year $250,000 note. The loan's interest rate is 7% while the market rate of similar notes is 8%. What should be the journal entry to record the disposal of the equipment?On March 3,Year 5 , Bob the Builder traded in a piece of equipment with a book value of $2,000 (initial cost $40,000) and paid $40,000 in cash. The old equipment could have been sold for $7,200 at the date of trade-in but was accepted for a trade-in allowance of $9,600 on the new equipment. He estimates that useful life would be 4 years and residual value would be $4,000. On August 8, Year 7, Bob sells this equipment for $20,000. Assume that straight-line depreciation is recognized once at the end of fiscal year (December 31) and that the company follows IFRS. (1) Calculate gain or loss on sale, assuming the company adopts mid-month convention for partial-year depreciation. (2) Calculate gain or loss on sale, assuming the company adopts half-year convention for partialyear depreciation. (3) Calculate gain or loss on sale, assuming the company records a full year of depreciation expense in the year of acquisition and no depreciation expense in the year of disposal.Johnson Industries purchased a metal-working lathe for $32,000. This item will be used for business 90% of the time. Accountants elected to take a $11,000 section 179 deduction and utilize the special depreciation allowance of 50%. Prepare a depreciation schedule (in $) using MACRS. Round all dollar amounts to the nearest cent. Johnson IndustriesMACRS Depreciation Schedule—Metal-working Lathe End of Year Basis for Depreciation ✕ Recovery Percent = MACRS Depreciation Deduction Accumulated Depreciation Book Value $ 1 $ ✕ 33.33% = $ $ $ 2 $ ✕ 44.45% = $ $ $ 3 $ ✕ 14.81% = $ $ $ 4 $ ✕ 7.41% = $ $ $
- Sheridan Corporation purchased a truck by issuing an $91,200, 4-year, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 10%. Prepare the journal entry to record the purchase of this truck. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 5,275. 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 entries before credit entries.) Account Titles and Explanation Debit CreditFollowing are descriptions of land purchases in four separate cases. Requireda. Determine the cost used for recording the land acquired in each case.b. Record the journal entry for each case on the date of the land’s acquisition. Note: Round your answers to the nearest whole dollar. Case One 1. At the midpoint of the current year, a $32,000 check is given for land, and the buyer assumes the liability for unpaid taxes in arrears of $800 at the end of last year and those assessed for the current year of $720. a. Determine the cost used for recording the land acquired.Cost of land $Answer b. Record the journal entry on the date of the Account NameDr.Cr. Answer Answer Answer To record land acquisition.Bought a van, paying $11550 cash as a down payment and signed a 10 month $38500, 9% note payable for the balance. The company paid$770 to have its company logo painted on the side of the van. The residual value is $6050. The old van was sold for $8800; it cost $49500 and acculumated depreciation up to the date of disposal was $44000. what is the journal entry and how did you calculate it?
- Mike’s Tires purchases a new piece of equipment for $5,200. It also pays $500 for installation and$200 for delivery. If the company expects the equipment to last for 10 years, with a $900 residual value,calculate the following: a. Depreciable cost b. Straight-line rate c. Annual straight-line depreciation.NOS Corp. purchased equipment for $180,000. They sold the equipment at the end of three years for $147,000. If the expected useful life of the equipment was ten years with a residual value of $30,000, and they use straight-line depreciation, which of the following is true regarding the journal entry to record the sale of the equipment? Select one: a. Credit Gain on Sale for $23,000 b. Credit Gain on Sale for $6,000 c. Credit Gain on Sale for $9,000 d. Credit Gain on Sale for $3,000 e. Credit Gain on Sale for $12,000Bought a van, paying $4200 cash as a down payment and signed a 7 month $9000, 6% note payable for the balance. The company paid$270 to have its company logo painted on the side of the van. The residual value is $3000. The old van was sold for $6000; it cost $19200and acculumated depreciation up to the date of disposal was $18000. what is the journal entry and how did you calculate it?
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