Pond Scum Creamery sold ice cream equipment for $18,000. Pond Scum originally purchased the equipment for $95,000, anddepreciation through the date of sale totaled $73,500.Record the gain or loss on the sale of the equipment. (If no entry is required for a particular transaction/event, select "No JournalEntry Required" in the first account field.)View transaction listJournal entry worksheet1Record the sale of the equipment.Note: Enter debits before credits.Transaction1General JournalDebitCreditClear entryRecord entryView general journal< Prev6 of 7Next >

TransactionAccounts title and explanationDebitCredit1Cash$18,000 Accumulated depreciation$73,500…

Answered: Pond Scum Creamery sold ice cream…

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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Equipment with an estimated market value of $29,467 is offered for sale at $47,671. The equipment is acquired for $16,800 in cash and a note payable of $24,414 due in 30 days. The amount used in the buyer's accounting records to record this acquisition is Oa. $16,800 Ob. $41,214 Oc. $29,467 Od. $46,267
DS: Required information [The following information applies to the questions displayed below.] Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2.) Machinery Date Placed in Service October 25 February 3 Computer equipment Used delivery trucke Furniture August 17 April 22 *The delivery truck is not a luxury automobile. Asset Original Basis $ 84,000 20,500 33,500 167,500 b. What is the allowable depreciation on Evergreen's property in the current year if Evergreen does not elect out of bonus depreciation? MACRS depreciation
Recording lump-sum asset purchases, depreciation, and disposals Ellie Johnson Associates surveys American eating habits. The company’s accounts include Land, Buildings, Office Equipment, and Communication Equipment, with a separate Accumulated Depreciation account for each depreciable asset. During 2018, Ellie Johnson Associates completed the following transactions: Record the transactions in the journal of Ellie Johnson Associates.
Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2.) Asset Machinery Computer equipment Used delivery truck Furniture Date Placed in Service October 25 February 3 August 17 April 22 Original Basis $ 108,000 38,500 51,500 197,500 *The delivery truck is not a luxury automobile. Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. b. What is the allowable depreciation on Evergreen's property in the current year if Evergreen does not elect out of bonus depreciation and elects out of $179 expense? Depreciation
Sale of a Building The Miller Company sold a building for $640,000 that had a book value of $720,000. The building had originally cost the company $19,200,000 and had accumulated depreciation to date of $18,480,000. Prepare a journal entry to record the sale of the building. Cash Description General Journal Debit Accumulated depreciation Loss on sale Building Check X 0 x 0 x 0 Credit 0 O O 0 x
Pitney Company purchased an office building, land, and furniture for $631,100 cash. The appraised value of the assets was as follows. Land Building Furniture Total $ 84,820 261,528 360,484 $ 706,832 Required a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model. c. Prepare the general journal entry to record the purchase.
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Prepare the July 1 entry for Pronghorn Corporation to record the purchase
Pitney Company purchased an office building, land, and furniture for $728,100 cash. The appraised value of the assets was as follows. $ 138,630 195,713 481,128 $ 815,472 Land Building Furniture Total Required a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model. c. Prepare the general journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the amount to be recorded on the books for each asset. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.) Allocated Cost Land Building Furniture Total
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