Prepare Pina Colada Corp.’s journal entries to record the sale of the equipment in these four independent situations. (a)   Sold for $29,920 on January 1, 2022. (b)   Sold for $29,920 on May 1, 2022. (c)   Sold for $10,300 on January 1, 2022. (d)   Sold for $10,300 on October 1, 2022.

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A: Introduction:- The following formula used to calculate depreciation usi g straight line method as…

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A: The rate of depreciation under 150% declining balance method is calculated by dividing 150 by the…

Q: On January 1, 2021, Mama Company purchased a machine for P2,750,000. The machine was depreciated…

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Q: Company C purchased several pieces of equipment for a total of $ 60,000 on January 1, 2019—its first…

A: 2019 2020 2021  Net book value       48,000.00       50,400.00       26,400.00   Tax value /…

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A: In case of multiple subparts, we are allowed to solve only the first 3 subparts. If you want the…

Q: On January 1, 2021, Mama Company purchased a machine for P2.750,000. The machine was depreciated…

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…

Q: Duck Pond Golf Club purchased equipment on January 1, 2018, for $48,282. Suppose Duck Pond Golf Club…

A: Solution: Computation of gain (loss): Market value of assets received    36000 Less: Book value…

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A: Depreciation expense is the charge against income each year for the wear and tear of the equipment…

Q: Parnell Company acquired construction equipment on January 1, 2020, at a cost of $77,400. The…

A: Given information:

Q: Parnell Company acquired construction equipment on January 1, 2020, at a cost of $78,400. The…

A: Approach to solving the question:Required (a): Prepare journal entries for this equipment for the…

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A: Particulars Amount Cost of equipment 22,300 Less: Salvage value 4,000 Depreciable amount…

Q: BTL Company purchased a tractor at a cost of $90,000.  The tractor has an estimated salvage value of…

A: Depreciation is considered as an expense charge on the value of the Asset. It can be calculated by…

Q: On January 1, 2018, an entity purchased a machine for P7,200,000 and depreciated it by the straight…

A: Since there are multiple questions, we will solve first for you. To get the remaining questions…

Q: Grumpy Inc purchased a machine on January 1, 2021, at a cost of $120,000. The machine was originally…

A: Depreciation is the reduction in the value of an asset due to normal wear and tear, passage of time,…

Q: On January 1, 2019, Allen Corp. purchased equipment for $760,000. At the time, it was estimated that…

A: Straight-line depreciation evenly distributes the cost of an asset over its useful life, subtracting…

Q: On January 1, 2021, Mama Company purchased a machine for P2,750,000. The machine was depreciated…

A: The depreciation expense is charged on fixed assets as reduction in the value of fixed assets with…

Q: Rayya Company purchases a machine for $100,800 on January 1, 2021. Straight line depreciation is…

A: Journal entries are the official records of financial transactions conducted by a firm or an…

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A: The following computations are done for Goliath Company.

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A: The Depreciation expense is charged on fixed assets as reduction in the value of the fixed assets…

Q: 1. Which depreciation method is the company using in each example? 2. Compute the depreciation…

A: (1). N Company purchased as asset for $17,000 on January 2, 2021. The asset has an expected residual…

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A: Accumulated depreciation refers to the total deprecation charges till a particular point. This can…

Q: 6. What is the depreciation expense for the year ended December 31, 2021? BLACK JACK Company…

A: Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of the…

Q: Bataan Company purchased a machinery that was installed and ready for use on January 1, 2019 at a…

A: Depreciation expense is the cost portion which is allocated to the fixed assets of the company and…

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A: The question is based on the concept of Depreciation Accounting. Depreciation is the decrease in the…

Q: On January 3, 2019, Soju Co. purchased machinery. The machinery has an estimated useful life of…

A: Sum of Years Digit = [n (n+1)/2]  here n = total life of assets = 8 years Therefore Sum of Years…

Q: Netsol Communication purchased equipment on January 1, 2018, for $27,500. Suppose Netsol…

A: Formula: Ending book value = Beginning book value - Accumulated  depreciation.

Q: Rayya Company purchases a machine for $201,600 on January 1, 2021. Straight-line depreciation is…

A: Depreciation: It can be defined as a gradual reduction or decrease in the total acquisition cost of…

Q: On January 3, 2018, Honest company acquired an item of property, plant and equipment at a cost of…

A: Asset will be reclassified as held for sale will be valued at lower of following 1) carrying value…

Q: Ehrlich Company purchased equipment in 2015 for $150,000 and estimated a $10,000 salvage value at…

A: Depreciation exp  $3,500.00               To Accumulated Depreciation   $3,500.00…

Q: A. Muharraq Industrial Co. purchased a Tradename for $ 240,000 on July 1, 2021. The Trademname is…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: On January 3, 2019, Soju Co. purchased machinery. The machinery has an estimated useful life of…

A: Sum of the years digits = n(n+1)/2 Sum of the years digits =  8(8+1)/2 Sum of the years digits =…

Q: Swifty Corporation purchased a machine on July 1, 2020, for $910000. The machine has an estimated…

A: This is the case of 150% declining-balance method in which the depreciation rate is to be computed…

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A: Machinery is the non-current asset which is purchased by the entity for the purpose of running the…

Q: Great Value Company purchased equipment on January 1, 2020, for $75,000, with an estimated useful…

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Q: Circle cellar sells equipment on June 1 2021 for $695,000 cash. Circle incurred 4000 of removal and…

A: An accounting book's journal entry is a record of a company's financial transactions. A fully…

Q: On March 31, 2021, Company A purchased a manufacturing facility along with vehicles and other…

A: Part 1: Depreciation Expense for 2021Building:We already have the depreciation expense for the…