**Problem 1.a**Grapicsco Co. acquired a 3-D printer for $20,000 on January 2013. The printer had an estimated economic life of 4 years and a residual value of $1,000. It was depreciated using the double declining balance method. In January of 2014 Grapicsco Co. sold the printer for $8,000 cash, after just 1 year of use, and replaced it with a more sophisticated printer.**Required:**Prepare all necessary journal entries to record the disposal of the printer on December 31, 2013.---**Problem 1.b**The balance sheets of Wilcox Corporation at the beginning and end of the year contained the following data:**Wilcox Corporation Partial Balance Sheet**| | Beg. Of Year | End of Year ||------------------------------|--------------|-------------|| Property, Plant, and Equipment – PP&E (at cost) | $400,000 | $550,000 || Accumulated Depreciation | $180,000 | $160,000 || **Net Carrying Value** | $220,000 | $390,000 |During the year, Wilcox Corporation purchased additional PP&E for $230,000, recorded total PP&E depreciation of $50,000 for the year, and sold an old equipment it no longer needed for a net gain of $4,000.**Required:**Prepare the necessary journal entries to record the sale of the old machinery.

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Description: **Problem 1.a**Grapicsco Co. acquired a 3-D printer for $20,000 on January 2013. The printer had an estimated economic life of 4 years and a residual value of $1,000. It was depreciated using the double declining balance method. In January of 2014 G

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Problem 1. a. Grapicsco Co. acquired a 3-D printer for $20,000 on January 2013. The printer had an estimated economic life of 4 years and a residual value of $1,000. It was depreciated using the double declining balance method. In January of 2014 Grapicsco Co. sold the printer for $8,000 cash, after just 1 year of use, and replaced it with a more sophisticated printer. Required: Prepare all necessary journal entries to record the disposal of the printer on December 31 2013.

Problem 1. a. Grapicsco Co. acquired a 3-D printer for $20,000 on January 2013. The printer had an estimated economic life of 4 years and a residual value of $1,000. It was depreciated using the double declining balance method. In January of 2014 Grapicsco Co. sold the printer for $8,000 cash, after just 1 year of use, and replaced it with a more sophisticated printer. Required: Prepare all necessary journal entries to record the disposal of the printer on December 31 2013.

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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Majan Company purchased a printer for $ 6,480 on February 1, 2011. The company expects to use the printer for 5 years. It has no residual value. Monthly depreciation expense on the asset is A. $ 108 B. $ 6,480 C. $ 0 D. $ 1,296
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* CengageNOWv2|Online teachin x ignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false еВook Show Me How Depreciation Methods Clearcopy, a printing company, acquired a new press on January 1. The press cost $171,600 and had an expected life of 8 years or 4,500,000 pages and an expected residual value of $15,000. Clearcopy printed 683,600 pages during the year. Do not round intermediate calculations. If required, round your answers to the nearest whole dollar. Required: 1. Compute depreciation expense using the: Depreciation Expense a. Straight-line method b. Double-declining-balance method С. Units-of-production method 2. What is the book value of the machine at the end of the year under each method? Book Value a. Straight-line method b. Double-declining-balance method с. Units-of-production method Previous Check My Work Save and Exit Submit Assignment for Grading