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Problem 9-7A (Part Level Submission) Yukon Productions Corp. purchased equipment on March 1, 2015, for $61,000. The company estimated the equipment would have a useful life of three years and produce 12,000 units, with a residual value of $8,500. During 2015, the equipment produced 4,900 units. On November 30, 2016, the machine was sold for $18,000 and had produced 5,600 units that year. Record all the necessary entries for the years ended December 31, 2015 and 2016, using the following depreciation methods: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round the depreciation rate in the si diminishing-balance method to 2 decimal places, e.g. 0.33% and Round depreciation per unit in the units-of-production depreciation method to 2 decimal places, e.g. 2.25 a

Problem 9-7A (Part Level Submission) Yukon Productions Corp. purchased equipment on March 1, 2015, for $61,000. The company estimated the equipment would have a useful life of three years and produce 12,000 units, with a residual value of $8,500. During 2015, the equipment produced 4,900 units. On November 30, 2016, the machine was sold for $18,000 and had produced 5,600 units that year. Record all the necessary entries for the years ended December 31, 2015 and 2016, using the following depreciation methods: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round the depreciation rate in the si diminishing-balance method to 2 decimal places, e.g. 0.33% and Round depreciation per unit in the units-of-production depreciation method to 2 decimal places, e.g. 2.25 a

FINANCIAL ACCOUNTING
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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Problem 9-7A (Part Level Submission) Yukon Productions Corp. purchased equipment on March 1, 2015, for $61,000. The company estimated the equipment would have a useful life of three years and produce 12,000 units, with a residual value of $8,500. During 2015, the equipment produced 4,900 units. On November 30, 2016, the machine was sold for $18,000 and had produced 5,600 units that year. ▼(a) Record all the necessary entries for the years ended December 31, 2015 and 2016, using the following depreciation methods: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round the depreciation rate in the single diminishing-balance method to 2 decimal places, e.g. 0.33% and Round depreciation per unit in the units-of-production depreciation method to 2 decimal places, e.g. 2.25 and final answers to 0 decimal places, e.g. 5,275.)
Transcribed Image Text:Problem 9-7A (Part Level Submission) Yukon Productions Corp. purchased equipment on March 1, 2015, for $61,000. The company estimated the equipment would have a useful life of three years and produce 12,000 units, with a residual value of $8,500. During 2015, the equipment produced 4,900 units. On November 30, 2016, the machine was sold for $18,000 and had produced 5,600 units that year. ▼(a) Record all the necessary entries for the years ended December 31, 2015 and 2016, using the following depreciation methods: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round the depreciation rate in the single diminishing-balance method to 2 decimal places, e.g. 0.33% and Round depreciation per unit in the units-of-production depreciation method to 2 decimal places, e.g. 2.25 and final answers to 0 decimal places, e.g. 5,275.)
(1) Straight-line Date Account Titles and Explanation 2015 Mar. 1 Dec. 31 2016 Nov. 30 Nov. 30 Dec. 31 (2) Single-diminishing-balance Date Account Titles and Explanation 2015 Mar. 1 2016 Nov. 30 Nov. 30 Dec. 31 (To record depreciation expense) 2016 Nov. 30 (To record the sale of machine) Nov. 30 (3) Units-of-Production Date Account Titles and Explanation 2015 Mar. 1 (To record depreciation expense) (To record the sale of machine) (To record depreciation expense) (To record the sale of machine) Debit Debit Debit Credit Credit Credit
Transcribed Image Text:(1) Straight-line Date Account Titles and Explanation 2015 Mar. 1 Dec. 31 2016 Nov. 30 Nov. 30 Dec. 31 (2) Single-diminishing-balance Date Account Titles and Explanation 2015 Mar. 1 2016 Nov. 30 Nov. 30 Dec. 31 (To record depreciation expense) 2016 Nov. 30 (To record the sale of machine) Nov. 30 (3) Units-of-Production Date Account Titles and Explanation 2015 Mar. 1 (To record depreciation expense) (To record the sale of machine) (To record depreciation expense) (To record the sale of machine) Debit Debit Debit Credit Credit Credit
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