Provide all required journal entries needed on: 1.30 June 2022; 2. 30 June 2023; 3. 30 June 2024.

Q: On March 2, 2021, HABIBIYUCK bought an equipment costing P1,200,000. Itis the company’s policy to…

A: Formula: Depreciation rate = ( 100 / Useful life ) x 2

Q: Depreciation and Rate of Return Burrell Company purchased a machine for $31,000 on January 2, 2019.…

A: The deprecation under straight line method is calculated as:= (Cost of the asset - Residual Method)…

Q: Moped, Incorporated purchased machinery at a cost of $44,000 on January 1, 2023. The expected useful…

A: The double-declining balance method uses the depreciation as the double of the straight-line method.…

Q: K On January 2, 2023, Royal Pet purchased fixtures for $29,600 cash, expecting the fixtures to…

A: The first step is to calculate the annual depreciation expense. The straight-line method of…

Q: Azmy Company uses special strapping equipment in its packaging business. The equipment was purchased…

A: Journal entry is the process of recording the business transactions in the books of accounts for the…

Q: On, April 1, 2020, S. Products Co. purchased new machinery for $450,000. The machinery has an…

A: The objective of the question is to journalize all entries required for the machine from April 1,…

Q: Rivera Company purchased a tooling machine on January 3, 2015 for €500,000. The machine was being…

A: The change in the estimates over which the depreciation is computed is called a change in accounting…

Q: Mazaya Company has decided to sell one of its old machines on June 30, 2011. The machine was…

A: Gains: Gains are the profits earned from non-operating activities of a business like sale of land,…

Q: SolMfg Company purchased a new machine for $200,000 on March 1, 2020. It is estimated that the…

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

Q: BITCO purchased a vehicle for $30,000 on July 1, 2020. BITCO's fiscal year ends on December 31,…

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

Q: On January 1, 2021, NUBD Co. purchased a new machine for P100,000 with an estimated useful life of…

A:

Q: On January 1, 2020, Zeta Manufacturing purchased a machine for $790,000. The company expected the…

A: Answer:-  Depreciation formula (Straight line):-  Depreciation = (Cost of equipment - Salvage value)…

Q: XYZ Co. uses the revaluation model for its buildings. The last revaluation of the buildings to their…

A: Introduction: Business transactions are recorded in chronological sequence.  The first step in…

Q: Need answer of this question

A: Step 1: Introduction to the Depreciation ExpenseA tangible asset's physical degradation is recorded…

Q: Blossom Company purchased a warehouse on January 1, 2019, for $480,000. At the time of purchase,…

A: Impairment losses are important because they ensure that the financial statements accurately reflect…

Q: The gain on reversal of impairment loss on December 31, 2016 is

A: Calculate impairment loss as on April 1, 2016 as shown below: Impairment loss = Cost - Accumulated…

Q: On January 1, 2024, Tyson Manufacturing Company purchased a machine for $41,100,000 Tyson's…

A: Depreciation expense:— It is the allocation of depreciable cost of asset over the estimated useful…

Q: On January 1, 2019, Williams Company purchased a copy machine. The machine costs $160,000, its…

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

Q: On October 1, 2021, Bonita Company places a new asset into service. The cost of the asset is $115000…

A: The straight-line method of depreciation is a common way of allocating the cost of the asset to the…

Q: On January ​2, 2023​, Thrifty Clothing Consignments purchased showroom fixtures for $11,000…

A: Depreciation: Depreciation is a method that reallocates the cost of a tangible asset over its useful…

Q: Mabini Company closes its books every December 31. On August 1, 2018, they bought a machine for…

A: Book value of the machine is the original cost of the machine less the accumulated depreciation. If…

Q: On January 2, 2017, Bangs Company purchased equipment costing P1,500,000. The estimated useful life…

A: As per IFRS 5, at the time of initial recognition of an asset as held for sale, asset shall be…

Q: On January 2, 2023, Once Again Clothing Consignments purchased showr the fixtures to remain in…

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

Q: Lebo purchased a machine on 1 January 2019 for R1 500 000. The company incurred installation costs…

A: “Since you have posted multiple questions, we will provide the solution only to the first question…

Q: On February 1, 2021, Jefferson Hotel purchased new computers for $16,540. The computers are expected…

A: Step 1: Approach to solving the question: For this problem, it is observable in the inputted values…

Q: ar and tear allowance of 10% on the plant. Oscar Limited intends to recover the carrying amount of…

A: Deferred tax refers to the form of a liability reflected on the balance sheet of a company which…

Q: Give correct solution for this question

A: Step 1:    Step 2: Step 3: Step 4:

Q: Piano Maker Ltd purchased a photocopier for $80,000 on 1 July 2022.The photocopier is depreciated…

A: 1. 17,000 2. 6,111.11 3. 13,222.22   Explanation: 1. Carrying amount June 30, 2023 72,000     Fv…

Q: On May 1, 2020, Zoo Company sells furniture for 80,000 cash. The furniture originally cost 200,000…

A: Here in this question, we are required to calculate the gain or loss to be recognized on sale of…

Q: Oriole plc purchased a computer for £9.440 on January 1, 2021. Straight-line depreciation is used,…

A: Depreciation :— It is the allocation of depreciable cost of asset over the useful life of asset.…

Q: On January 1, 2022. Swifty Company purchased equipment for $41000. The company is depreciating the…

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

Q: K On January 2, 2016, Sweet Pet purchased fixtures for $50,800 cash, expecting the fixtures to…

A: DEPRECIATION EXPENSEDepreciation means gradual decrease in value of assets due to normal wear and…

Q: Mabini Company closes its books every December 31. On August 1, 2018, they bought a machine for…

A: Depreciation expense is reduction in the value of assets due to its use, wear or tear. Depreciation…

Q: Exact Time Logistics Co. purchased a delivery truck on Jan 02, 2020 for $145,000 and it was…

A: Introduction: Under the straight line method of depreciation, a fixed amount of depreciation is…

Q: On January 2, 2016, King Pet purchased fixtures for $38,100 cash, expecting the fixtures to remain…

A: Depreciation is the loss in the value of the asset caused due to its usage, wear and tear.There are…

Q: , the acquisition cost of the machine must be

A: Acquisition can be defined as non regular business activity, were one business entity takes up the…

Q: Belkin plc purchases a machine for £110,000 on 1 Jan 2015. The machine has no residual value, and an…

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

Q: Hadley Zavis Inc. started its unicycle manufacturing business in 2020 and acquired $600,000 of…

A: Depreciation is the reduction in value of fixed assets over the period. Under straight line method,…

Q: On February 1, 2021, KIKO Co. purchased a land and building for 10,000,000 as a factory site. The…

A: As per IFRS 16, Property plant and equipment Cost of constructed property consists all costs that…

Q: Need help with this question

A: We find the net book value of the machine as of 31 December 2019 by applying the reducing balance…

Q: Fill the blanks XYZ company purchased a new machine on July 1, 2021, at a cost of €50,000. The…

A: As per given information, we find Cost of machine           =  50,000 Life of machine in hours =…

Q: On 1 July 2022, your company acquired a machine for $103,000 on credit and decided to depreciate it…

A: Using the Cost Model:  In the cost model, the machine is initially recorded at cost and is…