Required information Problem 10-6A (Algo) Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.] Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine. Onslow paid an additional $1,600 on January 4 to secure the machine for operation. The machine will be used for six years and have a $23,040 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. roblem 10-6A (Algo) Part 2 Prepare journal entries to record depreciation of the machine at December 31. View transaction list Journal entry worksheet < 1 2 Record the first year year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal >

Required information Problem 10-6A (Algo) Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.] Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine. Onslow paid an additional $1,600 on January 4 to secure the machine for operation. The machine will be used for six years and have a $23,040 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. roblem 10-6A (Algo) Part 2 Prepare journal entries to record depreciation of the machine at December 31. View transaction list Journal entry worksheet < 1 2 Record the first year year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal >

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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Required information Problem 10-6A (Algo) Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.] Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine. Onslow paid an additional $1,600 on January 4 to secure the machine for operation. The machine will be used for six years and have a $23,040 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. Problem 10-6A (Algo) Part 1 Required: 1. Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurred. View transaction list Journal entry worksheet
Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $44,200. The machine's useful life is estimated at 10 years, or 392,000 units of product, with a $5,000 salvage value. During its second year, the machine produces 33,200 units of product. Exercise 8-6 (Algo) Double-declining-balance depreciation LO P1 Determine the machine's second-year depreciation using the double-declining-balance method. First year's depreciation Second year's depreciation Double-declining-balance Depreciation Choose Factors: X Choose Factor(%) Annual Depreciation Expense = Depreciation expense =
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Problem 7-5A (Algo) Determine depreciation under three methods (LO7-4) [The following information applies to the questions displayed below.] 1 2 3 4 5 6 University Car Wash purchased new soap dispensing equipment that cost $231,000 including installation. The company estimates that the equipment will have a residual value of $25,500. University Car Wash also estimates it will use the machine for six years or about 12,500 total hours. Actual use per year was as follows: Year Year 1 2 3 4 SSVI 5 6 Problem 7-5A (Algo) Part 2 2. Prepare a depreciation schedule for six years using the double-declining-balance method. (Do not round your intermediate calculations.) Hours Used 2,900 1,800 1,900 2,100 1,900 1,900 Depreciation Expense UNIVERSITY CAR WASH Depreciation Schedule-Double-Declining-Balance End of Year Amounts Accumulated Depreciation Book Value Help
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Required information Problem 7-5A (Algo) Determine depreciation under three methods (LO7-4) [The following information applies to the questions displayed below.) University Car Wash purchased new soap dispensing equipment that cost $219,000 including installation. The company estimates that the equipment will have a residual value of $19,500. University Car Wash also estimates it will use the machine for six years or about 12,500 total hours. Actual use per year was as follows: Year 1 2 Hours Used 2,800 1,400 1,500 2,500 2,300 2,000 4 Problem 7-5A (Algo) Part 1 Required: 1. Prepare a depreciation schedule for six years using the straight-line method. (Do not round your intermediate calculations.) UNIVERSITY CAR WASH Depreciation Schedule-Straight-Line End of Year Amounts Depreciation Expense Accumulated Depreciation Year Book Value
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3 ed Required information [The following information applies to the questions displayed below.] On January 1, Year 1, a company purchased a delivery vehicle for $40,000. At the end of its five-year service life, it is estimated that the vehicle will be worth $4,000. During the five-year period, the company expects to drive the vehicle 121,000 miles. Required: Calculate annual depreciation for the five-year life of the vehicle using each of the following methods. 3. Units of production using miles driven as a measure of output, and the following actual mileage: Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Year Year 1 Year 2 Year 3 Year 4 Year 5 Total Miles 15,000 31,000 22,000 27,000 28,000 Depreciation $ 0
! Required information Problem 8-6A (Algo) Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.] Onslow Co. purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine and an additional $1,600 to secure it in place. The machine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. 2. Prepare journal entries to record depreciation of the machine at December 31. View transaction list Journal entry worksheet 1 2 > Record the first year year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal 2. Prepare journal entries to record depreciation of the machine at December 31. View transaction list Journal entry…