Required information [The following information applies to the questions displayed below.] At the beginning of the year, Almond Factory bought three used machines. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Details for Machine A are provided below. Cost of the asset. Installation costs. Renovation costs prior to use Repairs after production began $10,400 940 1,020 790 Prepare the journal entry to record year 2 double-declining balance depreciation expense for Machine C, which has a cost of 6,800, an estimated life of 10 years, and $1,400 residual value. (If no entry is required for a transaction/event, select "No Journal try Required" in the first account field.) A. Record the year 2 depreciation expense for Machine C.

Required information [The following information applies to the questions displayed below.] At the beginning of the year, Almond Factory bought three used machines. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Details for Machine A are provided below. Cost of the asset. Installation costs. Renovation costs prior to use Repairs after production began $10,400 940 1,020 790 Prepare the journal entry to record year 2 double-declining balance depreciation expense for Machine C, which has a cost of 6,800, an estimated life of 10 years, and $1,400 residual value. (If no entry is required for a transaction/event, select "No Journal try Required" in the first account field.) A. Record the year 2 depreciation expense for Machine C.

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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[The following information applies to the questions displayed below.] Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $48,400. The machine's useful life is estimated at 10 years, or 394,000 units of product, with a $9,000 salvage value. During its second year, the machine produces 33,400 units of product. Determine the machine's second-year depreciation and year end book value under the straight-line method. Straight-Line Depreciation Annual Choose Numerator: / Choose Denominator: E> Depreciation Year 2 Depreciation Year end book value (Year 2) II II II
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Required information [The following information applies to the questions displayed below.] At the beginning of the year, Almond Factory bought three used machines. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Details for Machine A are provided below. Cost of the asset Installation costs Renovation costs prior to use Repairs after production began $10,400 940 1,020 790 Prepare the journal entry to record year 2 units-of-production depreciation expense for Machine B, assuming a capitalized cost of $47,880, an estimated life of 30,000 hours, $4,500 residual value, and actual year 2 use of 8,000 hours. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Record the year 2 depreciation expense for Machine B.
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Stella Company uses many kinds of machines in its operations. The following information relates to a machine that was acquired at the beginning of the current year: Cash paid for machine, including VAT of P96,000 Cost of transporting the machine Labor cost of installation by expert fitter 896,000 30,000 50,000 Labor cost of testing machine Cost of safety rails and platform surrounding machine Cost of water device to keep machine cool 40,000 60,000 80,000 Cost of adjustment to machine to make it operate more efficiently Estimated dismantling cost to be incurred as required by contract Insurance cost for the current year 75,000 65,000 15,000 Cost of training personnel who will use the machine 25,000 How much should be capitalized as cost of the machine?
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