1011Required:Prepare the journal entries required on January 1, 2022, and December 31, 2022, if Aggarwal prepares2financial statements in accordance with IFRS.Please use the template below to prepare your journal entries. (omit any explanations)Account TitlesDebitCreditDateCreditDebitAccount TitlesDate On January 1, 2022, Aggarwal Corporation purchased in cash a Call Center with the following components2.ComponentsCall Center Equipment6 Building7 ComputerDepreciation MethodActivity MethodStraight LineDouble-Declining BalanceCostResidual Value$96,000Useful Life$1,236,000$903,000$172,500$93,000$12,0001 million calls30 years5 yearsDuring 2022, Aggarwal made 196,000 calls using its call center equipment. The call center has a useful life of30 years.

Depreciation There are different method of depreciation which are used for the calculation like…

Answered: Required: Prepare the journal entries…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 8PA: Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the...

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On January 1, 2022, Irwin company purchased the copyright to quick computer tutorials for $120,000. it is estimated that the copyright will have a useful life of 5 years. The amount of amortization expense recognized for the year 2022 would be. a. $0 b. $24,000 c. $60,000 d. $120,000
Myron Corp has the following information available related to the equipment it uses in its business. Description Information Purchase Date January 1, 2020 Original Capitalized Cost $800,000 Original Useful Life 5 years Original Residual Value $40,000 On January 1, 2022, Myron made $100,000 worth of extraordinary repairs on this equipment. It financed these repairs by taking out a two-year, 12% note. These repairs are expected to extend the useful life of the equipment by an additional three (3) years past its original five (5) year life (to a new total life of 8 years). There is no change expected to the asset’s residual value. Myron uses the straight-line depreciation method for all its depreciable assets. Part A: Record the journal entry Myron should make on 1/1/22 for the cost of the extraordinary repair.
Suppose GENERAL MILLS sold a building for $120 million on June 1, 2021. GENERAL MILS originally acquired the building for $200 million 10 years ago. Since the purchase, GM has spent $0.5 million in repairs and $12.5 million in improvements. At the time of the sale, the building had accumulated depreciation of $97,5. How would this sale affect GENERAL MILLS' income statement? Answer: The disposal of the building would result in recording, on the 2021 Income Statement. O Gain O Cannot be determined O Expense O Revenue O Loss
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Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the purchase of the printer impacts not only depreciation expense each year but also the assets book value. What amount will be recorded as depreciation expense each year, and what will the book value be at the end of each year after depreciation is recorded?
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Jordan's Records, Inc. has spent the following on research and development for 2022? What amount should be reported as R&D (research and development) expense? Salaries for research employees Developed technology purchased in a business acquisition. In-process R&D purchased in a business acquisition Supplies used in research projects Research performed for sale to another company in the future Mumple Choice $700,000 $620,000 $770,000 $ 500,000 250,000 150,000 120,000 30,000
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