S9-8 Discarding an asset Learning Objective 3 On October 31, 2018, Alternative Landscapes discarded equipment that had a cost of $26,920. Accumulated Depreciation as of December 31, 2017, was $25,000. Assume annual depreciation on the equipment is $1,920. Journalize the partial-year depreciation expense and disposal of the equipment.
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![S9-8 Discarding an asset
Learning Objective 3
On October 31, 2018, Alternative Landscapes discarded equipment that had a
cost of $26,920. Accumulated Depreciation as of December 31, 2017, was
$25,000. Assume annual depreciation on the equipment is $1,920. Journalize
the partial-year depreciation expense and disposal of the equipment.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcd08fd21-7e2f-4214-9769-d352731fcd2d%2F555cb37d-d8e2-4419-8fad-3721fa1c6709%2F0iv2o3a_processed.jpeg&w=3840&q=75)
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- S9-8 Discarding an asset On October 31, 2018, Just Right Landscapes discarded equipment that had a cost of $26,920. Accumulated Depreciation as of December 31, 2017, was $25,000. Assume annual depreciation on the equipment is $1,920. Journalize the partial-year depreciation expense and disposal of the equipment.S10-8 (similar to) E Question Help On July 31, 2018, Choice Landscapes discarded equipment that had a cost of $17,680. Accumulated Depreciation as of December 31, 2017, was $16,000. Assume annual depreciation on the equipment is $1,680. Journalize the partial-year depreciation expense and disposal of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the partial-year depreciation expense. Date Accounts and Explanation Debit Credit Jul. 31 Choose from any list or enter any number in the input fields and then click Check Answer. 2 parts remaining Clear All Check AnswerProblem 9-5 (IAA) On January 1, 2016, Milan Company purchased an for P6,000,000. The equipment had been depreciated using the straight line with residual value of P600,000 and useful equipment On January 1, 2018, the entity determined that the remaining useful life is 10 years and the residual value is P800,000. What is the depreciation for 2018? a. 270,000 b. 546,000 c. 466,000 d. 582,500
- Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $455,400 has an estimated useful life of 10 years and an estimated residual value of $59,400. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense Year 1 $fill in the blank f1b9f00b5045034_1 Year 2 $fill in the blank f1b9f00b5045034_2 Year 3 $fill in the blank f1b9f00b5045034_3 b. What was the book value of the equipment on January 1 of Year 4?$fill in the blank f1b9f00b5045034_4 c. Assuming that the equipment was sold on January 3 of Year 4 for $319,800, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Jan. 3 fill in the blank ba2b40ff4fcafe9_2 fill in the blank ba2b40ff4fcafe9_3 fill in the blank ba2b40ff4fcafe9_5 fill in the blank ba2b40ff4fcafe9_6 fill in the blank ba2b40ff4fcafe9_8 fill in the blank ba2b40ff4fcafe9_9 fill…M8-12 Computing Depreciation Under Straight-Line and Double-Declining-Balance A delivery van costing $18,000 is expected to have a $1,500 salvage value at the end of its useful life of 5 years. Assume that the truck was purchased on January 1, 2016. Compute the depreciation expense for 2017 (its second year) under each of the following depreciation methods: a. Straight-line b. Double-declining-balanceDisposal of Fixed Asset Equipment acquired on January 6 at a cost of $375,000 has an estimated useful life of 20 years and an estimated residual value of $25,000. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense Year 1 $fill in the blank 5051b8074fbc06c_1 Year 2 $fill in the blank 5051b8074fbc06c_2 Year 3 $fill in the blank 5051b8074fbc06c_3 b. What was the book value of the equipment on January 1 of Year 4?$fill in the blank 5051b8074fbc06c_4 c. Assuming that the equipment was sold on January 3 of Year 4 for $300,000, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Year 4Jan. 3 fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank d. Assuming that the equipment had been sold on…
- Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $276,000 has an estimated useful life of 8 years and an estimated residual value of $36,000. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense Year 1 $fill in the blank 3a305c045f95fb6_1 Year 2 $fill in the blank 3a305c045f95fb6_2 Year 3 $fill in the blank 3a305c045f95fb6_3 b. What was the book value of the equipment on January 1 of Year 4?$fill in the blank 3a305c045f95fb6_4 Feedback Asset cost minus residual value equals depreciable cost. Asset cost minus accumulated depreciation equals book value. The Accumulated Depreciation account is a permanent account and therefore the balance in the account grows each year of the asset's life. c. Assuming that the equipment was sold on January 3 of Year 4 for $176,700, journalize the entry to record the sale. If an amount box does not…An automated inspection system purchased at a cost of $400,000 by Mega Tech Engineering was depreciated using the MACRS method. Determine the accumulated depreciation through year 4. Group of answer choices $275,040 $137,520 $206,280 $68,760Equipment acquired on January 3, 2007, at a cost of $504,000, has an estimated useful life of 12 years, has an estimated residual value of $42,000, and is depreciated by the straight-line method. a. Prepare a working paper to support your answers. b. Assuming that the equipment was disposed on December 31, 2015, journalize the disposal entries c. Assuming that the equipment was sold on April 1, 2011, for $315,000, journalize the entries to record (1) depreciation for the three months until the sale date, and (2) the sale of the equipment. d. Assuming that the equipment was sold on April 1, 2011, for $420,000, journalize the entries to record (1) depreciation for the three months until the sale date, and (2) the sale of the equipment.
- Historical cost Estimated useful life Salvage value Estimated useful hours $ 270,000 6 уears $ 24,000 12,000 hours Estimated hours per year: 3,100 2019 1,100 2020 1,200 2021 2,800 2022 2,600 2023 1,200 2024 Required 1 Complete the depreciation schedule using the Straight-line Method. Page, Adventure Park, Corp. ciation Schedule - Straight Line Method Depreciation Accumulated Depreciable Year Expense Depreciation Cost 12.31.19 12.31.20 12.31.21 12.31.22 12.31.23 12.32.24 2 Record depreciation expense for 2020. General Journal DR CR 3 What is the net book value of the equipment on 12.31.20? Historical cost (Accumulated depreciation) Net book value at 12.31.20A10-8 Depreciation Computation:Mace Company acquired equipment that cost $36,000, which will be depreciated on the assumption that the equipment will last six years and have a $2,400 residual value. Component parts are not significant and need not be recognized and depreciated separately. Several possible methods of depreciation are under consideration.Required 1. Prepare a schedule that shows annual depreciation expense for the first two years, assuming the following (show computations and round to the nearest dollar):1. Declining-balance method, using a rate of 30%.2. Productive-output method. Estimated output is a total of 210,000 units, of which 24,000 will be produced the first year; 36,000 in each of the next two years; 30,000 the fourth year; and 42,000 the fifth and sixth years.3. Straight-line method.EXERCISES E11-1 (L01) EXCEL (Depreciation Computations—SL, SYD, DDB) Deluxe Ezra Company purchases equipment on Janu- ary 1, Year 1, at a cost of $469,000. The asset is expected to have a service life of 12 years and a salvage value of $40,000. Instructions (a) Compute the amount of depreciation for each of Years 1 through 3 using the straight-line depreciation method. (b) Compute the amount of depreciation for each of Years 1 through 3 using the sum-of-the-years’-digits method. (c) Compute the amount of depreciation for each of Years 1 through 3 using the double-declining-balance method. (In performing your calculatio
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