Saint Hill Inc. recorded a loss of $9,800 when it sold a van that originally cost $87,000 for $14,300. Accumulated depreciation on the van must have been__. Answer me this accounting question
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Saint Hill Inc. recorded a loss of $9,800 when it sold a van that originally cost $87,000 for $14,300. Accumulated depreciation on the van must have been__. Answer me this accounting question
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- How to do this, please explain. Thank you.I need help with this journal entry, I have it partially correct but I'm not sure how to record the new accumulated depreciation and what numbers to use.The following are the transactions of Morrell Corporation: Morrell Corporation disposed of two computers at the end of their useful lives. The computers had cost $4,640 and their Accumulated Depreciation was $4,640. No residual value was received. Assume the same information as (a), except that Accumulated Depreciation, updated to the date of disposal, was $3,280. Prepare journal entries to record above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
- What is the result of this disposal transaction?Prepare journal entries to record these transactions. (a) Echo Company retires its delivery equipment, which cost $41000. Accumulated depreciation is also $41000 on this delivery equipment. No salvage value is received. (b) Assume the same information as in part (a), expcept that accumulated depreciation for the equipment is $37200 instead of $41000.I need answer to Question below
- Please help me find the accumulated depreciation . I got 150 but it's wrong apparently.a. Morrell Corporation disposed of two computers at the end of their useful lives. The computers had cost $4,740 and their Accumulated Depreciation was $4,740. No residual value was received. b. Assume the same information as (a), except that Accumulated Depreciation, updated to the date of disposal, was $3,480. Required: Prepare journal entries to record above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet A > Record the disposal of computers that had cost $4,740 and their accumulated depreciation to the date of disposal was $4,740. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 4,740 4,740Swifty Company's delivery truck, which originally cost $83100, was destroyed by fire. At the time of the fire, the balance of the Accumulated Depreciation account amounted to $57200. The company received $47300 reimbursement from its insurance company. The gain or loss as a result of the fire was $21400 gain. $35800 loss. $35800 gain. $21400 loss.
- Malfoy Ltd sold a motor vehicle on 30 September 2014. The proceeds from sale were $21,000 cash. The Balance Sheet as at 30 June 2014 reported the motor vehicle at a cost of $45,000 and the accumulated depreciation was $21,600. The motor vehicle is depreciated using the straight-line method at a rate of $5,400 per annum. 'A profit or loss on sale of a non-current asset is simply an over or understatement of depreciation'. Using the information given above, prepare calculations to support your explanation of the statement.HareshABC Engineering Company has bought an equipment for RO 100,000 with an estimated useful life of 4 years. Accounting Manager, is responsible to calculate the depreciation to record in the books of accounting. He is confused in selecting the method of depreciation like WDV or Straight-line method. He came to know that the expected scrap value at the end of its useful life is RO 20,000. Why should the company record depreciation in the books of accounts? What would be book value of the machinery at the end 4 years using WDV method and Straight-line method. comment on the depreciation method that is more suitable for the accounting purpose What is the scrap(salvage) value of the machine? Discuss