Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets were in use. [The following information applies to the questions displayed below.]On January 1, Mitzu Company pays a lump-sum amount of $2,750,000 for land, Building 1, Building 2, and LandImprovements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $796,500,with a useful life of 20 years and a $90,000 salvage value. Land Improvements 1 is valued at $324,500 and is expected tolast another 11 years with no salvage value. The land is valued at $1,829,000. The company also incurs the followingadditional costs.Cost to demolish Building 1Cost of additional land gradingCost to construct Building 3, having a useful life of 25 years and a $402,000 salvage valueCost of new Land Improvements 2, having a 20-year useful life and no salvage value$ 339,400187,4002,282,000168,0003. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets werin use.View transaction listJournal entry worksheet134.<>Record the year-end adjusting entry for the depreciation expense of Building3.Note: Enter debits before credits.DateGeneral JournalDebitCreditDecember 31< Prevof 7Next>MacBook AirDIIDD80F8F9F2F3F4F5F6F7%23$&36.8WETY SavedHemework 6[The following information applies to the questions displayed below.]On January 1, Mitzu Company pays a lump-sum amount of $2,750,000 for land, Building 1, Building 2, and LandImprovements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $796,500,with a useful life of 20 years and a $90,000 salvage value. Land Improvements 1 is valued at $324,500 and is expected tolast another 11 years with no salvage value. The land is valued at $1,829,000. The company also incurs the followingadditional costs.Cost to demolish Building 1Cost of additional land gradingCost to construct Building 3, having a useful life of 25 years and a $402,000 salvage valueCost of new Land Improvements 2, having a 20-year useful life and no salvage value$ 339,400187,4002,282,000168,0003. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets werin use.View transaction listJournal entry worksheet<>3 4Record the year-end adjusting entry for the depreciation expense of Building2.Note: Enter debits before credits.DebitCreditDateGeneral JournalDecember 31< Prevof 7NextMacBook AirDI80F8F9F5F6F7F2F3*@#$&456.78.ETYこの* 00w/

[The following information applies to the questions displayed below.) On January 1, Mitzu Company pays a lump-sum amount of $2,750,000 for land, Building 1, Building 2, and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $796,500, with a useful life of 20 years and a $90,000 salvage value. Land Improvements 1 is valued at $324,500 and is expected to last another 11 years with no salvage value. The land is valued at $1,829,000. The company also incurs the following additional costs. Cost to demolish Building 1 Cost of additional land grading Cost to construct Building 3, having a useful life of 25 years and a $402,000 salvage value Cost of new Land Improvements 2, having a 20-year useful iife and no salvage value $ 339,400 187,400 2,282,000 168,000 . Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets n use. View transaction list Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Building 3. Note: Enter debits before credits. Date General Journal Debit Credit December 31 < Prev of 7 Next 2.

[The following information applies to the questions displayed below.) On January 1, Mitzu Company pays a lump-sum amount of $2,750,000 for land, Building 1, Building 2, and Land Improvements 1. Building 1 has no value and will be demolished. Building 2 will be an office and is appraised at $796,500, with a useful life of 20 years and a $90,000 salvage value. Land Improvements 1 is valued at $324,500 and is expected to last another 11 years with no salvage value. The land is valued at $1,829,000. The company also incurs the following additional costs. Cost to demolish Building 1 Cost of additional land grading Cost to construct Building 3, having a useful life of 25 years and a $402,000 salvage value Cost of new Land Improvements 2, having a 20-year useful iife and no salvage value $ 339,400 187,400 2,282,000 168,000 . Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the first year these assets n use. View transaction list Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of Building 3. Note: Enter debits before credits. Date General Journal Debit Credit December 31 < Prev of 7 Next 2.

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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Peavey Enterprises purchased a depreciable asset for $31,000 on April 1, Year 1. The asset will be depreciated using the straight-line method over its four-year useful life. Assuming the asset's salvage value is $3,800, what will be the amount of accumulated depreciation on this asset on December 31, Year 3?
Calculate the Annual Depreciation for each listed asset. Assume the assets were purchased on January 1st and used for 12 months. The first asset has been completed. Utilize the straight-line depreciation method: (Original cost - Estimated Salvage Value) / Estimated Useful Life = Annual Depreciation Plant Asset Cash register Computer Vehicle Machinery Desk Asset Original Cost 500.00 4,500.00 15,500.00 8,000.00 2,500.00 Calculate the amount to be depreciated: Annual Depreciation Cash register Computer Vehicle Machinery Desk Estimated Salvage Value 25.00 800.00 3,000.00 1,200.00 200.00 67.86 Estimated Useful Life 7 years 5 years 10 years 5 years 15 years Questions? Contact your instructor!
Equipment was acquired at the beginning of the year at a cost of $78,660. The equipment was depreciated using the straight-line method based on an estimated useful life of 6 years and an estimated residual value of $7,980. a. Compute the depreciation expense for the first year.$fill in the blank 1a46def96073f8b_1 b. Assuming the equipment was sold at the end of the second year for $59,500, determine the gain or loss on sale of the equipment.$fill in the blank 1a46def96073f8b_2 c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.
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If a fixed asset, such as a computer, were purchased on January 1 for $2,230 with an estimated life of 4 years and a salvage or residual value of $151, the journal entry for monthly expense under straight-line depreciation is a. Depreciation Expense 43.31 Accumulated Depreciation 43.31 b. Accumulated Depreciation 43.31 Depreciation Expense 43.31 c. Accumulated Depreciation 519.75 Depreciation Expense 519.75 d. Depreciation Expense 519.75 Accumulated Depreciation 519.75
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how to find the book value for december 31 and accumulated depreciation