The following transactions occurred during 2025. Assume that depreciation of 10% per year is charged on all machinery and 5% peryear on buildings, on a straight-line basis, with no estimated salvage value. Depreciation is charged for a full year on all fixed assetsacquired during the year, and no depreciation is charged on fixed assets disposed of during the year.Jan. 30Mar. 10Mar. 20May 18June 23A building that cost $137,280 in 2008 is torn down to make room for a new building. The wrecking contractor was paid$5,304 and was permitted to keep all materials salvaged.DateMachinery that was purchased in 2018 for $16,640 is sold for $3,016 cash, f.o.b. purchaser's plant. Freight of $312 ispaid on the sale of this machinery.A gear breaks on a machine that cost $9,360 in 2017. The gear is replaced at a cost of $2,080. The replacement doesnot extend the useful life of the machine but does make the machine more efficient.A special base installed for a machine in 2019 when the machine was purchased has to be replaced at a cost of$5,720 because of defective workmanship on the original base. The cost of the machinery was $14,768 in 2019. Thecost of the base was $3,640, and this amount was charged to the Machinery account in 2019.One of the buildings is repainted at a cost of $7,176. It had not been painted since it was constructed in 2021.Prepare general journal entries for the transactions. (Record journal entries in the order presented in the problem. Credit account titles areautomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enterO for the amounts. List all debit entries before credit entries.)Account Titles and ExplanationeTextbook and MedialDebitCredit

The following transactions occurred during 2025. Assume that depreciation of 10% per year is charged or year on buildings, on a straight-line basis, with no estimated salvage value. Depreciation is charged for a fr acquired during the year, and no depreciation is charged on fixed assets disposed of during the year.

The following transactions occurred during 2025. Assume that depreciation of 10% per year is charged or year on buildings, on a straight-line basis, with no estimated salvage value. Depreciation is charged for a fr acquired during the year, and no depreciation is charged on fixed assets disposed of during the year.

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 transactions occurred during 2025. Assume that depreciation of 10% per year is charged on all machinery and 5% per year on buildings, on a straight-line basis, with no estimated salvage value. Depreciation is charged for a full year on all fixed assets acquired during the year, and no depreciation is charged on fixed assets disposed of during the year. Jan. 30 Mar. 10 Mar. 20 May 18 June 23 A building that cost $139,920 in 2008 is torn down to make room for a new building. The wrecking contractor was paid $5,406 and was permitted to keep all materials salvaged. Date Machinery that was purchased in 2018 for $16,960 is sold for $3,074 cash, f.o.b. purchaser's plant. Freight of $318 is paid on the sale of this machinery. A gear breaks on a machine that cost $9,540 in 2017. The gear is replaced at a cost of $2,120. The replacement does not extend the useful life of the machine but does make the machine more efficient. A special base installed for a machine in 2019 when the…
The following transactions occurred during 2025. Assume that depreciation of 10% per year is charged on all machinery and 5% per year on buildings, on a straight-line basis, with no estimated salvage value. Depreciation is charged for a full year on all fixed assets acquired during the year, and no depreciation is charged on fixed assets disposed of during the year. Jan. 30 Mar. 10 Mar. 20 May 18 June 23 A building that cost $155,760 in 2008 is torn down to make room for a new building. The wrecking contractor was paid $6,018 and was permitted to keep all materials salvaged. Machinery that was purchased in 2018 for $18,880 is sold for $3,422 cash, fo.b. purchaser's plant. Freight of $354 is paid on the sale of this machinery. A gear breaks on a machine that cost $10,620 in 2017. The gear is replaced at a cost of $2,360. The replacement does not extend the useful life of the machine but does make the machine more efficient. A special base installed for a machine in 2019 when the machine…
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