Transactions for Fixed Assets, Including SaleThe following transactions and adjusting entries were completed by Legacy Furniture Co. during a three- year period. All are related to the use of delivery equipment. The double - declining - balance method of depreciation is used. Required:Journalize the transactions and the adjusting entries. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations. Round your final answers to the nearest cent.

Transactions for Fixed Assets, Including SaleThe following transactions and adjusting entries were completed by Legacy Furniture Co. during a three- year period. All are related to the use of delivery equipment. The double - declining - balance method of depreciation is used. Required:Journalize the transactions and the adjusting entries. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations. Round your final answers to the nearest cent.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 17P: On December 31, 2019, Vail Company owned the following assets: Vail computes depreciation and...

See similar textbooks

Similar questions

Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2025. (If no entry is required, select "No entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31 Inventory Debit 4,800,000 Credit (b) Accumulated Depreciation - Equipment 4,800,000 Prepare the journal entry (if any) to record depreciation expense for 2026. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Account Titles and Explanation Debit Credit (c) The asset was not sold by December 31, 2026. The fair value of the equipment on that date is $5,300,000. Prepare the journal entry (if any) necessary to record this increase in fair value.…
Prepare the entry to record the sale of asset D for cash of $4,800. It was used for 6 years, and depreciation was entered under the composite method. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Use Plant Assets related account. List all debit entries before credit entries.) Account Titles and Explanation Accumulated Depreciation - Plant Assets Debit 2000 Credit Cash Plant Assets 4800 6800
Journal entries to record these transactions. (Credit account titles are automatically indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) (a) (b) (b) No. Account Titles and Explanation (a) Sunland Company retires its delivery equipment, which cost $48,030. Accumulated depreciation is also $48,030 on this delivery equipment. No salvage value is received. m Assume the same information as in part (a), except that accumulated depreciation for the equipment is $36,360 instead of 48,030. Debit !!! Credit
Prepare the journal entry; to record depreciation expense for 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) Date
A partial statement of financial position of Ivanhoe Ltd. on December 31, 2022, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2022): Buildings $294,000 Less: Accumulated depreciation 94,000 Equipment $125,000 Less: Accumulated depreciation 45,000 (a) Ivanhoe uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its equipment (remaining useful life of 8 years, no residual value). Ivanhoe applies IFRS and has decided to adopt the revaluation model for its building and equipment, effective December 31, 2022. On this date, an independent appraiser assessed the fair value of the building to be $146,000 and that of the equipment to be $100,000. (To eliminate the accumulated depreciation) Prepare the necessary general journal entries, if any, to revalue the building and the equipment as at December 31, 2022, using the asset adjustment…
Prepare journal entries to record these transactions. (a) Blue Spruce Corp. retires its delivery equipment, which cost $44,000. Accumulated depreciation is also $44,000 on this delivery equipment. No salvage value is received. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Save for Later Debit Credit Attempts: 0 of 2 used Submit Answer
Please help me
At December 31, 2020, Flint Company reported the following as plant assets. Land $ 3,770,000 Buildings $27,290,000 Less: Accumulated depreciation-buildings 12,170,000 15,120,000 Equipment 48,020,000 Less: Accumulated depreciation-equipment 4,550,000 43,470,000 Total plant assets $62,360,000 During 2021, the following selected cash transactions occurred. April 1 Purchased land for $2,190,000. Sold equipment that cost $900,000 when purchased on January 1, 2017. The equipment was sold for $540,000. Sold land purchased on June 1, 2011 for $1,540,000. The land cost $394,000. Purchased equipment for $2,530,000. Retired equipment that cost $491,000 when purchased on December 31, 2011. The company received no proceeds related to salvage. May 1 June 1 July 1 Dec. 31
Prepare journal entries to record these transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) (b) (a) Oriole Company retires its delivery equipment, which cost $43,190. Accumulated depreciation is also $43,190 on this delivery equipment. No salvage value is received. No. Account Titles and Explanation (b) Assume the same information as in part (a), except that accumulated depreciation for the equipment is $37,130 instead of 43,190. Debit Credit 1000
Prepare journal entries to record these transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Blossom Company retires its delivery equipment, which cost $40,000. Accumulated depreciation is also $40,000 on this delivery equipment. No salvage value is received. Assume the same information as in part (a), except that accumulated depreciation for the equipment is $36,000 instead of 40,000. (a) (b) No. Account Titles and Explanation Debit Credit (a) (b)
Please do not give image format
Please dont copy past other answers from other websites. They are wrong. This is an activity in my workbook and is not for marks. The second picture is the layout of the answer. I need help with how to write the answer in the layout that's in my textbook. Question: Journalise ALL the above transactions for the year ended 28 February 2021 inthe General Journal including the year-end adjustment entries for depreciation.Round off to the nearest RandNarrations are not required