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- Wolfpack Corp. has determined it should record depreciation expense of $40,000 for the year ending 12/31/X7. Required: In the general journal below, complete the year-end entry to record depreciation. Debit Credit Dec 31 ? 40,000 ? 40,000Travis Inc. has just completed its financial statements for the reporting year ended December 31 of Year 5. Pretax income is $160,000. The accounts have not been closed for December 31 of Year 5. Further consideration and review of the records revealed the following items related to the Year 5 statements.1. On January 1 of Year 1, a machine was acquired that cost $10,000. The estimated useful life was 10 years, and the residual value was $2,000 . At the time of acquisition, the full cost of the machine was incorrectly debited to the land account. The company uses straight-line depreciation.2. On January 1 of Year 3, a long-term investment of $18,000 was made by purchasing a $20,000, 8% bond of FDC Corporation. The investment account was debited for $18,000. Each year, starting on December 31 of Year 3, the company has recognized and reported investment revenue on these bonds of $1,600. The bonds mature in 10 years from the date of purchase. Assume that any amortization would follow the…As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Incorporated, sold shelving units (recorded as Equipment) that were 10 years old for $1,370 cash. The shelves originally cost $8,680 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $780. Required: Complete the accounting equation below, indicating the account, amount, and the effect of disposal. Assume that depreciation has been recorded to the date of sale. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign. Do not round intermediate calculations.)
- Chem-Lite, Inc., maintains its accounts on the basis of a fiscal year ending March 31. At March 31, 20X1, the Equipment account in the general ledger appeared as shown below. The company uses straight-line depreciation, a 10-year life, and 10 percent salvage value for all its equipment. It is the company’s policy to take a full year’s depreciation on all additions to equipment occurring during the fiscal year, and you may treat this policy as a satisfactory one for the purpose of this problem. The company has recorded depreciation for the fiscal year ended March 31, 20X1. Equipment 4/1/X0 Bal. forward 170,000 12/1/X0 11,200 1/2/X1 1,074 2/1/X1 1,074 3/1/X1 1,074 Upon further investigation, you find the following contract dated December 1, 20X0, covering the acquisition of equipment: List price $ 44,000 5% sales tax 2,200 Total $ 46,200 Down payment 11,200 Balance 35,000 9% interest, 24 months 6,300 Contract amount $ 41,300 Required: Prepare the adjusting entries you would propose as…An asset's book value is $25,200 on January 1, Year 6. The asset is being depreciated $350 per month using the straight-line method. Assuming the asset is sold on July 1, Year 7 for $17,900, the company should record:Adkins Bakery uses the modified half-month convention to calculate depreciation expense in the year an asset is purchased or sold. Adkins has a calendar year accounting period and uses the straight-line method to compute depreciation expense. On March 17, 2018, Adkins acquired equipment at a cost of $220,000. The equipment has a residual value of $43,000 and an estimated useful life of 4 years. What amount of depreciation expense will be recorded for the year ending December 31, 2018? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.) $44,250 $33,188 $36,875 $22,125
- At the beginning of the current year, Andy Company has equipment that originally cost $70,000, has $49,000 accumulated depreciation, and is being depreciated at $7,000 per year. Andy sells this equipment for $15,500 at the end of the current year. Required: Prepare journal entries to record both the current year’s depreciation and the disposal of the equipment.As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Incorporated, sold shelving units (recorded as Equipment) that were 10 years old for $1,310 cash. The shelves originally cost $8,440 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $740. quired: Complete the accounting equation below, indicating the account, amount, and the effect of disposal. Assume that depreciation has been recorded to the date of sale. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign. Do not round intermediate calculations.) Assets Liabilities Stockholders' Equity +On December 31, Strike Company has decided to discard one of its batting cages. The equipment had an initial cost of $209,525 and has accumulated depreciation of $188,572.50. Depreciation has been recorded up to the end of the year. Which of the following will be included in the entry to record the disposal? a.Accumulated Depreciation, debit, $209,525 b.Gain on Disposal of Asset, credit, $20,952.50 c.Loss on Disposal of Asset, debit, $188,572.50 d.Equipment, credit, $209,525
- Presented here are selected transactions for Cullumber Limited for 2024. Cullumber uses straight-line depreciation and records adjusting entries annually. Jan. 1 Sold a delivery truck for $19.190 cash. The truck cost $67,530 when it was purchased on January 1, 2021, and was depreciated based on a four-year useful life with a $6,290 residual value. Sept. 1 Dec. 30 Sold computers that were purchased on January 1, 2022. They cost $11,628 and had a useful life of three years with no residual value. The computers were sold for $540 cash. Retired equipment that was purchased on January 1, 2015. The equipment cost $146,400 and had a useful life of 10 years with no residual value. No proceeds were received. Show Transcribed Text Gain on Disposal Vehicles Assume that, when the delivery truck was sold on January 1, the accountant only recorded a debit to Cash and a credit to Gain on Disposal. Because of this, also assume that the accountant recorded depreciation on this asset for 2024. What…Willow Creek Company purchased and installed carpet in its new general offices on April 30 for a total cost of $36,288. The carpet is estimated to have a 16-year useful life and no residual value. A. Prepare the journal entry necessary for recording the purchase of the new carpet. Refer to the Chart of Accounts for exact wording of account titles. B. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that Willow Creek Company uses the straight-line method. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Willow Creek Company General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Carpet 124 Accumulated Depreciation-Carpet 125 Equipment 126 Accumulated Depreciation-Equipment 130 Mineral Rights 131…Rayya Co. purchases and installs a machine on January 1, 2015, at a total cost of $193,200. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is disposed of on July 1, 2019, during its fifth year of service. 1. Prepare entries to record the partial year’s depreciation on July 1, 2019. Record the depreciation expense as of July 1, 2019. 2. Prepare entries to record the disposal under the following separate assumptions: The machine is sold for $82,800 cash. Record the sale of machinery. 3. Rayya receives an insurance settlement of $66,240 resulting from the total destruction of the machine in a fire. Record the insurance settlement received of $66,240 resulting from the total destruction of the machine in a fire.
