Chapter 11, Problem 11.19E

You obtain the following information pertaining to Annabelle Co.'s property, plant, and equipment for 2022 in connection with your audit of the company's financial statements. Audited balances at December 31, 2021: Debit Credit P 3,750,000 Land Buildings Accumulated depreciation - Buildings Machinery and equipment Accumulated depreciation - Machinery and Equipment Delivery Equipment Accumulated Depreciation - Delivery Equipment 30,000,000 P 6,577,500 22,500,000 6,250,000 2,875,000 2,115,000 Depreciation Data: Buildings Machinery and Equipment Delivery Equipment Leasehold Improvements Depreciation Method 150% declining - balance Straight-line Sum-of-the-years'-digits Straight-line Useful Life 25 years 10 years 4 years Transaction during 2022 and other information are as follows: a) On January 2, 2022, Annabelle purchased a new truck for P500,000 cash and traded-in a 2-year- old truck with a cost of P450,000 and a book value of P135,000. The new truck has a cash price of P600,000; the…

Prepare the entry to record depreciation for 2026.

Compute for the Depreciation on December 31, 2021

Straight-Line Depreciation Refer to the information for Irons Delivery Inc. above. Irons uses the straight-line method of depreciation. Required: Prepare the journal entry to record depreciation expense for 2019 and 2020.

On December 31, 2019, Vail Company owned the following assets: Vail computes depreciation and amortization expense to the nearest whole year. During 2020, Vail engaged in the following transactions: Required: 1. Check the accuracy of the accumulated depreciation balances at December 31, 2019. Round to the nearest whole dollar in all requirements. 2. Prepare journal entries to record the preceding events in 2020, as well as the year-end recording of depreciation expense. 3. Prepare an Accumulated Depreciation account for each category of assets, enter the beginning balance, post the journal entries from Requirement 2, and compute the ending balance.

Comprehensive: Balance Sheet, Schedules, and Notes The following is an alphabetical listing of Stone Boat Companys balances sheet accounts and account balances on December 31, 2019: Additional information: 1. The company reports on the balance sheet the net book value of property and equipment and long-term liabilities (known as control accounts). The related details are disclosed in the notes. 2. The straight-line method is used to depreciate property and equipment based upon cost, estimated residual value, and estimated life. The costs of the assets in this account are: land, 29,500; buildings, 164,600; store fixtures, 72,600; and office equipment, 30,000. 3. The accumulated depreciation breakdown is as follows: buildings, 54,600; store fixtures, 37,400; and office equipment, 17,300. 4. The long term debt includes 12%, 36,000 face value bonds that mature on December 31, 2024, and have an unamortized bond discount of 1,000; 11%, 48,000 face value bonds that mature on December 31, 2025, have a premium on bonds payable of 1,800, and whose retirement is being funded by a bond sinking fund; and a 13% note payable that has a face value of 6,200 and matures on January 1, 2022. 5. The non-interest-bearing note receivable matures on June 1, 2023. 6. Inventory is listed at lower of cost or market; cost is determined on the basis of average cost. 7. The investment in affiliate is carried at cost. The company has guaranteed the interest on 12%, 50,000, 15-year bonds issued by this affiliate, Jay Company. 8. Common stock has a 10 par value per share, 10,000 shares are authorized, and 1,000 shares were issued during 2019 at a price of 13 per share, resulting in 8,000 shares issued at year-end. 9. Preferred stock has a 50 par value per share, 2,000 shares are authorized, and 140 shares were issued during 2019 at a price of 55 per share, resulting in 640 shares issued at year-end. 10. On January 15, 2020, before the December 31, 2019, balance sheet was issued, a building with a cost of 20,000 and a book value of 7,000 was totally destroyed. Insurance proceeds will amount to only 5,000. 11. Net income and dividends declared and paid during the year were 50,500 and 21,000, respectively. Required: 1. Prepare Stone Boats December 31, 2019, balance sheet (including appropriate parenthetical notations). 2. Prepare a statement of shareholders equity for 2019. (Hint: Work back from the ending account balances.) 3. Prepare notes that itemize the balance sheet control accounts and those necessary to disclose any company accounting policies, contingent liabilities, and subsequent events. 4. Next Level Compute the debt-to-assets ratio at the cud of 2019. What is your evaluation of this ratio if it was 39% at the end of 2018? Use the following information for P415 and P416: McCormick Company, Inc. is one of the worlds leading producers of spices, herbs, seasonings, condiments, and other flavorings for foods. Its products are sold to consumers, with sonic of the leading brands of spices and seasonings, as well as to industrial producers of foods. McCormicks consolidated balance sheets for 20X2 and 20X3 follow.

1) Prepare entries for the year 2020 related to the above transactions. 2) How much is the gain or loss on sale and trade-in of property, plant and equipment?3)Prepare the section of the Property, Plant and Equipment for May-Jo Machine Shop Co. to be shown in the Statement of Financial Position as of December 31, 2020.

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Compute for the carrying value of intangible and other assets recognized in the balance sheet as of December 31, 2019. A) 2,622,250 B) 2,928,917 C) 3,122,000 D) 2,802,000