Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN: 9781305653535
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 9, Problem 9.17EX

Entries for sale of fixed asset

Equipment acquired on January 8 at a cost of $168,000 has an estimated useful life of 18 years, has an estimated residual value of $15,000, and is depreciated by the straight-line method.

A.     What was the book value of the equipment at December 31 the end of d1e fourd1 year?

B.     Assuming that the equipment was sold on April 1 of the fifth year for $125,000, Journalize the entries to record (1) depreciation for the three months until the sale date, and (2) the sale of the equipment.

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Entries for Sale of Fixed AssetEquipment acquired on January 8 at a cost of $136,520, has an estimated useful life of 17 years, has an estimated residual value of $7,150, and is depreciated by the straight-line method.a. What was the book value of the equipment at December 31 the end of the fourth year?$b. Assuming that the equipment was sold on April 1 of the fifth year for 99,007.1. Journalize the entry to record depreciation for the three months until the sale date. Round your answers to the nerest whole dollar if required. Depreciation Expense-Equipment     Accumulated Depreciation-Equipment   2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations. Cash     Accumulated Depreciation-Equipment     Loss on Sale of Equipment     Equipment
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $152,550 has an estimated useful life of 20 years, has an estimated residual value of $8,550, and is depreciated by the straight-line method. a.  What was the book value of the equipment at December 31 the end of the fourth year? b.  Assume that the equipment was sold on April 1 of the fifth year for $115,120. 1.  Journalize the entry to record depreciation for the three months until the sale date. If an amount box does not require an entry, leave it blank. Round your answers to the nearest whole dollar if required. Depreciation expense-equipment Accumulated depreciation equipment  2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations. Cash Accumulated depreciation equipment Loss on Sale of Equipment Equipment
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $114,140 has an estimated useful life of 13 years, has an estimated residual value of $7,150, and is depreciated by the straight-line method. a.  What was the book value of the equipment at December 31 the end of the fourth year? Book value is the initial cost of the fixed asset minus the accumulated depreciation. b.  Assume that the equipment was sold on April 1 of the fifth year for $72,812. 1.  Journalize the entry to record depreciation for the three months until the sale date. If an amount box does not require an entry, leave it blank. Round your answers to the nearest whole dollar if required.   Depreciation Expense-Equipment                                             Accumulated Depreciation-Equipment

Chapter 9 Solutions

Corporate Financial Accounting

Ch. 9 - Straight-line depreciation A building acquired at...Ch. 9 - Units-of-activity depreciation A truck acquired at...Ch. 9 - Double-declining-balance depreciation A building...Ch. 9 - Revision of depreciation Equipment with a cost of...Ch. 9 - Capital and revenue expenditures On February 14,...Ch. 9 - Sale of equipment Equipment was acquired at the...Ch. 9 - Prob. 9.7BECh. 9 - Prob. 9.8BECh. 9 - Costs of acquiring fixed assets Melinda Staffers...Ch. 9 - Prob. 9.2EXCh. 9 - Prob. 9.3EXCh. 9 - Prob. 9.4EXCh. 9 - Straight-line depreciation rates Convert each of...Ch. 9 - Straight-line depreciation A refrigerator used by...Ch. 9 - Depreciation by units-of-activity method A...Ch. 9 - Depreciation by units-of-activity method Prior to...Ch. 9 - Depreciation by two methods A Kubota tractor...Ch. 9 - Depreciation by two methods A storage tank...Ch. 9 - Partial-year depreciation Equipment acquired at a...Ch. 9 - Prob. 9.12EXCh. 9 - Capital and revenue expenditures Warner Freight...Ch. 9 - Prob. 9.14EXCh. 9 - Capital and revenue expenditures Quality Move...Ch. 9 - Capital expenditure and depreciation Willow Creek...Ch. 9 - Entries for sale of fixed asset Equipment acquired...Ch. 9 - Disposal of fixed asset Equipment acquired on...Ch. 9 - Prob. 9.19EXCh. 9 - Amortization entries Kleen Company acquired patent...Ch. 9 - Prob. 9.21EXCh. 9 - Balance sheet presentation List the errors you...Ch. 9 - Asset traded for similar asset A printing press...Ch. 9 - Prob. 9.24EXCh. 9 - Entries for trade of fixed asset On July 1, Twin...Ch. 9 - Entries for trade of fixed asset On October 1,...Ch. 9 - Prob. 9.1APRCh. 9 - Comparing three depreciation methods Dexter...Ch. 9 - Depreciation by three methods; partial years...Ch. 9 - Depreciation by two methods; sale of fixed asset...Ch. 9 - Prob. 9.5APRCh. 9 - Amortization and depletion entries Data related to...Ch. 9 - Allocating payments and receipts to fixed asset...Ch. 9 - Comparing three depreciation methods Waylander...Ch. 9 - Depreciation by three methods; partial years...Ch. 9 - Depreciation by two methods; sale of fixed asset...Ch. 9 - Transactions for fixed assets, including sale The...Ch. 9 - Amortization and depletion entries Data related to...Ch. 9 - Continuing Company AnalysisAmazon: Fixed asset...Ch. 9 - Prob. 9.2ADMCh. 9 - Prob. 9.3ADMCh. 9 - Comcast, Google, and Walmart: Fixed asset turnover...Ch. 9 - Prob. 9.1TIFCh. 9 - Communication Godwin Co. owns three delivery...
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Accounting for Derivatives_1.mp4; Author: DVRamanaXIMB;https://www.youtube.com/watch?v=kZky1jIiCN0;License: Standard Youtube License
Depreciation|(Concept and Methods); Author: easyCBSE commerce lectures;https://www.youtube.com/watch?v=w4lScJke6CA;License: Standard YouTube License, CC-BY