Plant Assets: Plant assets refer to the fixed assets, having a useful life of more than a year which is acquired by a company to be used in its business activities, for generating revenue. Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations: Disposal with no gain no loss : When the asset is disposed with no consideration received. Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation ). Disposal with loss: When the asset is disposed for less than its book value. To record: the journal entry for depreciation expense for the first 7 months of 2017

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Answer 1

Question

Chapter 9, Problem 9.8BE

a.

To determine

Plant Assets: Plant assets refer to the fixed assets, having a useful life of more than a year which is acquired by a company to be used in its business activities, for generating revenue.

Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations:

Disposal with no gain no loss: When the asset is disposed with no consideration received.

Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation).

Disposal with loss: When the asset is disposed for less than its book value.

To record: the journal entry for depreciation expense for the first 7 months of 2017

b.

To determine

To record: the journal entry for the sale of equipment

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I need help Briefly describing 2 analytical techniques based on the time value of money concepts. And Briefly describing 2 analytical techniques which are not based on the time value of money concepts. Along with Describing what you consider to be the top 2 advantages and 2 disadvantages of each technique and provide an example to support your top advantage of each method.

Please need help with this accounting question not use ai

Lansdowne Equipment Co. acquired machinery on January 1, 2020, for $400,000. The machinery had an original estimated useful life of 12 years and an estimated salvage value of $40,000. On January 1, 2024, Lansdowne revised the total useful life to 9 years and the salvage value to $20,000. Compute the depreciation expense for the year ending December 31, 2024, assuming Lansdowne uses straight-line depreciation.

Answer 2

Question

Chapter 9, Problem 9.8BE

a.

To determine

Plant Assets: Plant assets refer to the fixed assets, having a useful life of more than a year which is acquired by a company to be used in its business activities, for generating revenue.

Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations:

Disposal with no gain no loss: When the asset is disposed with no consideration received.

Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation).

Disposal with loss: When the asset is disposed for less than its book value.

To record: the journal entry for depreciation expense for the first 7 months of 2017

b.

To determine

To record: the journal entry for the sale of equipment

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Answer 3

Question

Chapter 9, Problem 9.8BE

a.

To determine

Plant Assets: Plant assets refer to the fixed assets, having a useful life of more than a year which is acquired by a company to be used in its business activities, for generating revenue.

Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations:

Disposal with no gain no loss: When the asset is disposed with no consideration received.

Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation).

Disposal with loss: When the asset is disposed for less than its book value.

To record: the journal entry for depreciation expense for the first 7 months of 2017

b.

To determine

To record: the journal entry for the sale of equipment

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Answer 4

Question

Chapter 9, Problem 9.8BE

a.

To determine

Plant Assets: Plant assets refer to the fixed assets, having a useful life of more than a year which is acquired by a company to be used in its business activities, for generating revenue.

Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations:

Disposal with no gain no loss: When the asset is disposed with no consideration received.

Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation).

Disposal with loss: When the asset is disposed for less than its book value.

To record: the journal entry for depreciation expense for the first 7 months of 2017

b.

To determine

To record: the journal entry for the sale of equipment

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Answer 5

Chapter 9, Problem 9.8BE

a.

To determine

Plant Assets: Plant assets refer to the fixed assets, having a useful life of more than a year which is acquired by a company to be used in its business activities, for generating revenue.

Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations:

Disposal with no gain no loss: When the asset is disposed with no consideration received.

Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation).

Disposal with loss: When the asset is disposed for less than its book value.

To record: the journal entry for depreciation expense for the first 7 months of 2017

b.

To determine

To record: the journal entry for the sale of equipment

Answer 6

Chapter 9, Problem 9.8BE

a.

To determine

Plant Assets: Plant assets refer to the fixed assets, having a useful life of more than a year which is acquired by a company to be used in its business activities, for generating revenue.

Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations:

Disposal with no gain no loss: When the asset is disposed with no consideration received.

Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation).

Disposal with loss: When the asset is disposed for less than its book value.

To record: the journal entry for depreciation expense for the first 7 months of 2017

Answer 7

Chapter 9, Problem 9.8BE

a.

To determine

Plant Assets: Plant assets refer to the fixed assets, having a useful life of more than a year which is acquired by a company to be used in its business activities, for generating revenue.

Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations:

Disposal with no gain no loss: When the asset is disposed with no consideration received.

Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation).

Disposal with loss: When the asset is disposed for less than its book value.

To record: the journal entry for depreciation expense for the first 7 months of 2017

Answer 8

b.

To determine

To record: the journal entry for the sale of equipment

Answer 9

b.

To determine

To record: the journal entry for the sale of equipment

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 9 - Prob. 1Q Ch. 9 - Prob. 2Q Ch. 9 - Prob. 3Q Ch. 9 - Prob. 4Q Ch. 9 - Prob. 5Q Ch. 9 - Prob. 6Q Ch. 9 - Prob. 7Q Ch. 9 - Prob. 8Q Ch. 9 - Prob. 9Q Ch. 9 - In the fourth year of an assets 5-year useful...

Solution Summary: The author explains how to record the journal entry for depreciation expense for the first 7 months of 2017.

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