← Chapter 9 Homework Assignment (Graded)Question 3 of 5<>View Policies-/1 ECurrent Attempt in ProgressWildhorse Company owns equipment that cost $121,000 when purchased on January 1, 2019. It has been depreciated using thestraight-line method based on an estimated salvage value of $12,100 and an estimated useful life of 5 years. Depreciation expenseadjustments are recognized annually.Instructions:Prepare Wildhorse Company's journal entries to record the sale of the equipment in these four independent situations. Updatedepreciation on assets disposed of at time of sale. (Credit account titles are automatically indented when the amount is entered. Do notindent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for theamounts.)(a)Sold for $73,000 on January 1, 2022.(b)Sold for $73,000 on April 1, 2022.(c)Sold for $25,500 on January 1, 2022.(d)Sold for $25,500 on September 1, 2022.(e)Repeat (a), assuming Wildhorse uses double-declining balance depreciation.(f)Repeat (c), assuming Wildhorse uses double-declining balance depreciation.SR. Account Titles and Explanation(a)DebitCreditSUPPORT

The objective of the question is to prepare the journal entries for the sale of equipment under…

Answered: ← Chapter 9 Homework Assignment…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Saved Help Save & EX Assignment O Check Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On April 1, Cyclone Company purchases a trencher for $314,000. The machine is expected to last five years and have a salvage value of $57,000. Exercise 8-12 (Algo) Double-declining-balance, partial-year depreciation LO C2 55 Compute depreciation expense at December 31 for both the first year and second year assuming the company uses the double- declining-balance method. (Enter all amounts as positive values.) Depreciation for the Period End of Period Annual Period Beginning of Depreciation Period Book Partial Year Depreciation Accumulated Expense Book Value Rate Depreciation Value nces Year 1 Year 2 ere to search 77°F A a hp 40 144 41 20 prt sc delete 1 & 5 8. R. Y. H. pause
Computing Partial Period Depreciation under Multiple Depreciation Methods Compute depreciation expense for 2021 for each asset #1, #2, #3, and #4. Note: Do not round until your final answer. Round your final answer to the nearest whole dollar. Acquisition Acquisition Useful Salvage 2021 Depreciation Value Asset Date Depreciation Method Cost Life Expense #1 Jan. 1, 2020 Straight-line $4,000 4 years $200 $ 950 v #2 Aug. 30, 2020 Double-declining-balance 5,800 8 years 400 $ 1,125 x #3 Feb. 1, 2021 Sum-of-the-years'-digits 7,200 4 years 320 $ 1,147 x #4 Jul. 31, 2021 Straight-line 13,520 8 years 0 $
Historical cost Estimated useful life Salvage value Estimated useful hours $ 270,000 6 уears $ 24,000 12,000 hours Estimated hours per year: 3,100 2019 1,100 2020 1,200 2021 2,800 2022 2,600 2023 1,200 2024 Required 1 Complete the depreciation schedule using the Straight-line Method. Page, Adventure Park, Corp. ciation Schedule - Straight Line Method Depreciation Accumulated Depreciable Year Expense Depreciation Cost 12.31.19 12.31.20 12.31.21 12.31.22 12.31.23 12.32.24 2 Record depreciation expense for 2020. General Journal DR CR 3 What is the net book value of the equipment on 12.31.20? Historical cost (Accumulated depreciation) Net book value at 12.31.20
Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below] NewTech purchases computer equipment for $261,000 to use in operating activities for the next four years at estimates the equipment's salvage value at $30,000. Exercise 8-8 (Algo) Double-declining-balance depreciation LO P1 Prepare a table showing depreciation and book value for each of the four years assuming double-declining balance depreciation, Note: Enter all amounts as positive values. Year Year 1 Year 2 Year 3 Year 4 Total Depreciation for the Period Beginning-Year Depreciation - Book Value Rate Annual thepreciation 3 End of Period Accumulated Depreciation Year-End Book Valus
X company purchased 3 trucks on January 1,2019 as following: Useful life Salvage Value Depreciation Method Cost 15 Double Declining (DDM) Truck 1 $20000 $0 $5000 Straight Line (SLM) Truck 2 $25000 15 $30000 Units of Activity (UAM) Truck 3 15 Book Value (BV) in year 3 for Truck 2 ? Answer:
Paragraph Styles A medical facility purchased a new copy machine for the billing office at a price of $25,000,000.00 on January 1, 2021. Its useful life is 6 years with a salvage value of $2,500,000.00. Calculate deprecation for the first 4 years using the following methods: (you may round all figures to the nearest dollar) Straight Line DDB SYD
View Policies Current Attempt in Progress Windsor Company purchased an electric wax melter on April 30, 2025, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase. List price of new melter Cash paid Cost of old melter (5-year life, $700 salvage value) Accumulated depreciation-old melter (straight-line) Secondhand fair value of old melter Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. Windsor's fiscal year ends on December 31, and depreciation has been recorded through December 31, 2024. (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. List all debit entries before credit entries) No. Account Titles and Explanation (a) Exchange has commercial substance: Depreciation Expense Accumulated…
Depreciation Methods Sayers Company purchased a building for $250,000 on January 2, 2019. The building has an expected residual value of $20,000 at the end of its expected life of 20 years. Required: Question Content Area 1 a. Prepare a schedule showing depreciation expense for 2019 and 2020 and the book value on December 31, 2019, and December 31, 2020, for straight-line method. If required, round your answers to the nearest dollar. SAYERS COMPANYDepreciation ScheduleStraight-line Beginning Book Value Depreciation Ending Book Value 2019 2020 Question Content Area b. Prepare a schedule showing depreciation expense for 2019 and 2020 and the book value on December 31, 2019, and December 31, 2020, for sum-of-the-years'-digits method. If required, round your answers to the nearest dollar. SAYERS COMPANYDepreciation ScheduleSum-of-the-years'-digits method Beginning Book Value Depreciation Ending Book Value 2019 2020…
View Policies Current Attempt in Progress Coronado Company purchased an electric wax melter on April 30, 2025, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase. List price of new melter Cash paid Cost of old melter (5-year life, $1,000 salvage value) Accumulated depreciation-old melter (straight-line) Secondhand fair value of old melter $19,600 12,400 No Account Titles and Explanation 13,900 7,800 6,400 Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. Coronado's fiscal year ends on December 31, and depreciation has been recorded through December 31, 2024. (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. List all debit entries before credit entries.) Debit Credit
Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] NewTech purchases computer equipment for $261,000 to use in operating activities for the next four years. It estimates the equipment's salvage value at $30,000. Exercise 8-7 (Algo) Straight-line depreciation LO P1 Prepare a table showing depreciation and book value for each of the four years assuming straight-line depreciation. Choose Numerator: Year Year 1 Year 2 Year 3 Year 4 Total Straight-Line Depreciation Choose Denominator: Annual Depreciation = = Annual Depreciation Expense Depreciation expense Year-End Book Value
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] NewTech purchases computer equipment for $257,000 to use in operating activities for the next four years. It estimates the equipment's salvage value at $24,00O. Exercise 8-8 Double-declining-balance depreciation LO P1 Prepare a table showing depreciation and book value for each of the four years assuming double-declining-balance depreciation. (Enter all amounts positive values.) Depreciation for the Period End of Period
Help Save & Exit Beckman Enterprises purchased a depreciable asset on October 1, Year 1 at a cost of $148,000. The asset is expected to have a salvage value of $16,200 at the end of its five-year useful life. If the asset is depreciated on the double-declining-balance method, the asset's book value on December 31, Year 2 will be: Multiple Choice $31,968 $79,920 $28,728 $43,092 ( Prev 17 of 28 曲 Next > 22,757 290 APR 12

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