H5. apter 9 Assignment525 of 73opedPrinterencescost of the assetInstallation costsRenovation costs prior to useRepairs after production beganRequired information[The following information applies to the questions displayed below]At the beginning of the year, Grillo Industries bought three used machines. The machines immediately were overhauled,were installed, and started operating. Because the machines were different, each was recorded separately in theaccounts. Details for Machine A are provided below.View transaction listSaved$9,000800600500Journal entry worksheetFor BUSTERSCUS2518Introductory Earth...Help5. Prepare the journal entry to record year 2 units-of-production depreciation expense for Machine B, assuming a capitalized cost of$42,000, an estimated life of 30,000 hours, $4,500 residual value, and actual year 2 use of 8,000 hours. (Do not round intermediate'calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)Save & ExitCheck m Journal entry worksheet<ARecord the year 2 depreciation expense for Machine B.Note: Enter debits before credits.Transaction1Record entryGeneral JournalClear entryDebitCreditView general journal

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Description: H5. apter 9 Assignment525 of 73opedPrinterencescost of the assetInstallation costsRenovation costs prior to useRepairs after production beganRequired information[The following information applies to the questions displayed below]At the beginning of t

Lets understand the basics. Depreciation is a reduction in value of asset due to wear and tear,…

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5. Prepare the journal entry to record year 2 units-of-production depreciation expense for Machine B, assuming a capitalized cost of $42.000, an estimated life of 30.000 hours, $4,500 residual value and actual year 2 use of 8,000 hours. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

5. Prepare the journal entry to record year 2 units-of-production depreciation expense for Machine B, assuming a capitalized cost of $42.000, an estimated life of 30.000 hours, $4,500 residual value and actual year 2 use of 8,000 hours. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section19.4: Disposing Of Plant Assets

Problem 1WT

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mework Assignment i es C CON Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Exercise 8-4 Straight-line depreciation LO P1 Esc Straight-Line Depreciation Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $47,500. The machine's useful life is estimated at 10 years, or 405,000 units of product, with a $7,000 salvage value. During its second year, the machine produces 34,500 units of product. Determine the machine's second-year depreciation and year end book value under the straight-line method. Choose Numerator: / Cost minus salvage $ Year 2 Depreciation Year end book value (Year 2) F1 F2 40,500/ Estimated useful life (years) $ ✔ F3 Choose Denominator: # Dashboard F4J 10 4,050 Prev. F5 % = = E Paraphrasing Tool .... Annual Depreciation Expense 1 Depreciation expense $ Saved S 2 3 F6 G A C logitech 4,050 of 9 F7 & Excelsior…
m/ilrn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSession Locator-assign... eBook Show Me How A ✩ Comparing three depreciation methods Dexter Industries purchased packaging equipment on January 8 for $112,500. The equipment was expected to have a useful life of 3 years, or 22,500 operating hours, and a residual value of $4,500. The equipment was used for 9,000 hours during Year 1, 6,750 hours in Year 2, and 6,750 hours in Year 3. Required: 1. Determine the amount of depreciation expense for the 3 years ending December 31, by (a) the straight-line method, (b) the units-of-activity method, and (c) the double-declining-balance method. Also determine the total depreciation expense for the 3 years by each method. Do not round intermediate calculations when determining the depreciation rate. Round the final answers for each year to the nearest whole dollar. Year Year 1 Year 2 Year 3 Total Straight-Line Method Depreciation Expense Units-of-Activity Method 2. What…
! Required information [The following information applies to the questions displayed below.] At the beginning of the year, Almond Factory bought three used machines. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Details for Machine A are provided below. Cost of the asset Installation costs Renovation costs prior to use Repairs after production began $10,400 940 1,020 790 Prepare the journal entry to record year 2 straight-line depreciation expense for Machine A, assuming an estimated life of 4 years and $1,000 residual value. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
! Required information [The following information applies to the questions displayed below.] At the beginning of the year, Almond Factory bought three used machines. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Details for Machine A are provided below. Cost of the asset Installation costs Renovation costs prior to use Repairs after production began $10,400 940 1,020 790 7. Prepare the journal entry to record year 2 double-declining balance depreciation expense for Machine C, which has a cost of $26,800, an estimated life of 10 years, and $1,400 residual value. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) A. Record the year 2 depreciation expense for Machine C.
At the beginning of the year, CCZ Corporation bought three used machines from Pequita Compression Incorporated. The machines immediately were overhauled, installed, and started operating. Because the machines were different from each other, each was recorded separately in the accounts. Machine A Machine B Machine C Cost of the asset $ 10,040 $ 28,340 $ 22,200 Installation costs 1,620 2,120 820 Renovation costs prior to use 620 1,420 1,620 Repairs after production began 520 420 720 By the end of the first year, each machine had been operating 7,200 hours. Required:1-a. Compute the cost of each machine. 1-b. Which of the following should be capitalized? (Select all that apply.) 2. Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)…
Required information [The following information applies to the questions displayed below.) At the beginning of the year, Cruz & Turner Corporation bought three used machines. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Details for Machine A are provided below. Cost of the asset Installation costs Renovation costs prior to use Repairs after production began $10,700 970 1,110 850 Required: 1. Compute the amount to be capitalized for Machine A Total cost U
Problem 9-08A (Part Level Submission) In recent years, Sunland Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Salvage Value Useful Life Depreciation Method Machine Acquired Cost (in years) Jan. 1, 2020 $125,000 $37,000 Straight-line 2. July 1, 2021 77,000 10,600 Declining-balance 3 Nov. 1, 2021 77,100 8,100 Units-of-activity For the declining-balance method, Sunland Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 34,500. Actual hours of use in the first 3 years were: 2021, 840; 2022, 3,800; and 2023, 5,500. (a) Compute the amount of accumulated depreciation on each machine at December 31, 2023. MACHINE 1 MACHINE 2 MACHINE 3 Accumulated Depreciation at December 31 %24 8.…
8 Fixed and Intangible Assets APPLY WHAT YOU HAVE LEARNED 8-1. Acquisition of assets. he following asset, identify the costs of the asset. For any costs incurred that are no included in the asset cost, specify how they would be recorded. rowth Company purchased a new machine for its manufacturing facility. Costs Incurred in conjunction with this purchase included the following: $90,000, subject to 2/10, n/30 discount 5,400 6,000 1,900 Invoice price Sales tax Freight to ship to Growth Transport to factory Repair of chip in machine from damage in loading Training of operators Lunch for truck driver in transit 500 3,600 25 Make the journal entry to record the incurrence of these costs. Be sure to show calculations for combined amounts. You may credit Cash for the total.
Using Excel to prepare depreciation schedules Download an Excel template for this problem online in MyAccountingLab or at http://www.pearsonhighered.corri/Horngren. The Fraser River Corporation has purchased a new piece of factory equipment on January 1, 2018, and wishes to compare three depreciation methods, straight-line, double-declining-balance, and units-of-production. The equipment costs $400,000 and has an estimated useful life of four years, or 8,000 hours. At the end of four years, the equipment is estimated to have a residual value of $20,000. Requirements Use Excel to prepare depreciation schedules for straight-line, double-declining-balance, and units-of-production methods. Use cell references from the Data table. Prepare a second depreciation schedule for double-declining-balance method, using the Excel function DDB. The DDB function cannot be used in the last year of the asset's useful life. At December 31, 2018, Fraser River is trying to determine if it should sell the…
Willow Creek Company purchased and installed carpet in its new general offices on July 30 for a total cost of $6,528. The carpet is estimated to have a 8-year useful life and no residual value. a. Prepare the journal entry necessary for recording the purchase of the new carpet. July 30 Carpet v 6,528 V Cash v 6,528 Feedback V Check My Work Is this purchase improving or extending the life of the asset? Or is this purchase something that will only benefit this period? b. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that Willow Creek uses the straight-line method. Do not round intermediate calculations. Dec. 31 Depreciation Expense-Carpet v 476 X Accumulated Depreciation-Carpet v 476 X
takeAssign SessionLocator assign... A 合 Computer equipment was acquired at the beginning of the year at a cost of $50,800 that has an estimated residual value of $4,300 and an estimated useful life of 5 years. a. Determine the depreciable cost. b. Determine the straight-line rate. % c. Determine the annual straight-line depreciation. $ Previous Next>
Units-of-activity depreciation A tractor acquired at a cost of $400,000 has an estimated residual value of $122,800, has an estimated useful life of 36,000 hours, and was operated 4,670 hours during the year. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X Open spreadsheet Determine the following. Round your answer for depreciation rate to two decimal places. a. The depreciable cost b. The depreciation rate c. The units-of-activity depreciation for the year per hour