6. Using the information in #5 above, what are the first two years of depreciation using double declining depreciation? 7. Write the entry if a company issues 50,000 shares of its $1 par value common stock for $45 per share.
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- An asset having a cost of $200 000 and accumulated depreciation of $40 000 is revalued to $240 000 at the beginning of the year. Depreciation for the year is based on the revalued amount and the remaining useful life of eight years. Shareholders’ equity, before adjusting for the above revaluation and subsequent depreciation, is as follows: Share capital 600 000 Revaluation surplus 90 000 Capital profits reserve 170 000 Retained earnings 140 000 Total 1 000 000 Required: Prepare journal entries to reflect the revaluation of the asset and the subsequent depreciation of the revalued asset. Which of the equity accounts would be affected directly or indirectly by the revaluation?Assume Metro Corporation had a net income of $2,200 for the year ending December 31. Its beginning and ending total assets were $35,500 and $19,000, respectively. Calculate Metro's return on assets (ROA). (Round your percentage answer to two decimal places.) A. 11.58% B. 4.04% C. 8.07% D. 6.20%1. EX.09.195 Golden Sales has bought $135,000 in fixed assets on January 1st associated with sales equipment. The residual value of these assets is estimated at $10,000 at the end of their 4-year service life. Golden Sales managers want to evaluate the options of depreciation. al. Compute the annual straight-line depreciation. a2. Provide the sample depreciation journal entry to be posted at the end of each of the years. If an amount box does not reguire an entry, leave it blank. Dec. 31 b. Prepare the journal entries for each year of the service life for these assets using the double-declining balance method. If an amount box does not require an entry, leave it blank. Year 1, Dec. 31 Year 2, Dec. 31 Year 3, Dec. 31 Year 4, Dec. 31
- 11) On April 1, a company acquired equipment at the cost of $525,400. The equipment is expected to have a twelve-year life and a residual value of $52,100. The company's year-end is November 30. If the equipment is depreciated using the double diminishing balance method, how much depreciation expense is recorded for the first year? (Tip: Keep all decimal places in your calculations and round the final number to the nearest dollar). ( A) $27,117 B) $54,233 C) $48,885 D) $31,636 E) $36,156On January tof the current year, the furniture account had a balance of P 24.000 with accumulated depreciation of P 2,400. On May aditional furniture costing P 12,000 was baught. The furmiture is depreciated at the rate 10%6 per annum. What is the carrying amount (net book value) of the fumiture on December 31, the end of the accounting period? P 30,400 P 34,000 P 34,000 P 32,400Assets = A Liabilities = L Stockholders' Equity = SE On March 1st2018,Bulldozer Inc purchases a forklift for $65,000. The expected salvage value is $10,000 and the forklift is expected to have a useful life of 10 years. Calculate the first years depreciation expense as of 12/31/2018, utilizing the straight line method, and book the JE of the depreciation below. write a journal entry.
- BI's income for the year ended December 31, 2021 was $ 4,000,000. This was earned evenly over the year. In addition BI paid dividends of $ 300,000 each on March 31, June 30, September 30 and December 31, 2021 to their shareholders of records on that date. The inventory on July 1, 2021 was 75% sold as of December 31, 2021. Required. For the investment in AI 1. Using IFRS 9 prepare the journal entries for DC for all of 2021. 2. Using ASPE prepare the journal entries for DC for all of 2021. For the investment in BI 3. Using IFRS prepare the journal entries for DC for 2021. 4. Using ASPE prepare the joumal entries for DC for 2021 for all options available under ASPE.was depreciated by the straight line method at 2% per year, assumine a 50-vear life and ni Tes walue. The building was re-valued to $2,250,000 on 1 January 20x6. The useful life was not ten The excess depreciation charge will be transferred from the revaluation surplus to retained earnings each year. The company's financial year ends on 31 December. What is the balance on the revaluation surplus at 31 December 20X6? %24 42 8.19 Banter Co an on 1 January 20X1. The cost was and thsUse this information for Kellman Company to answer the question that follow. The balance sheets at the end of each of the first 2 years of operations indicate the following: Kellman Company Total current assets Total investments Total property, plant, and equipment Total current liabilities Total long-term liabilities Preferred 9% stock, $100 par Common stock, $10 par Paid-in capital in excess of par-Common stock Retained earnings a. 9.01% b. 11.22% Year 2 c. 4.85% d. 7.26% $600,100 63,200 887,300 111,400 311,700 83,200 565,300 62,900 416,100 Year 1 Using the balance sheets for Kellman Company, if net income is $112,500 and interest expense is $44,600 for Year 2, what is the return on total assets for the year (rounded to two decimal places)? $583,900 46,500 618,800 87,000 234,900 83,200 565,300 62,900 215,900
- 76) ABC had the following net income (loss) the first three years of operation: $7,100, ($1,600), and $3,600. If the Retained Earnings balance at the end of year three is $1,100, what was the total amount of dividends paid over these three years? A) $8,000. B) $500. C) $0. D) $9,100.Harvard Co. purchased a trading investment on December 1 of the current year for $30,000. The market value of the stock investment at year-end is $36,000. What value will be reported in net income for the adjustment, if any? a. $36,000 b. $(6,000) c. $6,000 d. $30,000An asset having a cost of $200 000 and accumulated depreciation of $40 000 is revalued to $240 000 at the beginning of the year. Depreciation for the year is based on the revalued amount and the remaining useful life of eight years. Shareholders’ equity, before adjusting for the above revaluation and subsequent depreciation as in the picture attached. Prepare journal entries to reflect the revaluation of the asset and the subsequent depreciation of the revalued asset. Which of the equity accounts would be affected directly or indirectly by the revaluation?