Sales tax Total paid 2400 1,440 e iollo) od $30,020 bA Explain how each of these costs would be accounted for. DO IT! 7-2a On January 1, 2017, Salt Creek Country Club purchased a new riding mower for $15,000. The mower is expected to have a 10-year life with a $1,000 salvage value. Prepare a tabular summary to record depreciation expense on December 31, 2017, if Salt Creek uses straight-line depreciation. gnibliud nottelletenl DO TE2 Fordon Corporation purchased a piece of equipment for $50,000. It estimated an 8-year life and $2,000 salvage value. At the end of year four (before the depreciation adjustment), it estimated the new total life to be 10 years and the new salvage value to be $4,000. Compute the revised depreciation. DO IT! 7-3 Bylie Company has an old factory machine that cost $50,000. The machine has accumulated depreciation of $28,000. Bylie has decided to sell the machine. (a) Prepare a tabular summary to record the sale of the machine for $25,000 cash. (b) Prepare a tabular summary to record the sale of the machine for $15,000 cash. DO IT! 7-4 Match the statement with the term most directly associated with it. Amortization Goodwill Franchise Intangible assets Research and development costs Rights, privileges, and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance. 1. jon of the cost of an intangible asset to expense in a rational and rks or trade
Sales tax Total paid 2400 1,440 e iollo) od $30,020 bA Explain how each of these costs would be accounted for. DO IT! 7-2a On January 1, 2017, Salt Creek Country Club purchased a new riding mower for $15,000. The mower is expected to have a 10-year life with a $1,000 salvage value. Prepare a tabular summary to record depreciation expense on December 31, 2017, if Salt Creek uses straight-line depreciation. gnibliud nottelletenl DO TE2 Fordon Corporation purchased a piece of equipment for $50,000. It estimated an 8-year life and $2,000 salvage value. At the end of year four (before the depreciation adjustment), it estimated the new total life to be 10 years and the new salvage value to be $4,000. Compute the revised depreciation. DO IT! 7-3 Bylie Company has an old factory machine that cost $50,000. The machine has accumulated depreciation of $28,000. Bylie has decided to sell the machine. (a) Prepare a tabular summary to record the sale of the machine for $25,000 cash. (b) Prepare a tabular summary to record the sale of the machine for $15,000 cash. DO IT! 7-4 Match the statement with the term most directly associated with it. Amortization Goodwill Franchise Intangible assets Research and development costs Rights, privileges, and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance. 1. jon of the cost of an intangible asset to expense in a rational and rks or trade
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 43E
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