Long-Term Assets -- Journal Entries-Lovell CompanySelected transactions from 2023 for Lovell Company are described below. Record the applicable journal entry for eachtransaction.1. Jun 3-- Lovell Company traded in a car that cost $35,000 and had accumulated depreciation of $31,400. The newcar list price was $40,000 and the trade-in value of the old car was $2,500.2. Dec 31 -- Recorded the adjusting entry for coal ore mined during the year. Lovell had purchased 9,800,000 tons ofcoal ore for $5,300,000. During the year, Lovell mined 1,300,000 tons of the ore.3.Dec 31 -- Recorded the adjusting entry for a building purchased on January 1, for $770,000. The useful life isestimated to be 20 years, and the residual value is estimated to be $50,000. Lovell uses straight-line depreciation.Note: Round per unit amounts to the nearest penny (two decimal places), and round final results to the nearest dollar(zero decimal places).Note: Start each entry on a starred row.Note: Use the gray-shaded cell for each entry to select the transaction description.AccountsDate2023JunDec331Journaldebit accounts herecredit accounts herePRRCDebitCredit

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Description: Long-Term Assets -- Journal Entries-Lovell CompanySelected transactions from 2023 for Lovell Company are described below. Record the applicable journal entry for eachtransaction.1. Jun 3-- Lovell Company traded in a car that cost $35,000 and had acc

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Long-Term Assets -- Journal Entries-Lovell Company Selected transactions from 2023 for Lovell Company are described below. Record the applicable journal entry for each transaction. 1. 2. 3. Jun 3 -- Lovell Company traded in a car that cost $35,000 and had accumulated depreciation of $31,400. The new car list price was $40,000 and the trade-in value of the old car was $2,500. Dec 31 -- Recorded the adjusting entry for coal ore mined during the year. Lovell had purchased 9,800,000 tons of coal ore for $5,300,000. During the year, Lovell mined 1,300,000 tons of the ore. ★ Dec 31 -- Recorded the adjusting entry for a building purchased on January 1, for $770,000. The useful life is estimated to be 20 years, and the residual value is estimated to be $50,000. Lovell uses straight-line depreciation. Note: Round per unit amounts to the nearest penny (two decimal places), and round final results to the nearest dollar (zero decimal places). *Note: Start each entry on a starred row. Note: Use the gray-shaded cell for each entry to select the transaction description. Accounts Date 2023 Jun 3 Dec 31 Journal debit accounts here. credit accounts here PR Debit Credit

Long-Term Assets -- Journal Entries-Lovell Company Selected transactions from 2023 for Lovell Company are described below. Record the applicable journal entry for each transaction. 1. 2. 3. Jun 3 -- Lovell Company traded in a car that cost $35,000 and had accumulated depreciation of $31,400. The new car list price was $40,000 and the trade-in value of the old car was $2,500. Dec 31 -- Recorded the adjusting entry for coal ore mined during the year. Lovell had purchased 9,800,000 tons of coal ore for $5,300,000. During the year, Lovell mined 1,300,000 tons of the ore. ★ Dec 31 -- Recorded the adjusting entry for a building purchased on January 1, for $770,000. The useful life is estimated to be 20 years, and the residual value is estimated to be $50,000. Lovell uses straight-line depreciation. Note: Round per unit amounts to the nearest penny (two decimal places), and round final results to the nearest dollar (zero decimal places). *Note: Start each entry on a starred row. Note: Use the gray-shaded cell for each entry to select the transaction description. Accounts Date 2023 Jun 3 Dec 31 Journal debit accounts here. credit accounts here PR Debit Credit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 7P: Dinnell Company owns the following assets: In the year of acquisition and retirement of an asset,...

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