PQ16.08 Equipment that cost $144,000 and on which $120,000 of accumulated depreciation has been recorded was disposed of for $36,000 cash. The entry to record this event would include ??
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- Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense for 2019 if the units-of-production method were used ( Note: Round your answer to the nearest dollar)? a. $179,400 b. $184,000 c. $218,400 d. $224,000Why is carrying amount as at 31.12.2019 found by 30,000 - 6,000? Asking because carrying value formula is cost minus accummulated depreciation. but 6000 is not the accummulated depreciation. Is 24,000 answer correct?Could you please explain why Depreciation Expenses for the year 2021 was calucated as $40,000 x 150% x (3/12)=$1,500
- P10.5A Journalise a series of equipment transactions related to purchase, sale, retirement, and depreciation At December 31, 2021. Grand Regency Limited reported the following as Non-current tangible assets: 4,000,000 16,400,000 June 11 July 1 Dec. 31 Land Buildings Less: Accumulated depreciation - buildings Equipment Less: Accumulated depreciation - equipment Total plant assets During 2022, the following selected cash transactions occurred. April 1 Purchased land for R2,130,000. May 1 (b) (c) (d) 28,500,000 12,100,000 48,000,000 5,000,000 Required: (a) 43,000,000 £63,400,000 Sold equipment that cost R750,000 when purchased on January 1, 2018. The equipment was sold for R450,000. Sold land purchased on June 1, 2012 for R1,500,000. The land cost R400,000. Purchased equipment for R2,500,000. Retired equipment that cost R500,000 when purchased on December 31, 2012. No salvage value was received. Prepare general journal entries the above transactions. The company uses straight-line…PQ16.02 Equipment with a cost of $450,000 has an estimated salvage value of $30,000 and an estimated life of 4 years or 10,000 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year, during which the equipment was used 2,700 hours?Equipment that cost 412000 and on which 191000 of accumulated depreciation has been recorded was disposed of for 181000 cash. The entry to record this event would include a ? Equipment that cost $412000 and on which $191000 of accumulated depreciation has been recorded was disposed of for $181000 cash. The entry to record this event would include a O credit to Accumulated Depreciation for $191000. Ogain of $40000. credit to the Equipment account for $221000. loss of $40000.
- SHOW YOUR SOLUTION IN GOOD ACCOUNTING FORM. THANK YOU What amount should be recorded as depreciation for 2021? A. 180000 B. 220000 C. 250000 D. 275000PQ16.03 Equipment with a cost of $450,000 has an estimated salvage value of $30,000 and an estimated life of 4 years or 10,000 hours. It is to be depreciated by the declining balance method. What is the amount of depreciation for the first full year, during which the equipment was used 2,700 hours?What amount of depreciation should be recognized for the current year? **see attached pica. 550,000b. 600,000c. 625,000d. 460,000
- LC5Q7. In which of the following method of depreciation, the amount of depreciation reduces every year? Diminishing Balance method Straight line method Both Straight line and Diminishing balance method None of thesePete's Propellers Company showed the following information in its Property, Plant, and Equipment Subledger regarding Machine #5027. Machine 5027 Date of Depreciation purchane Jan. 12/10 Jan. 12/18 Rat. Cost $ 62,000 40,000 16,200 Component Single metal housing Methode Reaidual Ent.tife SL. $8,000 15 yra Motor DDB 6,000 10 yrs Blade Jan. 12/18 SL 1,400 s yrs $118,200 *SL = Straight-line; DDB = Double-declining-balance On January 7, 2020, the machine blade cracked and it was replaced with a new one costing $13,200 purchased for cash (the old blade was scrapped). The new blade had an estimated residual value of $2,000 and an estimated life of filve years and would continue to be depreciated using the straight-line method. During 2020, it was determined that the useful life on the metal housing should be Increased to a total of 18 years instead of 15 years and that the residual value should be increased to $10,000. Required: 1. Prepare the entry to record the purchase of the replacement…9. How much should be the balance of the accumulated depreciation for these machineries on December 31, 2021? a. ₱ 7,040,000 b. ₱ 5,840,000 c. ₱ 6,160,000 d. ₱ 6,400,000