Collins Corporation purchased office equipment at the beginning of 2022 and capitalized a cost of $1,938,000. This cost figure included the following expenditures: Purchase price Freight charges Installation charges Annual maintenance charge Total $ 1,790,000 24,000 14,000 110,000 $ 1,938,000 The company estimated an eight-year useful life for the equipment. No residual value is anticipated. The double-declining-balance method was used to determine depreciation expense for 2022 and 2023. In 2024, after the 2023 financial statements were issued, the company decided to switch to the straight-line depreciation method for this equipment. At that time, the company's controller discovered that the original cost of the equipment incorrectly included one year of annual maintenance charges for the equipment. Required: 1. Ignoring income taxes, prepare the appropriate correcting entry for the equipment capitalization error discovered in 2024. 2. Ignoring income taxes, prepare any 2024 journal entry(s) related to the change in depreciation methods. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Ignoring income taxes, prepare any 2024 journal entry(s) related to the change in depreciation methods. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Transaction No 1 General Journal Depreciation expense Accumulated depreciation Debit Credit × 171,375 x 189,708 x

At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $12.9 million. $9.9 million of the purchase price was allocated to the building. Depreciation for 2022 and 2023 was calculated using the straight-line method, a 25-year useful life, and a $1.9 million residual value. In 2024, the company switched to the double-declining-balance depreciation method. What is depreciation on the building for 2024?

Coachwhip Corporation purchased a machinery on January 1, 2022 for P5,000,000. The same had an expected useful life of 8 years. Straight line depreciation method is in place for similar items. On January 1, 2024, the asset is appraised as having a sound value of P4,500,000. On January 1, 2027, the asset had a recoverable value of P1.375.000. How much is the loss on impairment should be recognized on January 1, 2027?

Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $800,000. The residual value of the equipment was estimated to be $50,000 at the end of a five-year life. The equipment was sold on March 31, 2021, for $170,000. Howarth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. ces Required: 1. Prepare the journal entry to record the sale. 2. Assuming that Howarth had instead used the double-declining-balance method, prepare the journal entry to record the sale. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assuming that Howarth had instead used the double-declining-balance method, prepare the journal entry to record the sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) General Journal No 1 Event 1 Cash Accumulated…