Dinnell Company, with a June 30 year-end, owns the following assets: A с 2017" 2019 $20,000 $100,000 5 years 10 years $2,000 $10,000 Depreciation method Straight-line Sum-of-the-years-digits Double-declining-balance Year purchased Cost Asset B 2018 $40,000 8 years Expected life Residual value In the year of acquisition and retirement of an asset, Dinnell records depreciation expense for one-half year. During 2020, Asset A was sold for $7,000. Required: Prepare the journal entries to record depreciation on each asset for 2017 through 2020 and the sale of Asset A

Harris Co. takes a full year's depreciation expense in the year of an asset's acquisition and no depreciation expense in the year of disposition. Data relating to one of Harris's depreciable assets at December 31, 2021 are as follows: Acquisition year                                      2019 Cost                                                  $280,000 Residual value                                     40,000 Accumulated depreciation                 192,000 Estimated useful life                           5 years   Using the same depreciation method as used in 2019, 2020, and 2021, how much depreciation expense should Harris record in 2022 for this asset? (You need to use the info given to determine which depreciation method is used and then calculate depreciation for 2022.)

ABC Company acquired an equipment on January 1, 2020 forP5,000,000. Depreciation is computed using the straight-line method.The estimated useful life of the equipment is five years with no residualvalue. A specific price index applicable to the equipment was 150 onJanuary 1, 2020 and 225 on December 31, 2020. What is the unrealizedholding gain on the equipment to be reported in 2020?   A. 1,250,000B. 1,500,000C. 2,000,000D. 2,500,000

Qui Corporation takes a full year's depreciation expense in the year of an asset's acquisition, and no depreciation expense in the year of disposition. Data relating to one of Qui's depreciable assets at December 31, 2018 are as follows; Acquisition year- 2016; Estimated useful life- 5 years; Cost- P110,000; Residual value- P20,000; Accumulated depreciation - P72,000. Using the same depreciation method as used in 2016, 2017, and 2018, how much depreciation expense should Qui Corporation record in 2019 for this asset?

Recording partial-year depreciation and sale of an asset On January 2, 2016, Pet Spa purchased fixtures for $37,800 cash, expecting the fixtures to remain in service for six years. Pet Spa has depreciated the fixtures on a straight-line basis, with $9,000 residual value. On May 31, 2018, Pet Spa sold the fixtures for $24,200 cash. Record both depreciation expense for 2018 and sale of the fixtures on May 31, 2018.

Asanco Corporation acquired and placed in service the following assets during the year:     Asset Date Acquired Cost Basis Building 12/4 $350,000 Computer Equipment 3/2 $40,000 Furniture 4/15 $38,000     Assume that Asanco does not elect §179 expensing and elects not to use bonus depreciation. Answer the following questions. What is Asanco’s first year cost recovery for each asset? Use the format below. Asset Acquisition Date Quarter Recovery Period Original Basis Rate Depreciation Expense                                             What is Asanco’s year 3 cost recovery for each asset if it sells all of these assets on January 10th of year 3? Use the format below.              Asset Original Basis Recovery Period Rate Portion of Year Depreciation Expense

An asset's book value is $36,000 on January 1, Year 6. The asset is being depreciated $500 per month using the straight-line method. Assuming the asset is sold on July 1, Year 7 for $25,000, the company should record: Multiple Choice O O O Neither a gain or loss is recognized on this type of transaction. A gain on sale of $2,000. A loss on sale of $1,000. A gain on sale of $1,000. A loss on sale of $2,000.

an entity acquired furniture and fittings on 1 July 2021 for $42 000. The estimated useful life of the furniture and fittings at acquisition date was 8 years and the residual value was $2000. The company sold all the furniture and fittings on 1 January 2027 for $18 000. The journal entry to reflect the sale is:

Salem Company buys a building for $1,000,000 on 1st January 2019. Its estimated useful life in the business is 20 years, after which it will be sold for an estimated residual value of $200,000. Under the Straight-line method of depreciation, Accumulated depreciation at December 31, 2020 will be Multiple Choice O $40,000 $80,000 $200,000

A company sells a long-lived asset that originally cost $200,000 for $50,000 on December 31, 2018. The accumulated depreciation account had a balance of $110,000 after the current year's depreciation of $45,000 had been recorded. The company should recognize a: Multiple Choice   $100,000 loss on disposal.   $40,000 loss on disposal.   $40,000 gain on disposal.   $25,000 loss on disposal.