On January 1, 2022, Marigold Country Club purchased a new riding mower for $30,000. The mower is expected to have an 5-year life with a $3,000 salvage value. What journal entry would Marigold make at December 31, 2022, if it uses straight-line depreciation? (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

On July 1, 2014, Sunland Enterprises sold equipment with an original cost of $80,700 for $31,300. The equipment was purchased January 1, 2011, and was depreciated using the straight-line method over a five-year useful life with a $8,600 salvage value. Prepare the journal entry to record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit III

Presented below are selected transactions at Splish Brothers Inc. for 2020. Jan.  1   Retired a piece of machinery that was purchased on January 1, 2010. The machine cost $63,800 on that date. It had a useful life of 10 years with no salvage value. June  30   Sold a computer that was purchased on January 1, 2017. The computer cost $37,800. It had a useful life of 5 years with no salvage value. The computer was sold for $15,100. Dec.  31   Discarded a delivery truck that was purchased on January 1, 2016. The truck cost $40,620. It was depreciated based on a 6-year useful life with a $3,000 salvage value. Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Splish Brothers Inc. uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2019.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the…

Whispering Company owns equipment that cost $100,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $10,000 and an estimated useful life of 5 years. Depreciation expense adjustments are recognized annually. Instructions: Prepare Whispering Company's journal entries to record the sale of the equipment in these four independent situations. Update depreciation on assets disposed of at time of sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) (b) (c) (d) (e) (f) (a) Sold for $59,000 on January 1, 2022. Sold for $59,000 on April 1, 2022. SR. Account Titles and Explanation (b) Sold for $21,000 on January 1, 2022. Sold for $21,000 on September 1, 2022. Repeat (a), assuming Whispering uses double-declining…

Prepare journal entries to record these transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) (b) (a) Oriole Company retires its delivery equipment, which cost $43,190. Accumulated depreciation is also $43,190 on this delivery equipment. No salvage value is received. No. Account Titles and Explanation (b) Assume the same information as in part (a), except that accumulated depreciation for the equipment is $37,130 instead of 43,190. Debit Credit 1000

On July 1, 2021, ABC purchased a car for the business purpose and paid $30,000. The car’s useful life time is five years and its salvage value is $12,000. Make a journal entry on July 1. Make a journal entry on December 31, 2021. Make a journal entry on December 31, 2022.

Peter's Records purchases a new desktop computer for $8,900, on the 1st January 2020 The computer is expected to have a useful life of 5 years, and a residual value of $500. Peter applies the Reducing-balance depreciation method to all his computer equipment. Peter applies the formula '2 x Straight-line rate'. Therefore, the depreciation expense Peter would record, for the 2nd Year (1st January 2021 to 31st December 2021) for the computer, would be: Select one: a. $2,136 b. $2,360 c. $3,540 O d. $1,326

On Jan 1, 2019, Tuesday company purchased a delivery vehicle costing $40,000. The vehicle has an estimated 9 year life and $4,000 residual value. What is vehicle's accumulated depreciation as of December 31, 2020? Assuming they use straight line depreciation method. Do not put any decimal places.

Prepare the entry, if necessary, to adjust the account balances because of the revision of the estimated life in 2027.

A motor vehicle was purchased for $15,000 in 2020. It has no salvage value.  Its useful life is 120,000 miles.  In December 2020, it was driven for 1,100 miles.  Calculate the depreciation expense for the month of December.  Do not prepare a journal entry.