On July 1, 2014, Oriole Enterprises sold equipment with an original cost of $94,300 for $36,900. The equipment was purchased January 1, 2011, and was depreciated using the straight-line method over a five-year useful life with a $10,200 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

On January 1, 2014, Santo Company purchased a computer system for $30,500. The system had an estimated useful life of 5 years and no salvage value. On January 1, 2016, the company revised the remaining useful life to four years. Required: What amount of depreciation will be recorded for 2016?

Marigold Industries presents you with the following information. Complete the table for the year ended December 31, 2027. The company depreciates all assets using the half-year convention. (Round answers to O decimal places, e.g. 45,892.) Description Machine A Machine B Machine C Machine D Date Purchased 2/12/25 8/15/24 7/21/23 Cost $148,200 89,600 227,760 (c) Salvage Value $16,640 21,840 25,000 71,760 Life in Years 10 5 8 5 Depreciation Method SL DDB SYD (a) Accumulated Depreciation to 12/31/26 $34,684 30,160 72,800 (e) Depreciation for 2027 (b) (d) (f) (h)

A company purchased factory equipment on June 1, 2017, for $101800. It is estimated that the equipment will have a $13000 salvage value at the end of its 10-year useful life. Using the straight-line method of depreciation, the amount to be recorded as depreciation expense at December 31, 2017, is   $5180.   $4440.   $3700.   $8880.

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Marin Inc. purchased a commercial grade soft-serve ice cream machine on September 30, 2017. Marin traded in its existing machine and paid cash in the transaction. The details of the transaction are as follows: ●   List price of new freezer   $25,730 ●   Cash paid   17,112 ●   Cost of old machine (4-year life, $1,860 salvage value)   21,700 ●   Accumulated depreciation—old machine (straight-line)   9,920 ●   Secondhand fair value of old machine   8,308 Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance.

Please help me find the accumulated depreciation . I got 150 but it's wrong apparently.

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

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…

The following are the transactions of Morrell Corporation:   Morrell Corporation disposed of two computers at the end of their useful lives. The computers had cost $4,640 and their Accumulated Depreciation was $4,640. No residual value was received. Assume the same information as (a), except that Accumulated Depreciation, updated to the date of disposal, was $3,280.   Prepare journal entries to record above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)