On March 1, 2022, Newt’s All Things Weasels purchased an automatic weasel groomer, the Weaselmatic, for $62,000 cash. Newt estimated that the machine would have a useful life of 5 years and a resale or residual value of $2,000.    Instructions:   Make two T accounts (Machine and Accumulated Depreciation – Machine) at the top. Create the journal entry for the acquisition of the machine. Post to the T accounts Create the journal entry to record depreciation expense on 12/31/22 and 12/31/23. Post both to the T accounts.  NOTE: Show your calculations for depreciation expense. What is the book value of the Weaselmatic at 12/31/23? Show your calculation. If Newt sold the Weaselmatic on January 1, 2024 for $42,500, how much gain or loss would he record?

Can I please get some help with this question?(5.9)   Onslow Company purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $10,000 to wire electricity to the machine. Onslow paid an additional $2,000 on January 4 to secure the machine for operation. The machine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of.   Required: 1. Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurred.     Record the purchase of a used machine for $240,000 cash. Note: Enter debits before credits.         Date General Journal Debit Credit January 02                                               Journal entry worksheet       Record the costs of $10,000 incurred on the used machine. Note: Enter debits before credits.…

On January 1, 2021, we purchased equipment for $24,000 and paid $800 to have the equipment installed in your store. The equipment had an estimated salvage value of $2,000 and an estimated life of 10 years. The equipment was estimated to be able to operate 30,000 hours during its ten-year life. Actual hours of operation in the first three years were: 2021 2,800 Hours 3,200 Hours 3,100 Hours 2022 2023 How much total depreciation should be recorded over the entire ten-year life of the equipment? а. b. Calculate the depreciation expense (rounded to the nearest DOLLAR) for each of the first three years (2021, 2022, and 2023) assuming: (Please show your calculations) 1. Sum of the years' digits method of depreciation Straight line method of depreciation Service hours method of depreciation 175% declining balance method of depreciation 2. 3. 4. If this equipment had been purchased on April 1, 2021 instead of January 1, calculate the depreciation expense for 2021, 2022, and for 2023 (rounded…

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of Take me to the text Higgins Ski Resort spent several years developing a new snow-making machine. Its lawyer suggested patenting the machine. The company obtained the patent on January 1, 2021. The company paid $190,000 to the lawyer, $15,000 to the government for the patent and $10,000 in additional fees. Required a) Prepare the journal entry to record the full cost of the patent. Do not enter dollar signs or commas in the input boxes. Date Account Title and Explanation Jan 1 Debit Credit To record the total relevant patent fees b) The patent has an estimated life of 20 years. Prepare the journal entry to record amortization for one year on December 31, 2021. Round your answers to the nearest whole number. Date Account Title and Explanation Dec 31 Check To record amortization for the year Debit Credit

On 1 May 2020, Ron Trading purchased a new machine. The following paymentsrelate to the machine.List price $21,500Purchase discount $2,000Transportation cost $300Repair of damage parts incurred in transporting the machine $1,000Fees paid to test the machine before use $500Fees paid to the installer to install the machine $800Machine operator’s salary for the first month of operation $3,000Maintenance costs for the first month of operation $300(i) Identify and compute the cost of the machine to be recognised. Explainyour reasoning.(ii) Journalise the transactions. Assume the above payments are paid in cash.

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