On NOVEMBER 1, 2020, you purchased equipment for $60,000. The equipment had an estimated salvage value of $4,000 and an estimated life of 7 years. Your company was using the sum of the years’ digits method of depreciation method and records depreciation annually on December 31. А. Prepare the journal entries and show your calculations for November 1, 2020 December 31, 2020 December 31, 2021 1. 2. 3. Assume at the end of 2021, the equipment was becoming obsolete. You estimated future cash flows from the equipment would be $29,000. An appraisal of the value of the equipment on December 31, 2021, indicated a fair value of $23,000. Prepare the entry for impairment (if needed). С. Assume the equipment was NOT becoming obsolete, so ignore any impairment in part B. Assume you changed from sum of the years' digits method to straight line method of depreciation on March 1, 2022. Prepare all entries related to the equipment and depreciation on 1. March 1, 2022 December 31, 2022 2. B.

On NOVEMBER 1, 2020, you purchased equipment for $60,000. The equipment had an estimated salvage value of $4,000 and an estimated life of 7 years. Your company was using the sum of the years’ digits method of depreciation method and records depreciation annually on December 31. А. Prepare the journal entries and show your calculations for November 1, 2020 December 31, 2020 December 31, 2021 1. 2. 3. Assume at the end of 2021, the equipment was becoming obsolete. You estimated future cash flows from the equipment would be $29,000. An appraisal of the value of the equipment on December 31, 2021, indicated a fair value of $23,000. Prepare the entry for impairment (if needed). С. Assume the equipment was NOT becoming obsolete, so ignore any impairment in part B. Assume you changed from sum of the years' digits method to straight line method of depreciation on March 1, 2022. Prepare all entries related to the equipment and depreciation on 1. March 1, 2022 December 31, 2022 2. B.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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