Popeye Company purchased a machine for $350,000 on January 1, 2020. Popeye depreciates machines of this type by the straight-line method over a five-year period using

On January 2, 2023, Lotus Spa purchased fixtures for $57,600 cash, expecting the fixtures to remain in service for nine years. Lotus Spa has depreciated the fixtures on a straight-line basis, with $9,000 residual value. On April 30, 2025, Lotus Spa sold the fixtures for $39,500 cash. Record both depreciation expense for 2025 and sale of the fixtures on April 30, 2025. (Assume the modified half-month convention is used. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Apr. 30 Accounts and Explanation Debit Credit Before recording the sale of the fixtures, let's calculate any gain or loss on the sale of the fixtures. (Enter a loss with a minus sign or parentheses.) Fair value of assets received Less: Book value of asset disposed of Cost Less: Accumulated Depreciation Gain or (Loss) Now, record the sale of the fixtures on April 30, 2025. Date Apr. 30 Accounts and Explanation Debit Credit

On January 2, 2018, Lapar Corporation purchased a machine for $50,000. Lapar paid shipping expenses of $500, as well as installation costs of $1,200. The company estimated that the machine would have a useful life of 10 years and a residual value of $3,000. On January 1, 2019, Lapar made additions costing $3,600 to the machine in order to comply with pollution-control ordinances. These additions neither prolonged the life of the machine nor increased the residual value. 1. If Lapar records depreciation expense under the straight-line method, how much is the depreciation expense for 2019? 2. Assume Lapar determines the machine has three significant components as shown below. Component Amount Service Life Salvage Value $25,000 10 years $3,000 15,000 5 years 11,700 3 years If Lapar uses IFRS, what is the amount of depreciation expense that would be recorded? A B с 0 0

Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $155,000. The residual value of the equipment was estimated to be $14,000 at the end of a five-year life. The equipment was sold on March 31, 2021, for $48,000. Howarth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. Required:1. Prepare the journal entry to record the sale.2. Assuming that Howarth had instead used the double-declining-balance method, prepare the journal entry to record the sale.