Prepare the necessary journal entries to record the following transactions in 2013 for the Hoover Company.  April  13 - Sold a delivery truck for $7,000. The delivery truck originally cost $45,000 and had accumulated depreciation of $41,000 on the date of sale. Assume the depreciation on the truck has already been recorded for the current year. May  13 - Discarded old mixing equipment that originally cost $100,000 and had a book value of $14,000 on the date of disposal. Assume depreciation on the equipment has already been recorded for the current year. Oct.   13 - Sold a toaster for $5,000. The toaster originally cost $30,000 and had accumulated depreciation of $22,000 on the date of sale. Assume the depreciation on the toaster has already been recorded for the current year.

On January 2, 2017, Thrifty CLothing Consignments purchased showroom fixtures for $12,000 cash, expecting the fixtures to remain in service for five years.  Thrifty had depreciated the fixtures on a double-declining-balance basis, with zero residual value.  On August 31, 2018, Thrifty sold the fixtures for $6,200 cash.  Record both depreciation expense for 2018 and sale of the fixtures on August 31, 2018 (Record debits first, then credits.  Select the explanation on the last line of the journal entry table.  Note that 2017 depreciation was recorded and posted in 2017.)

Sandhill Company bought machinery on January 1, 2009, at a cost of The machinery had an estimated life of 8 years and salvage value of $15,680. On January 1, 2014, Sandhill estimates that the machinery will have a life of only 2 more years from January 1, 2014, and the salvage value is now estimated to be $3,920. Sandhill uses straight-line depreciation. Compute the annual depreciation expense for 2014. Annual depreciation expense for 2014 $

Star Company purchased a computer on January 2, 2012, at a cost of $2,500. The computer is expected to have a useful life of five years and a residual value of $250. Assume that the computer is disposed of on July 1, 2015. Using the straight line method, record the depreciation expense for half a year and the disposal under each of the following assumptions: 1. The computer is discarded.  2. The computer is sold for $400. 3. The computer is sold for $1,100

On January 1 2017, R. Rhooms, a Manufacturer, purchased a drill machine for the sum of $4,000,000 paying by cheque. It has an estimated life of 5 years and a scrap value $500,000. Rhooms has chosen to use the straight-line method of depreciation. You have been asked to prepare the following for the first three (3) years: a) Machinery account b) Journal entries to record depreciation c) Provision for depreciation account d) Balance sheet extract

Here are selected 2022 transactions of Ayayai Company. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $60,000 and had a useful life of 10 years with no salvage value. June 30 Dec. 31 Date Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of where applicable. Ayayai Company uses straight-line depreciation (Assume depreciation is up to date as of December 31, 2021.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation Accumulated Depreciation Equipment Jan 1 Sold a computer that was purchased on January 1, 2019. The computer cost $35,000 and had a useful life of 5 years with no salvage value. The computer was…

Record the transactions.

Wardell Company purchased a minicomputer on January 1, 2013, at a cost of $50,000. The computer was depreciated using the straight-line method over an estimated seven-year life with an estimated residual value of $4,000. On January 1, 2016, the estimate of useful life was changed to a total of 11 years, and the estimate of residual value was changed to $800.   Question Journal entries to record depreciation for 2016 would include:         Debit to Depreciation Expense - Computers of $7,143     Credit to Accumulated Depreciation - Computers of $3,686     Debit to Accumulated Depreciation - Computers of $6,571     Debit to Depreciation Expense - Computers of $4,707

Yoshi Company completed the following transactions and events involving its delivery trucks.  2016 Jan.   1   Paid $20,515 cash plus $1,485 in sales tax for a new delivery truck estimated to have a five-year life and a $2,000 salvage value. Delivery truck costs are recorded in the Trucks account. Dec.   31   Recorded annual straight-line depreciation on the truck.   2017 Dec.   31   Due to new information obtained earlier in the year, the truck’s estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,400. Recorded annual straight-line depreciation on the truck.  2018 Dec.   31   Recorded annual straight-line depreciation on the truck. Dec.   31   Sold the truck for $5,300 cash.   Required: 1-a. Calculate depreciation for year 2017.1-b. Calculate book value and gain (loss) for sale of Truck on December, 2018.1-c. Prepare journal entries to record these transactions and events.

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?