Required information E9-11 (Algo) Demonstrating the Effect of Book Value on Reporting an Asset Disposal [LO 9-5] [The following information applies to the questions displayed below.] OnTime Packaging is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that OnTime sold a delivery truck for $22,000. OnTime had originally purchased the vehicle and recorded it in the Truck account for $37,000 and had recorded depreciation for three years. E9-11 (Algo) Part 4 4. Prepare the journal entry to record the disposal of the truck, assuming Accumulated Depreciation--Truck was (a) $15,000, (b) $13,000, and (c) $21,000. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No Transaction General Journal 1 Cash Truck Accumulated Depreciation-Truck Debit Credit 22,000 37,000 15,000 2 b Cash 22,000 Accumulated Depreciation-Truck Truck 13,000 37,000 3 с Cash Accumulated Depreciation-Truck Truck *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. 22,000 21,000 37,000

Required information [The following information applies to the questions displayed below] Dow Chemical Company provides chemical, plastic, and agricultural products and services to various consumer markets The following excerpt is taken from the disclosure notes of Dow's annual report DOW CHEMICAL Notes to the Financial Statements (excerpt) Dow Chemical had accrued obligations of $381 million for environmental remediation and restoration costs, including $40 million for the remediation of Superfund sites. This is management's best estimate of the costs for remediation and restoration with respect to environmental matters for which the Company has accrued liabilities, although the ultimate cost with respect to these particular matters could range up to twice that amount. Inherent uncertainties exist in these estimates primarily due to unknown conditions, changing governmental regulations and legal standards regarding liability. and evolving technologies for handling site remediation and…

ANNA Company purchased inventories from abroad for resale incurring the following costs: Determine the cost to be capitalized as part of inventory.    2. ROSALINDA Company accepted a special manufacturing order from RIZZA Company. The Company incurred P250,000 for materials and P170,000 for conversion costs. Since this is a special order, the Company also incurred P100,000 for designing the product and P50,000 for modifying the current production process. In addition, excessive wastage of materials amounting to P80,000 was incurred because of the highly-specialized nature of the order. Lastly, the Company also incurred storage cost of P70,000 when the inventory was in work-in-process stage and P40,000 when it was already a finished product. What amount should be capitalized as part of inventory?

E9-11 (Algo) Demonstrating the Effect of Book Value on Reporting an Asset Disposal [LO 9-5] [The following information applies to the questions displayed below.] Movelt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $27,000. Movelt had originally purchased the vehicle and recorded it in the Truck account for $45,000 and had recorded depreciation for three years. E9-11 (Algo) Part 1 Required: 1. Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation-Truck was (a) $18,000, (b) $12,000, and (c) $21,000. (Select "None" if there is no Gain or Loss.) Gain/Loss Amount (a) None (b) Loss (c) Gain

E9-9 (Algo) Computing Depreciation under Alternative Methods [LO 9-3] Sonic Corporation purchased and installed electronic payment equipment at its drive-in restaurants in San Marcos, TX, at a cost of $54,000. The equipment has an estimated residual value of $2,700. The equipment is expected to process 271,000 payments over its three-year useful life. Per year, expected payment transactions are 65,040, year 1; 149,050, year 2; and 56,910, year 3. Required: Complete a depreciation schedule for each of the alternative methods. 1. Straight-line. 2. Units-of-production. 3. Double-declining-balance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Complete a depreciation schedule for the double-declining-balance method. (Do not round intermediate calculations.) Income Statement Balance Sheet Year Depreciation Expense Cost Accumulated Depreciation Book Value At acquisition 1 $ 2 3 68,148 $ ☑ $ 54,000 $ 68,148 54,000 ☑ × > $ 54,000

a Determine cost of plant acquisitions. E9.1 (LO 1), C Writing The following expenditures relating to plant assets were made by Glenn Company during the first 2 months of 2022. 1. Paid $7,000 of accrued taxes at the time the plant site was acquired. 2. Paid $200 insurance to cover a possible accident loss on new factory machinery while the machinery was in transit. 3. Paid $850 sales taxes on a new delivery truck. 4. Paid $21,000 for parking lots and driveways on the new plant site. 5. Paid $250 to have the company name and slogan painted on the new delivery truck. 6. Paid $8,000 for installation of new factory machinery. 7. Paid $900 for a 2-year accident insurance policy on the new delivery truck. 8. Paid $75 motor vehicle license fee on the new truck. Instructions a. Explain the application of the historical cost principle in determining the acquisition cost of plant assets. b. List the numbers of the transactions, and opposite each indicate the account title to which each…

! Required information [The following information applies to the questions displayed below.] VQT Companies is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that VQT sold a delivery truck for $29,000. VQT had originally purchased the vehicle and recorded it in the Truck account for $49,000 and had recorded depreciation for three years. 4. Prepare the journal entry to record the disposal of the truck, assuming Accumulated Depreciation--Truck was (a) $20,000, (b) $17,000, and (c) $25,000. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

KA. GG Shipping is a shipping line which treats its ships as complex non-current assets. The cost and other details of one of its ships are: GHS’000 estimated life Exterior structure – purchase date 1 April 2008 120,000 Interior cabin fittings – replaced 1 April 2018 25,000 Engines (5 at GHS9 million each) – replaced 1 April 2018 45,000 No residual values are attributed to any of the component parts. 20 years 5 years 36,000 sailing hours At 1 April 2021 the ship log showed it had sailed 10,800 hours since 1 April 2018. In the year ended 31 March 2022, the ship sailed for 1,200 hours for the six months to 30 September 2021 and a further 1,000 hours in the six months to 31 March 2022. On 1 October 2021 the ship suffered a ‘collision’ an accident which damaged one of the engines beyond repair. This was replaced by a new engine with a life of 36,000 hours at cost of GHS10·8 million. Another engine was also damaged, but was repaired at a cost of GHS3 million; however, its remaining…

None

1. Assume Trois Cuisines Manufacturing bought three machines in a $100,000 lump-sum purchase. An independent appraiser valued the machines as follows: (1) Trois Cuisines paid one-third in cash and signed a note payable for the remainder. What is each machine’s individual cost? (2) Immediately after making this purchase, Trois Cuisines sold machine 2 for its appraised value. What is the result of the sale? Round to three decimal places. The result of the sale a _____ of $_____. Prepare the journal entry to record the sale. Please show all steps.