Required information [The following information applies to the questions displayed below.] Freeman Landscaping purchased a tractor at a cost of $34,000 and sold it three years later for $16,700. Freeman recorded depreciation using the straight-line method, a five-year service life, and a $1,500 residual value. Tractors are included in the Equipment account. Required: 1. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required first account field.)

Required information [The following information applies to the questions displayed below.] Freeman Landscaping purchased a tractor at a cost of $34,000 and sold it three years later for $16,700. Freeman recorded depreciation using the straight-line method, a five-year service life, and a $1,500 residual value. Tractors are included in the Equipment account. Required: 1. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required first account field.)

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Description: Don't provide answers in image format Required information[The following information applies to the questions displayed below.]Freeman Landscaping purchased a tractor at a cost of $34,000 and sold it three years later for$16,700. Freeman recorded dep

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 7E: Loban Company purchased four cars for 9,000 each and expects that they will be sold in 3 years for...

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! Required information [The following information applies to the questions displayed below.] Freeman Landscaping purchased a tractor at a cost of $37,000 and sold it three years later for $18,800. Freeman recorded depreciation using the straight-line method, a five-year service life, and a $2,500 residual value. Tractors are included in the Equipment account. 2. Assume the tractor was sold for $11,800 instead of $18,800. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the sale of tractor. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal
[The following information applies to the questions displayed below.] Abbott Landscaping purchased a tractor at a cost of $25,000 and sold it three years later for $13,400. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in the Equipment account. Exercise 7-17A Part 1 Required: 1. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Next > search Designed by Apole in Cafomia Assembled in Chna
Abbott Landscaping purchased a tractor at a cost of $25,000 and sold it three years later for $13,400. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $3,500 residual value. Tractors are included in the Equipment account. Required: 1. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account Field.) View transaction list Journal entry worksheet 1 > Record the sale of equipment. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Cash Accumulated Depreciation Loss Equipment
Evergreen Corporation (calendar-year-end) acquired the following assets during the current year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1 and Table 2.) 2018 Asset Machinery Computer equipment Used delivery truck* Furniture Date Placed in Service October 25 February 3 August 17 April 22 $ Original Basis 102,000 34,000 47,000 190,000 *The delivery truck is not a luxury automobile a. What is the allowable MACRS depreciation on Evergreen's property in the current year assuming Evergreen does not elect §179 expense and elects out of bonus depreciation? (Round your intermediate calculations to the nearest whole dollar amount.) b. What would be the allowable MACRS depreciation on Evergreen's property in the current year if Evergreen does not elect out of bonus depreciation?
es Freeman Landscaping purchased a tractor at a cost of $34,000 and sold it three years later for $16,700. Freeman recorded depreciation using the straight-line method, a five-year service life, and a $1,500 residual value. Tractors are included in the Equipment account. 2. Assume the tractor was sold for $10,300 instead of $16,700. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the sale of tractor. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry 2 Prey Debit Credit View general journal Sc of 7 HH www Next
[The following information applies to the questions displayed below.] Dog Co. acquired and placed in service the following assets during the year: Date Cost Asset Placed in Service Basis Computer equipment 3/9 $ 15,800 Furniture 5/23 23,200 Commercial building 10/19 347,000 Assuming Dog Co. does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) b. What is Dog Co.'s year 3 cost recovery for each asset if Dog Co. sells all of these assets on 4/16 of year 3?
Strawberry Fields purchased a tractor at a cost of $39,000 and sold it two years later for $25,600. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $7,000 residual value. 1. What was the gain or loss on the sale? 2. Record the sale. Mc Sraw Hill Complete this question by entering your answers in the tabs below. Required 1 Required 2 What was the gain or loss on the sale? on sale 1 of 31 Next >
[The following information applies to the questions displayed below.] Evergreen Corporation (calendar-year-end) acquired the following assets during the current year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1 and Table 2.) Date Placed Original Asset in Service Basis Machinery October 25 $ 72,000 Computer equipment February 3 11,500 Used delivery truck* August 17 24,500 Furniture April 22 152,500 *The delivery truck is not a luxury automobile. a. What is the allowable MACRS depreciation on Evergreen’s property in the current year, assuming Evergreen does not elect §179 expense and elects out of bonus depreciation? (Round your intermediate calculations to the nearest whole dollar amount.) Table 1 MACRS Half-Year Convention Depreciation Rate for Recovery Period 3-Year 5-Year 7-Year 10-Year 15-Year 20-Year Year 1 33.33% 20.00% 14.29% 10.00% 5.00% 3.750% Year 2 44.45 32.00 24.49…
Required information [The following information applies to the questions displayed below.] At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Computers Office desks Machinery office building Asset Asset Date Acquired 1/30 2/15 Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1. Table 2. Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. What is Anna's year 1 cost recovery for each asset? Computers Office desks Machinery Office building Total 7/25 8/13 Answer is complete but not entirely correct. Year 1 Cost Recovery $ $ $ $ $ Cost Basis. $ 37,000 $ 41,000 $ 84,000 $ 412,000 7,400 5,859 12,004 3,963 29,226
[The following information applies to the questions displayed below.] Evergreen Corporation (calendar-year-end) acquired the following assets during the current year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1 and Table 2.) Date Placed Original Asset in Service Basis Machinery October 25 $ 72,000 Computer equipment February 3 11,500 Used delivery truck* August 17 24,500 Furniture April 22 152,500 *The delivery truck is not a luxury automobile. b. What is the allowable MACRS depreciation on Evergreen’s property in the current year if Evergreen does not elect out of bonus depreciation? Table 1 MACRS Half-Year Convention Depreciation Rate for Recovery Period 3-Year 5-Year 7-Year 10-Year 15-Year 20-Year Year 1 33.33% 20.00% 14.29% 10.00% 5.00% 3.750% Year 2 44.45 32.00 24.49 18.00 9.50 7.219 Year 3 14.81 19.20 17.49 14.40 8.55 6.677 Year 4 7.41 11.52 12.49 11.52 7.70 6.177…
Loban Company purchased four cars for 9,000 each and expects that they will be sold in 3 years for 1,500 each. The company uses group depreciation on a straight-line basis. Required: 1. Prepare journal entries to record the acquisition and the first years depreciation expense. 2. If one of the cars is sold at the beginning of the second year for 7,000, what journal entry is required?
When depreciation is recorded each period, what account is debited? a. Depreciation Expense b. Cash c. Accumulated Depreciation d. The fixed asset account involved Use the following information for Multiple-Choice Questions 7-4 through 7-6: Cox Inc. acquired a machine for on January 1, 2019. The machine has a salvage value of $20,000 and a 5-year useful life. Cox expects the machine to run for 15,000 machine hours. The machine was actually used for 4,200 hours in 2019 and 3,450 hours in 2020.