The following are the transactions of Morrell Corporation: Morrell Corporation disposed of two computers at the end of their useful lives. The computers had cost $4,460 and their Accumulated Depreciation was $4,460. No residual value was received. Assume the same information as (a), except that Accumulated Depreciation, updated to the date of disposal, was $2,920. Required: Prepare journal entries to record above transactions. (If no entry is required for a transaction/event, select "No Journal Entr Required" in the first account field.) No Transaction Answer is not complete. General Journal Debit Credit

The following are the transactions of Morrell Corporation: Morrell Corporation disposed of two computers at the end of their useful lives. The computers had cost $4,460 and their Accumulated Depreciation was $4,460. No residual value was received. Assume the same information as (a), except that Accumulated Depreciation, updated to the date of disposal, was $2,920. Required: Prepare journal entries to record above transactions. (If no entry is required for a transaction/event, select "No Journal Entr Required" in the first account field.) No Transaction Answer is not complete. General Journal Debit Credit

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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a. Morrell Corporation disposed of two computers at the end of their useful lives. The computers had cost $4,740 and their Accumulated Depreciation was $4,740. No residual value was received. b. Assume the same information as (a), except that Accumulated Depreciation, updated to the date of disposal, was $3,480. Required: Prepare journal entries to record above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet A > Record the disposal of computers that had cost $4,740 and their accumulated depreciation to the date of disposal was $4,740. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 4,740 4,740
Prepare journal entries to record these transactions: ( a ) Morrell Corporation disposed of twocomputers at the end of their useful lives. The computers had cost $4,800 and their AccumulatedDepreciation was $4,800. No residual value was received. ( b ) Assume the same information as ( a ),except that Accumulated Depreciation, updated to the date of disposal, was $3,600.
Prepare journal entries to record these transactions. (a) Echo Company retires its delivery equipment, which cost $41000. Accumulated depreciation is also $41000 on this delivery equipment. No salvage value is received. (b) Assume the same information as in part (a), expcept that accumulated depreciation for the equipment is $37200 instead of $41000.
* Your answer is incorrect. Bramble Company owns equipment that cost $1,026,000 and has accumulated depreciation of $433,200. The expected future net cash flows from the use of the asset are expected to be $620,000. The fair value of the equipment is $456,000. Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Account Titles and Explanation Accumulated Depreciation - Equipment Loss on Impairment eTextbook and Media List of Accounts Debit 592800 0 Credit 0 592800
Prepare journal entries to record these transactions. (a) Blue Spruce Corp. retires its delivery equipment, which cost $44,000. Accumulated depreciation is also $44,000 on this delivery equipment. No salvage value is received. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Save for Later Debit Credit Attempts: 0 of 2 used Submit Answer
Hot Stone Creamery sold ice cream equipment for $17,600. Hot Stone originally purchased the equipment for $94,000, and depreciation through the date of sale totaled $73,000. Record the gain or loss on the sale of the equipment. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
[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?
Morrell Corporation sold a computer at the end of its useful life for $300. The computer had an original capitalized cost of $5,000, and its Accumulated Depreciation was $4,600. Record the journal entry for the sale of the computer.
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
The property, plant and equipment account of Cuddle PH was revisited by its property officers. They discovered that due to obsolescence, machineries with a total historical cost of P2,100,000 and accumulated depreciation of P1,750,000, will no longer provide economic benefits to the company wither from its disposal or use.Which of the following will be included in the journal entries to record the derecognition of these machineries? A. credit Accumulated Depreciation, P1,750,000 B. credit Machineries, P350,000 C. credit Loss from Derecognition, P350,000 D. credit Machineries, P2,100,000
During the current year, Rayon Corporation disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Asset Machine A Machine B Original. Cost $56,000 15,200 The machines were disposed of in the following ways: View transaction list N a. Machine A: Sold on January 2, for $34,500 cash. b. Machine B: On January 2, this machine was scrapped with zero proceeds (and zero cost of removal). No 1 Required: 1.82. Prepare the journal entries related to the disposal of Machine A and Machine B on January 2 of the current year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 2 3 4 Residual Value. $10,500 2,400 Date January 02 Estimated Life View Journal entry worksheet January 02 January 02 January 02 7 years 5 years. No Journal Entry Required Accumulated Depreciation (straight-line). $26,000 (4 years) 7,680 (3 years) General Journal Cash Accumulated Depreciation-Equipment Gain on…
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