Weird Co. uses straight-line depreciation for its property, plant, and equipment, which, stated at cost, consisted of the following:                                                 12/31/19                              12/31/18 Land                                        P 250,000                             P 250,000 Buildings                                    1,950,000                             1,950,000 Machinery & equipment           6,950,000                              6,500,000 TOTAL                                        9,150,000                              8,700,000 Accumulated depreciation        4,000,000                              3,700,000 TOTAL                                     P 5,150,000                           P 5,000,000 Weird’s depreciation expense for 2019 and year 2018 was P550,000 and P500,000, respectively. What amount was debited to accumulated depreciation during 2019 because of property, plant, and equipment retirements?

Domestic

Company X decided to buy some assets from the heater company, Company Y, for $100,000.00 Company Y is in the process of liquidation. The assets sold are as follows:   Book Value Fair Value Supplies $45,000 $40,000 soil $20,000 $25,000 building $45,000 $60,000   $110,000 $125,000   Asked Calculate the cost of each asset that must be recorded by Company X !

Required information (The following information applies to the questions displayed below.] During the current year, Merkley Company disposed of three different assets. On January 1 of the current year, prior to the disposal of the assets, the accounts reflected the following: Accumulated Original Residual Estimated Life 8 years 8 years Depreciation (straight line) $20,250 (6 years) 33,750 (6 years) 48,918 (12 years) Asset Cost Value Machine A $ 30,000 $ 3,000 Machine B 49,000 4,000 Machine C 75,500 6,200 17 years The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $9,450 cash. b. Machine B: Sold on December 31 for $10,325; received cash, $2,500, and a $7,825 interest-bearing (12 percent) note receivable due at the end of 12 months. c. Machine C: On January 1, this machine suffered irreparable damage from an accident. On January 10, a salvage company removed the machine at no cost. Required: 1. Give all journal entries related…

sa

Drabinski Ltd. decided on 1 July 20X3 to dispose of an asset group consisting of land, a building, and equipment. An active plan of disposal is being carried out, and sale is highly probable within the following year. The assets’ carrying values and estimated recoverable amounts at 1 July 20X3 are as follows:   Cost Carrying Value Estimated Recoverable Amount Land   $ 470,000   $ 470,000   $ 498,000   Building     3,400,000     1,640,000     970,000   Equipment     1,040,000     470,000     357,000       $ 4,910,000   $ 2,580,000   $ 1,825,000     On 31 December 20X3, the net recoverable amount of the group is reliably estimated to be $1,859,000. On 1 April 20X4, the asset group is sold for $1,919,000, net of costs to sell. Prepare journal entries that are appropriate to record the information above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)  Do not give answer in image

Ngu own equipment that cost 96,500 with accumulated depreciation of 66,000. Ngu asks 35,750 for the equipment but sells it for 33,500. Compute the amount of gains or losses on the sale

305. Subject : - Accounting

W Co. acquired the intangible assets listed below for a total lump sum price of P400,000. Intangible asset Service mark Order and production backlogs In-house research and development Fair value P160,000 120,000 80,000 120,000 How much is the initial measurement of the masthead? Masthead Your answer On January 1, 20x1, M Co. incurred P500,000 in registering a patent. It was initially estimated that the useful life of the asset is 20 years, equal to its legal life. However, on January 1, 20x6, M assessed that the useful life of the patent was only 15 years starting on the date of registration. How much is the amortization expense in 20x6? Your answer

COTB MC Qu. 15-70 (Algo) Assume a company sold a... Assume a company sold a piece of equipment that had an original cost of $500,000 and accumulated depreciation of $300,000. The gain on the sale was $21,000. In addition, the beginning and ending balances in the company's Property, Plant, and Equipment account were $4,700,000 and $4,600,000, respectively. Based solely on the information provided, the company's net cash provided by (used in) investing activities would be: Multiple Choice $(179,000). $(200,000). O $(158,000). $(121,000).