Zimmer Company sold the following two machines in 2021: Machine A Machine B Cost $76,000 $80,000 Purchase date 5/1/17 1/1/18 Useful life 8 years 5 years Salvage value $4,000 $4,000 Depreciation method Straight-line Double-declining-balance Date sold Sales price 7/1/21 $35,000 8/1/21 $16,000 Journalize all entries required to update depreciation and record the sales of the two assets in 2021. The company has recorded depreciation on the machines through December 31, 2020. (Credit account titles are automatically indented when the 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.) Machine A Date Account Titles and Explanation July 1 Depreciation Expense July 1 Accumulated Depreciation-Machine (To record depreciation expense) Cash Accumulated Depreciation-Machine Debit 4500 35000 36000 Loss on Disposal of Plant Assets 5000 Machine (To record the sale of asset) Machine B Date Account Titles and Explanation Debit Aug. 1 Depreciation Expense Accumulated Depreciation-Machine (To record depreciation expense) Aug. 1 Cash 4500 16000 Accumulated Depreciation-Machine 17000 Gain on Disposal of Plant Assets 5000 Machine (To record the sale of asset) Credit 4500 BOOD 76000 Credit 4500 80000

Dont uplode image in answer At 1 July 2019 David Ltd acquired the following non-current assets:               Machine A Machine B Machine C Cost 48,000 Cost 70,000 Cost 85,000 Useful Life 8 years Useful Life 8 years Useful Life 10 years     The firm uses the valuation model for all three assets          At 30 June 2020, the fair values of all assets were assessed. Machine A had a fair value of $45,000, and Machine B a fair value of $58,000. The remaining useful lives were assessed to be 5 years for Machine A and 4 years for Machine B. At this time the value of Machine C was unchanged.   At 30 June 2021, Machine C was sold for a consideration of $75,000. On the same date the fair values of Machine A and Machine B were reassessed. Machine A had a fair value of $32,000 and Machine B a fair value of $54,000.   Required:   Prepare the journal entries for David Ltd for the years ending 30 June 2020 and 2021. Assume a tax rate of 30%.

Bruce Company acquired a machinery on April 1, 2020. Cost                               P 1,200,000 Residual Value               P 120,000 Estimated Useful Life    8 years   What is the depreciation for 2020 using straight line depreciation?     A. P150,000 B. P101,250 C. P112,500 D. P125,000   What is the carrying amount of the machinery on December 31, 2022 using straight line depreciation?   A. P750,000 B. P817,500 C. P828,750 D. P780,000

Following are the details related to fixed assets of Jackson company as at December 31, 2022: Date of Residual Purchase January 1, 2020 $15,000 April 1, 2015 1,000 Asset Machinery Delivery Van September 30, 2018 Furniture 500 December 31, 2012 Building 25,000 Required: Estimated Useful Life 30 Years 12 Years 8 Years 40 Years Cost $ 550,000 45,000 72,000 1,250,000 Value 1. Calculate the annual depreciation for each of the fixed assets given above. 2. Determine the book value of each fixed asset as on December 31, 2022.

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Taylor Company purchased a machine for $9,800 on January 1, 2016. The machine has beendepreciated using the straight-line method assuming it has a five-year life with a $1,400residual value. Taylor sold the machine on January 1, 2018, for $7,600.Q7-62. What gain or loss should Taylor record on the sale?a. Gain, $800b. Loss, $1,160c. Loss, $520d. Gain, $1,160

Apex Communication purchased equipment on January 1, 2024, for $49,004 Suppose Apex Communication sold the equipment for $36,000 on December 31, 2025. Accumulated Depreciation as of December 31, 2025, was $15,078. Journalize the sale of the equipment, assuming straight-line depreciation was used First, calculate any gain or loss on the disposal of the equipment Market value of assets received Less Book value of asset disposed of Cost Less Accumulated Depreciation Gain or (Loss) 49004 36000

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Togo’s Sandwich Shop had the following long-term asset balances as of January 1, 2021:                      Cost        Accumulated Depreciation          Book ValueLand           $ 85,000                       –                                    $ 85,000Building       560,000              $ (201,600)                              358,400Equipment   145,000                   (30,000)                              115,000Patent          125,000                   (50,000)                                75,000Togo’s purchased all the assets at the beginning of 2019 (3 years ago). The building is depreciated over a 10-year service life using the double-declining-balance method and estimating no residual value. The equipment is depreciated over a nine-year useful life using the straight-line method with an estimated residual value of $10,000. The patent is estimated to have a five-year service life with no residual value and is amortized using the straight-line method. Depreciation and…

Cheesesteak's Sandwich Shop had the following long-term asset balances as of January 1, 2024: Cost Accumulated Depreciation Book Value Land $83,000 0 $83,000 Building 558,000 $(106,020) 451,980 Equipment 131,400 (29,600) 101,800 Patent 120,000 (48,000) 72,000 Additional information: Cheesesteak's purchased all the assets at the beginning of 2022. The building is depreciated over a 20-year service life using the double - declining - balance method and estimating no residual value. The equipment is depreciated over a 8-year useful life using the straight-line method with an estimated residual value of $13,000. The patent is estimated to have a five-year service life with no residual value and is amortized using the straight-line method. Depreciation and amortization have been recorded for 2022 and 2023 (first two years). For the year ended December 31, 2024 (third year), record depreciation expense for buildings and equipment. Land is not depreciated.