Chapter 3, Problem 10E

On April 1, Cyclone Co. purchases a trencher for $280,000. The machine is expected to last five years and have a salvage value of $40,000. Compute depreciation expense at December 31 for both the first year and second year assuming the company uses the double-declining-balance method.

On September 1, a company purchased equipment for $25,000. The equipment's estimated salvage value is $3,400. The machine will be depreciated using straight-line depreciation and a four year life. If the company prepares annual financial statements on December 31, the appropriate adjusting journal entry to make on December 31 of the first year would be a O $1,800 debit to Depreciation Expense and a $1,800 credit to Accumulated Depreciation. $1,800 debit to Accumulated Depreciation and a $1,800 credit to Depreciation Expense. O $5,400 debit to Depreciation Expense and a $5,400 credit to Accumulated Depreciation. $5,400 debit to Accumulated Depreciation and a $5,400 credit to Depreciation Expense. $1,800 debit to Equipment and a $1,800 credit to Cash.

Golden Sales has bought $135,000 in fixed assets on January 1st associated with sales equipment. The residual value of these assets is estimated at $10,000 at the end of their 4-year service life. Golden Sales managers want to evaluate the options of depreciation. ​ (a) Compute the annual straight-line depreciation and provide the sample depreciation journal entry to be posted     at the end of each of the years. (b) Write the journal entries for each year of the service life for these assets using the double-declining balance     method.

Please answer the following question: Beaver Construction purchases new equipment for $45,360 cash on April 1, 2024. At the time of purchase, the equipment is expected to be used in operations for seven years (84 months) and have no resale or scrap value at the end. Beaver depreciates equipment evenly over the 84 months ($540/month).  Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of Accumulated Depreciation and Depreciation Expense (assuming the balance of Accumulated Depreciation at the beginning of 2024 is $0).

A copier was purchased for $7,211.45 on February 3, 2015. 200% MACRS is the method used to depreciate this copier and the depreciation is recorded at the end of each month. On August 27, 2015, the copier breaks and a cash refund of $6,200.00 is provided. Create the general journal entry to record the assest disposal of this copier (check figure: Loss on Asset Disposal = $224.75)

On December 29, 2021, Patel Products, Incorporated, sells a delivery van that cost $20,000. The equipment had accumulated depreciation of $16,000 at December 31, 2020. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation. Complete the necessary journal entry to bring the accumulated depreciation up-to-date by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.  On December 29, 2021, Patel Products, Inc., sells a delivery van that cost $20,000. The equipment had accumulated depreciation of $16,000 at December 31, 2020. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation.

On December 29, 2021, Patel Products, Incorporated, sells a delivery van that cost $20,000. The equipment had accumulated depreciation of $16,000 at December 31, 2020. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation. Complete the necessary journal entry to bring the accumulated depreciation up-to-date by selecting the account names from the drop- down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet 1 On December 29, 2021, Patel Products, Inc., sells a delivery van that cost $20,000. The equipment had accumulated depreciation of $16,000 at December 31, 2020. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation. Note: Enter debits before credits. Date Dec. 29 General Journal Debit Credit

Required information [The following information applies to the questions displayed below.] NewTech purchases computer equipment for $264,000 to use in operating activities for the next four years. It estimates the equipment's salvage value at $28,000. Prepare a table showing depreciation and book value for each of the four years assuming double-declining-balance depreciation. (Enter all amounts as positive values.) Depreciation for the Period End of Period Year Beginning-Year Depreciation Book Value Rate Annual Accumulated Depreciation Depreciation Year 1 Year 2 Year 3 Year 4 Total Year-End Book Value

Golden Sales has bought $135,000 in fixed assets on January 1st associated with sales equipment. The residual value of these assets is estimated at $10,000 at the end of their 4-year service life. Golden Sales managers want to evaluate the options of depreciation. a)  Compute the annual straight-line depreciation and provide the sample depreciation journal entry to be posted     at the end of each of the years.