截屏2022-12-03 上午3

During its inception, Devon Company purchased land for $250,000 and a building for $200,000. After exactly 3 years, it transferred these assets and cash of $50,000 to a newly created subsidiary, Regan Company, in exchange for 20,000 shares of Regan's $10 par value stock. Devon uses straight-line depreciation. Useful life for the building is 20 years, with zero residual value. An appraisal revealed that the building has a fair value of $250,000.  What will Devon record as Additional Paid in Capital as a result of this transaction? Group of answer choices additional paid-in capital of $0. additional paid-in capital of $270,000. additional paid-in capital of $350,000. additional paid-in capital of $300,000.

DEPRECIATIONA machine purchased by the Hubalol Company originally cost $245,000.Delivery and installation charges amounted to $5000. The declared salvagevalue was $25,000; useful life of the machine was 12 years. At the end of Year4, the company changed its product mix and found that it no longer needed themachine. One of its competitors agreed to buy the machine for $90,000.Compute the book value of the machine at end of Year 4 and determine theloss or gain of depreciation on the sale using:a. Straight-Line Method b. Sinking fund at 8%

On February 1, 2006, Mason Company purchased a building for $359,000. The building was assigned a useful life of forty years and a salvage value of $11,000. XYZ Company uses the straight-line depreciation method to calculate depreciation on its long-term assets. The building was sold for $121,000 cash on August 1, 2029. Calculate the amount of the loss recorded on the sale. Do not enter your answer with a minus sign in front of your number.

Sagar

On January 2, 2022, Baker Company purchased land that cost $790,000, a building on the land that cost $570,000, and equipment that cost $54,000. The building has an estimated useful life of 24 years. The equipment has an estimated useful life of 9 years. Required: Prepare the property, plant, and equipment section of the balance sheet as of December 31, 2022. Note: Use straight-line depreciation with no salvage value. Property, Plant, and Equipment (Choose one) Total Property, Plant, and Equipment Baker Company Balance Sheet (partial) December 31

Swann Company sold a delivery truck on April 1, Year 5. Swann had acquired the truck on January 1, Year 1, for $44,000. At acquisition, Swann had estimated that the truck would have an estimated life of 5 years and a residual value of $3,000. Swann uses the straight-line method of depreciation. At December 31, Year 4, the truck had a book value of $11,200.  1b. Prepare the necessary journal entries on April 1, Year 5 to record: 1. Depreciation expense of the delivery truck for Year 5 2. The sale of the truck, assuming it sold for $7,600

. The Fisher Company purchased a machine on September 1, 2011, for $80,000. At the time of acquisition, the machine was estimated to have a useful life of eight years and an estimated salvage of $8,000. Fisher has recorded monthly depreciation using the straight-line method. On May 1, 2013, the machine was sold for $50,000. What should be the loss recognized from the sale of the machine?a. $15,000b. $2,500c. $5,000d. $7,500 Example:  The Fisher Company purchased a machine on October 1, 2007, for $80,000. At the time of acquisition, the machine was estimated to have a useful life of five years and an estimated salvage of $5,000. Fisher has recorded monthly depreciation using the straight-line method. On April 1, 2009, the machine was sold for $50,000. What should be the loss recognized fromthe sale of the machine?a. $ 0b. $2,500c. $5,000d. $7,500 Annual depreciation expense = (80,000 – 5,000) / 5 = 15,000Monthly depreciation expense = 15,000 / 12 = 1,250Accumulated depreciation = (1250…

Swann Company sold a delivery truck on April 1, Year 5. Swann had acquired the truck on January 1, Year 1, for $44,000. At acquisition, Swann had estimated that the truck would have an estimated life of 5 years and a residual value of $3,000. Swann uses the straight-line method of depreciation. At December 31, Year 4, the truck had a book value of $11,200. 1a. Prepare the necessary journal entries on April 1, Year 5 to record:1.    Depreciation expense of the delivery truck for Year 52.    The sale of the truck, assuming it sold for $10,600

Becker Office Service purchased a new computer system on January 1, 2018, for $40,000. It is expected to have a five-year useful life and a $5,000 salvage value. Becker Office Service expects to use the computer system more extensively in the early years of its life.  Assume that Becker Office Service sold the computer system at the end of the fourth year for $15,000. Compute the amount of gain or loss using the double-declining depreciation method.

On January 1, 20x1, ABC Company purchased a machine for P4,000,000. The machine has a useful life of 8 years and a residual value of P500,000. On January 1, 20x5, the entity determined that the useful life of the machine was 10 years from the date of acquisition and the residual value was P480,000. What is the depreciation of the machine for 20x5?

Nanki Corporation purchased equipment on January 1, 2014, for $616,000. In 2014 and 2015, Nanki depreciated the asset on a straight-line basis with an estimated useful life of eight years and a $12,000 residual value. In 2016, due to changes in technology, Nanki revised the useful life to a total of 5 years with no residual value. What depreciation would Nanki record for the year 2016 on this equipment? (Round your answer to the nearest dollar amount.) Multiple Choice $100,667. None of these answer choices are correct. $100,954. $155,000.

Company ABC purchased a building on 1/1/2022. The purchase price of the building was $1,000,000. The company decided to demolish the building, which cost $200,000, and built a new structure which cost $2,000,000 to build. Construction was completed on 6/1/2022. The company assumes that the building will have a 40 year useful life and no salvage value. Company ABC uses the straight-line method to account for depreciation. *ALL journal entries should take the form: Dr. Account (Y) $$$ Cr. Account (Y) $$$ A. Record the journal entry for the acquisition of the building on 1/1/2022 B. What is the balance of the newly constructed building on 6/1/2022? There are NO adjusting entries that occur over the 5 month period because the building is not in service or being used C. Record any required journal entries for the building on 12/31/2022. Assume this is the close of the fiscal year for Company ABC D. On January 1, 2023, Company ABC learns the building has caught on fire because the…

A company purchased a new machine on May 1, 2012 for $528,000. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of $24,000. The company has recorded monthly depreciation using the straight-line method. On March 1, 2021, the machine was sold for $82,000. What should be the gain/loss recognized from the sale of the machine?

None

ARON Corp. acquired a machine at a total cost of P5,200,000. The estimated life of the machine is 8 years or a total of 100,000 working hours with no salvage value. The operating machine totaled: 2020, 5,000 hours; 2021, 12,000 hours. If the working hours method is used, the depreciation for the year 2021 is

The Bandor Group sold one of its plant assets on June 1 of the current year for $70,000. The asset had an original cost of $300,900 and an estimated residual value of $9,000. The firm used the straight-line method of depreciation assuming an estimated useful life of 7 years. The asset was in service for 5 years as of January 1 of the current year. Read the requirements Requirement a. Prepare the journal entry required to record the depreciation for the current year. (Record debits first, then credits. Exclude explanations from any journal entries) Account Depreciation Expense-Plant Asset Accumulated Depreciation-Plant Asset June 1 Requirement b. Prepare the journal entry required to record the sale of the asset. (Record debits first, then credits Exclude explanations from any journal entries.) Account June 1 Cash Accumulated Depreciation Plant Asset Loss on Sale of Plant Assets

(Depreciation—Replacement, Change in Estimate) Greg Maddox Company constructed a building at a cost of $2,200,000 and occupied it beginning in January 1998. It was estimated at that time that its life would be 40 years, with no salvage value.In January 2018, a new roof was installed at a cost of $300,000, and it was estimated then that the building would have a useful life of 25 years from that date. The cost of the old roof was $160,000.Instructions(a) What amount of depreciation should have been charged annually from the years 1998 to 2017? (Assume straight-line depreciation.)(b) What entry should be made in 2018 to record the replacement of the roof?(c) Prepare the entry in January 2018 to record the revision in the estimated life of the building, if necessary.(d) What amount of depreciation should be charged for the year 2018?

On January 1, 20X6, RAST Co. purchased a machine for $1,980,000 and depreciated it by the straightlinemethod using an estimated useful life of eight years with no salvage value. On January 1, 20X9, RASTCo. determined that the machine had a useful life of six years from the date of acquisition and will have asalvage value of $180,000. An accounting change was made in 20X9 to reflect these additional data. Theaccumulated depreciation for this machine should have a balance at December 31, 20X9 of:a) $1,095,000.b) $1,155,000.c) $1,200,000.d) $1,320,000

The Fisher Company purchased a machine on September 1, 2011, for $80,000. At the time of acquisition, the machine was estimated to have a useful life of eight years and an estimated salvage of $8,000. Fisher has recorded monthly depreciation using the straight-line method. On May 1, 2013, the machine was sold for $50,000. What should be the loss recognized from the sale of the machine? a. $15,000b. $2,500c. $5,000d. $7,500