Accounting During 2021, B&C owed the following assets. B&C sold the land, office building, and furniture on 9/5/2021. Calculate the depreciation deduction for 2021. Round deprecation for each asset to the nearest dollar. Asset Van Land Office Building Furniture Convention HY MM MQ Computer MQ Equipment Computer MQ Equipment Date Purchased 4/26/2017 /1/2018 3/1/2018 11/1/2015 Date Sold 11/1/2021 Cost 30,000 9/5/2021 100,000 8/19/2020 9/5/2021 50,000 9/5/2021 650,000 15,000 15,000 Depreciation 2021

Accounting During 2021, B&C owed the following assets. B&C sold the land, office building, and furniture on 9/5/2021. Calculate the depreciation deduction for 2021. Round deprecation for each asset to the nearest dollar. Asset Van Land Office Building Furniture Convention HY MM MQ Computer MQ Equipment Computer MQ Equipment Date Purchased 4/26/2017 /1/2018 3/1/2018 11/1/2015 Date Sold 11/1/2021 Cost 30,000 9/5/2021 100,000 8/19/2020 9/5/2021 50,000 9/5/2021 650,000 15,000 15,000 Depreciation 2021

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 17P: On December 31, 2019, Vail Company owned the following assets: Vail computes depreciation and...

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Investing Activities and Depreciable Assets Verlando Company had the following account balances and information available for 2019: During 2019, Verlando recorded the following transactions affecting these accounts: a. Land with a carrying value of 35,000 was sold at a loss of 6,000. b. Land and equipment were purchased with cash during the period. c. Equipment with an original cost of 20,000 that had a book value of 4,000 was written off as obsolete. d. A building with an original cost of 60,000 and accumulated depreciation of 25,000 was sold at a 23,000 gain. e. Depreciation expense and amortization expense were recorded. f. Net income for the year was 60,000. g. A patent was acquired during the year in exchange for 1,200 shares of common stock with a par value of 1 per share and a market value of 26 per share. h. Additional marketable securities wefe purchased during the year. i. Verlando Company has no notes payable in the liabilities section of its balance sheet. Required: 1. Next Level Assuming that Verlando uses the indirect method to determine operating cash flows, what is the amount of depreciation expense and amortization expense that would be added back to net income: 2. Prepare the investing activities section of the statement of cash flows for the year ended December 31, 2019. 3. Prepare the disclosure for significant noncash transactions for the statement of cash flows for the year ended December 31, 2019.
Vorst depreciates Asset C by the straight-line method. On June 30, 2020, Vorst sold Asset C for 28,000 cash. How much gain (loss) should Vorst record in 2020 on the disposal of Asset C? a. 2,800 b. (2,800) c. (5,600) d. (8,400)
On December 31, 2019, Vail Company owned the following assets: Vail computes depreciation and amortization expense to the nearest whole year. During 2020, Vail engaged in the following transactions: Required: 1. Check the accuracy of the accumulated depreciation balances at December 31, 2019. Round to the nearest whole dollar in all requirements. 2. Prepare journal entries to record the preceding events in 2020, as well as the year-end recording of depreciation expense. 3. Prepare an Accumulated Depreciation account for each category of assets, enter the beginning balance, post the journal entries from Requirement 2, and compute the ending balance.
Assume the same information as in RE11-3, except that Albany Corporation purchased the asset on April 1, Year 1. Calculate the depreciation for Year 1 and Year 2 using the double-declining-balance method. Round to the nearest dollar.
Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense for 2019 if the units-of-production method were used ( Note: Round your answer to the nearest dollar)? a. $179,400 b. $184,000 c. $218,400 d. $224,000