On January 2, 2017, Thrifty CLothing Consignments purchased showroom fixtures for $12,000 cash, expecting the fixtures to remain in service for five years.  Thrifty had depreciated the fixtures on a double-declining-balance basis, with zero residual value.  On August 31, 2018, Thrifty sold the fixtures for $6,200 cash.  Record both depreciation expense for 2018 and sale of the fixtures on August 31, 2018 (Record debits first, then credits.  Select the explanation on the last line of the journal entry table.  Note that 2017 depreciation was recorded and posted in 2017.)

Q: On January 1, 2017, Henry Manufacturing Corporation purchased a machine for $40,600,000. Henry's…

A:

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A: Depreciation is a reduction in the value of assets due to the usage of that asset. We can evaluate…

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A: Depreciation: Decreasing value of fixed assets over its useful life period.

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A: a. Following are the Journal entry and calculation of depreciation expense on building in 2021:

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A: Depreciation is charge or allocation of cost of asset over the useful life of asset. Capitalised…

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A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…

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A: The straight-line method is a method of computing depreciation each year. This method is also known…

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A: Depreciation is the systematic reduction of a fixed asset's reported cost until the asset's value is…

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A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

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A: 1) Workings: Asset value = $ 40000 Residual value = $ 4000 Useful life = 5 years. Annual straight…

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Q: double-declining-balance method of depreciation

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A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

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A: The question is based on the concept of Depreciation Accounting.

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A: Total value of asset=Cost of furniture+Freight+Sales tax+Installation of…

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A: Straight-line depreciation: Straight-line depreciation is one of the common methods of depreciation…

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A: Depreciation - It refers to the fall in the value of fixed assets due to wear and tear. It is a…

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A: In case of purchase of fixed asset under instalment method, then amount paid by way of number of…

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A:

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A: Formula used: Depreciation rate = ( 100 / Useful life years ) x 2

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A: “Since you have asked multiple sub-parts, we will solve the first three sub-part for you. If you…

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A: Depreciation means the reduction in the value of the Fixed asset over its useful life due to the use…

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A: 1. Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of…

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A: The numerical has covered the concept of Depreciation Accounting Under Double Declining Method.In…

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A: Calculate the book value as on Year 2016 beginning as per original estimate. The book value would…

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A: Solution:- Calculation of depreciation expense for both years ending December 2016 and 2017 using…

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A: Please see the next step for the solution

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A: Formula to calculate depreciation rate:

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Q: Record any entries required on April 1, 2018.

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