Prepare journal entries to record these transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) (b) (a) Oriole Company retires its delivery equipment, which cost $43,190. Accumulated depreciation is also $43,190 on this delivery equipment. No salvage value is received. No. Account Titles and Explanation. (b) Assume the same information as in part (a), except that accumulated depreciation for the equipment is $37,130 instead of 43,190. Debit Credit 1000

Prepare journal entries to record these transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) (b) (a) Oriole Company retires its delivery equipment, which cost $43,190. Accumulated depreciation is also $43,190 on this delivery equipment. No salvage value is received. No. Account Titles and Explanation. (b) Assume the same information as in part (a), except that accumulated depreciation for the equipment is $37,130 instead of 43,190. Debit Credit 1000

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

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 15E: The following are independent errors: a. In January 2019, repair costs of 9,000 were debited to the...

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The following are the transactions of Morrell Corporation: Morrell Corporation disposed of two computers at the end of their useful lives. The computers had cost $4,640 and their Accumulated Depreciation was $4,640. No residual value was received. Assume the same information as (a), except that Accumulated Depreciation, updated to the date of disposal, was $3,280. Prepare journal entries to record above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Sheridan Company has delivery equipment that cost $56,800 and has been depreciated $24,300.Record entries for the disposal under the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) It was scrapped as having no value. (b) It was sold for $36,400. (c) It was sold for $19,600.
Splish Brothers Inc. owns equipment that cost $627,000 and has accumulated depreciation of $162,000. The expected future net cash flows from the use of the asset are expected to be $414,000. The fair value of the equipment is $358,000.Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount
Martinez Company owns equipment that cost $1,053,000 and has accumulated depreciation of $444,600. The expected future net cash flows from the use of the asset are expected to be $585,000. The fair value of the equipment is $468,000.Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
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DETL Corp. made an ordinary repair to a delivery truck with a remaining useful life of three years at a cost of $200. DETL's accountant debited the asset account, Equipment. Was this treatment an error, and if so, what will be the effect on DETL's financial statements?
Diaz Company owns a machine that cost $126,300 and has accumulated depreciation of $91,700. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. Diaz sold the machine for $17,000 cash. Diaz sold the machine for $34,600 cash. Diaz sold the machine for $41,200 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01
The information provided to you is as follows: Purchase of machinery (!/9/2019) instead of € 32,400 with cash was registered as a purchase of different materials of equal value. The result of the error was to calculate and recognize the consumption of the various materials (theentire amount of the various materials) and not to calculate the depreciation of the machines (annual depreciation 3.240 €). Correction of accounting error is carried out 1/1/2020. The correction record is requested a) if the error was found in the fiscal year (2020) and b) if the error was found in the next financial year (2021) i.e. the error while the correction entry was made in 2020 takes place on 1/1/2021.
Prepare journal entries to record these transactions: ( a ) Morrell Corporation disposed of twocomputers at the end of their useful lives. The computers had cost $4,800 and their AccumulatedDepreciation was $4,800. No residual value was received. ( b ) Assume the same information as ( a ),except that Accumulated Depreciation, updated to the date of disposal, was $3,600.
In 2024, internal auditors discovered that PKE Displays, Incorporated, had debited an expense account for the $402,000 cost of a machine purchased on January 1, 2021. The machine’s useful life was expected to be six years with no residual value. Straight-line depreciation is used by PKE. Ignoring income taxes, prepare the journal entry PKE will use to correct the error (before adjusting and closing entries). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Early in the fiscal year, The Beanery purchases a delivery vehicle for $40,000. At the end of the year, the machine has a fair value of $33,000. The company controller records depreciation expense of $7,000 for the year, the decline in the vehicle’s value. Explain why the controller’s approach to recording depreciation expense is not correct.
On December 31, Strike Company has decided to discard one of its batting cages. The equipment had an initial cost of $238,400 and has accumulated depreciation of $214,560. Depreciation has been recorded up to the end of the year. Which of the following will be included in the journal entry for the disposal? a. Loss on Disposal of Asset, debit, $214,560 b. Accumulated Depreciation, debit, $238,400 c. Gain on Disposal of Asset, credit, $23,840 d. Equipment, credit, $238,400