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- Using the following information: A. make the December 31 adjusting journal entry for depreciation B. determine the net book value (NBV) of the asset on December 31 Cost of asset, $250,000 Accumulated depreciation, beginning of year, $80,000 Current year depreciation, $25,000Adjustment for depreciation The estimated amount of depredation on equipment for the current year is $133,000. a. How is the adjustment recorded? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease. b. If the adjustment in (a) was omitted, which items would be erroneously stated on (1) the income statement for the year and (2) the balance sheet as of December 31?Exercise 1-40 Depreciation OBJECTIVE 0° Swanson Products was organized as a new business on January 1, 2019. On that date. Swanson acquired equipment at a cost of $425,000. which is depreciated at a rate of $40,000 per year. Required: Describe how the equipment and its related depreciation will be reported on the balance sheet at December 31, 2019, and on the 2019 income statement.
- Entries for sale of fixed asset Equipment acquired on January 8 at a cost of 168,000 has an estimated useful life of 18 years, has an estimated residual value of 15,000, and is depreciated by the straight-line method. A. What was the book value of the equipment at December 31 the end of d1e fourd1 year? B. Assuming that the equipment was sold on April 1 of the fifth year for 125,000, Journalize the entries to record (1) depreciation for the three months until the sale date, and (2) the sale of the equipment.A. Make the December 31 adjusting journal entry for depreciation.B. Determine the net book value (NBV) of the asset on December 31.• Cost of asset, $195,000• Accumulated depreciation, beginning of year, $26,000• Current year depreciation, $13,000
