Victor Mineli, the new controller of Sheridan Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Type ofAsset DateAcquired Cost AccumulatedDepreciation,Jan. 1, 2022 Useful Life (in years) Salvage Value Old Proposed Old Proposed Building Jan. 1, 2014 $922,000 $170,400 40 58 $70,000 $35,400 Warehouse Jan. 1, 2017 118,000 22,340 25 20 6,300 2,660 All assets are depreciated by the straight-line method. Sheridan Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Victor’s proposed changes. (The “Proposed” useful life is total life, not remaining life.) New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect. Compute the revised annual depreciation on each asset in 2022. (Round answers to 0 decimal places, e.g. 125.) Building Warehouse Revised annual depreciation $enter a dollar amount $enter a dollar amount eTextbook and Media List of Accounts New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct. Prepare the entry to record depreciation on the building in 2022. (Round answers to 0 decimal places, e.g. 125. 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.) 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
Victor Mineli, the new controller of Sheridan Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Type ofAsset DateAcquired Cost AccumulatedDepreciation,Jan. 1, 2022 Useful Life (in years) Salvage Value Old Proposed Old Proposed Building Jan. 1, 2014 $922,000 $170,400 40 58 $70,000 $35,400 Warehouse Jan. 1, 2017 118,000 22,340 25 20 6,300 2,660 All assets are depreciated by the straight-line method. Sheridan Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Victor’s proposed changes. (The “Proposed” useful life is total life, not remaining life.) New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect. Compute the revised annual depreciation on each asset in 2022. (Round answers to 0 decimal places, e.g. 125.) Building Warehouse Revised annual depreciation $enter a dollar amount $enter a dollar amount eTextbook and Media List of Accounts New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct. Prepare the entry to record depreciation on the building in 2022. (Round answers to 0 decimal places, e.g. 125. 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.) 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
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 10E: Hathaway Company purchased a copying machine for 8,700 on October 1, 2019. The machines residual...
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Victor Mineli, the new controller of Sheridan Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings:
All assets are depreciated by the straight-line method. Sheridan Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Victor’s proposed changes. (The “Proposed” useful life is total life, not remaining life.)
Type of
Asset |
Date
Acquired |
Cost
|
Accumulated
Depreciation, Jan. 1, 2022 |
Useful Life (in years)
|
Salvage Value
|
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Old
|
Proposed
|
Old
|
Proposed
|
|||||||||||
Building
|
Jan. 1, 2014 | $922,000 | $170,400 | 40 | 58 | $70,000 | $35,400 | |||||||
Warehouse
|
Jan. 1, 2017 | 118,000 | 22,340 | 25 | 20 | 6,300 | 2,660 |
All assets are depreciated by the straight-line method. Sheridan Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Victor’s proposed changes. (The “Proposed” useful life is total life, not remaining life.)
New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect.
Compute the revised annual depreciation on each asset in 2022. (Round answers to 0 decimal places, e.g. 125.)
Building
|
Warehouse
|
|||
---|---|---|---|---|
Revised annual depreciation
|
$enter a dollar amount
|
$enter a dollar amount
|
eTextbook and Media
List of Accounts
New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct.
Prepare the entry to record depreciation on the building in 2022. (Round answers to 0 decimal places, e.g. 125. 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.)
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
|
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