Waterway Industries purchased machinery for $1129000 on January 1, 2017. Straight-line depreciation has been recorded based on a $70000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2021 at a gain of $21500. How much cash did Waterway receive from the sale of the machinery?

On January 1, 2022, Betty DeRose, Inc. purchased equipment for $86,000. The equipment was assigned a useful life of 12 years and a salvage value of $5,300. On January 1, 2026, Betty DeRose decided the life of the equipment should be changed from 12 to 18 years with a salvage value of $3,800 at the end of the 18 years. Betty DeRose uses the straight-line depreciation method to calculate depreciation on its long-term assets. Calculate the amount of depreciation expense recorded on the equipment for 2026.

Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $800,000. The residual value of the equipment was estimated to be $50,000 at the end of a five-year life. The equipment was sold on March 31, 2021, for $170,000. Howarth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. ces Required: 1. Prepare the journal entry to record the sale. 2. Assuming that Howarth had instead used the double-declining-balance method, prepare the journal entry to record the sale. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assuming that Howarth had instead used the double-declining-balance method, prepare the journal entry to record the sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) General Journal No 1 Event 1 Cash Accumulated…

On January 1, 2021, Slim Inc. purchased machinery for $350,000. The machinery had an estimated useful life of 10 years and a salvage value of $35,000. The company elected to use sum-of-years digits depreciation. At the beginning of 2025, Slim decided to switch to the straight-line method of depreciation and reassessed the remaining useful life of the machinery to be 4 years with no change in the salvage value. A change in depreciation methods together with a change in the useful life of the asset is   Question 26Answer a.   a change in accounting principle.   b.   an error correction.   c.   a change in accounting principle effected as a change in accounting estimate.   d.   a change in accounting estimate.

Haystack company purchased a machine on January 1, 2015 for $48,000. The company estimates that the machine will have a $4,000 salvage value at the end of its 10 year useful life. On September 30, 2019 the machine was sold for a gain of $3,500. What must have been the selling price of the machine?

On January 1, 2015, Jersey Corporation purchased for $800,000, equipment having a useful life of ten years and an estimated salvage value of $50,000. Jersey has recorded monthly depreciation of the equipment on the straight-line method. On May 1, 2020, the equipment was sold for $170,000. As a result of this sale, Jersey should recognize a gain/(loss) of?

Equipment was purchased for $83700 on January 1, 2021. Freight charges amounted to $4000 and there was a cost of $12000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $16000 salvage value at the end of its 5-year useful life. What is the amount of accumulated depreciation at December 31, 2022 if the straight-line method of depreciation is used? O $16740. $13540. $28140. $33480.

Jersey Corporation, which has a calendar year accounting period, purchased a machine for $400,000 on April 1, 2016. At that time Jersey expected to use the machine for nine years and then sell it for $4,000. The machine was sold for $22,000 on Sept. 30, 2021. Assuming straight-line depreciation, calculate the gain(/(loss) at the sale of the machine.

On January 1, 2016, Rexford Company purchased a drilling machine for $11,500. The machines has an estimated useful life of 4 years and a salvage value of $200. Given this information, if Rexford uses double-declining-balance method of depreciation, and sells the machine on December 31, 2017, for $3,000 cash. Then how much will be gain or loss on disposal of this asset?   $ 2,750 loss $ 1,800 loss $1,562 gain $ 125 gain

On December 31, 2020, Listach Inc. sold a used industrial crane for $600,000 cash. The original cost of the crane was $5.0 million and its accumulated depreciation equaled $4.2 million on December 31, 2020. What is the gain or loss from the December 31, 2020 equipment sale? Group of answer choices A)$800,000 gain B)$800,000 loss C)$200,000 loss D)$200,000 gain E)None of the above