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- 1. What us the Depreciation Expense-Equipment balance in the trial balance? a. 0 b. 12000 c. 60000 d. 6000 2. Total Trial Balance on the debit side is: a. 530000 b. 52000 c. 502000 d. 4920001. Following the depreciation example on page 7-7 of the VLN determine Activity based year 2 accumulated depreciation_______ 2. Following the depreciation example on page 7-7 of the VLN, determine Activity based Year 2 Book value_______ Bold the answers onlyQ5 Under CCA method, depreciation is provided on the _____ of the asset: a. Historical cost b. Past cost c. Current cost d. Original cost
- 1. Following the depreciation example on page 7-7 of the VLN determine Activity based year 2 accumulated depreciation?_______ 2. Following the depreciation example on page 7-7 of the VLN, determine Activity based Year 2 Book value?__________P12.1B (L0 1,2,3,5) (Correct Intangible Asset Account) Dolphin Co., organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020 and 2021: Instructions 3/1/2020 3/1/2020 4/1/2020 6/30/2020 9/1/2020 12/31/2020 6/30/2021 9/1/2021 Intangible Assets 10-year franchise agreement; expires 2/28/28 Organization costsAdvance payment for 2 years for office space Purchased a patent (8-year life) Cost to develop a patent (10-year life) Net operating loss for 2020Research and development costsLegal fee to successfully defend internally developed patent $ 60,000 7,000 24,000 80,000 40,000 61,000 265,000 13,500 Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. Make the entries as of December 31, 2021, recording any necessary amortization and reflecting all balances accurately as of that date. (Ignore…help me Question 6The following trial balance was extracted from the ledger of Juliana at 31 December2020.JulianaTrial Balance as at 31 December 2020RM RMLand at cost 26,000Plant at cost 83,000Accumulated Depreciation at 1 January 2020- Plant 13,000Office Equipment 33,000Accumulated Depreciation at 1 January 2020Office Equipment 8,000Receivables 198,000Payables 52,000Sales 763,000Purchases 516,000Returns inwards 47,000Discount allowed 4,000Capital at 1st January 2020 230,000Drawings 14,000Provision for doubtful debts at 1 January 2020 23,000Salaries Expense 44,000Administration costs 38,000Bank 75,000Bad debts written off 77,000Inventory at 1 January 2020 84,0001,164,000 1,164,000Additional information: Closing inventory is RM74,000. Depreciation on plant is charged at 10% per annum on cost. Depreciationon office equipment is charged at 20% per annum using the reducingbalance method. Administration costs include insurance prepaid of RM3,000. Salary accrued amount to RM2,000. The…
- 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, $13,0001. Following the depreciation example on page 7-5 of the VLN, determine Straight line depreciation expense year 2?____________ 2. Following the depreciation example on page 7-5 of the VLN, determine Straight line accumulated depreciation year 2?_____________Following the depreciation example on page 7-7 of the VLN determine Activity based year 2 accumulated depreciation______ High light answe
- Prepare entries to set up appropriate accounts for different intangibles; amortize intangible assets. (LO 4) Depr E10-13B Roppls answer the following: 1) Make journal entry to record purchase 2) Calculate amortization for 2017. Make journal entry to record amortization expense. 3) Find the ending balance of each of the intangibles.1. The adjusting entry to correct the entry made on trade-in of Machine 3 will include aa. Debit to Accumulated Depreciation P67,500b. Debit to Loss on Exchange P58,500c. Credit to Production Machine P67,500d. Credit to Cash P192,000 2. The total depreciation for the year ended December 31, 2020 isa. P237,000 c. P233,250b. P232,500 d. P236,250 3. The carrying amount of production machine as of December 31, 2020 isa. P1,024,500 c. P1,069,500b. P1,029,000 d. P 990,750Question 6The following trial balance was extracted from the ledger of Juliana at 31 December2020. JulianaTrial Balance as at 31 December 2020 RM RMLand at cost 26,000Plant at cost 83,000Accumulated Depreciation at 1 January 2020- Plant 13,000Office Equipment 33,000Accumulated Depreciation at 1 January 2020 Office Equipment 8,000Receivables 198,000Payables 52,000Sales…
