FIN ACCOUNTING (LOOSELEAF WITH CONNECT
8th Edition
ISBN: 9781259961960
Author: Wild
Publisher: MCGRAW-HILL CUSTOM PUBLISHING
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Textbook Question
Chapter 10, Problem 16E
Exercise 10-16
Disposal of assets
P2
Diaz Company owns a milling machine that cost $250,000 and has
1. The machine needed extensive repairs, and it was not worth repairing. Diaz disposed of the machine, receiving nothing in return.
2. Diaz sold the machine for $35,000 cash.
3. Diaz sold the machine for $68,000 cash.
4. Diaz sold the machine for $80,000 cash.
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Exercise 8-17 (Algo) Disposal of assets LO P2
Diaz Company owns a machine that cost $125,000 and has accumulated depreciation of $90,900. Prepare the entry to record the
disposal of the machine on January 1 in each separate situation.
1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return.
2. Diaz sold the machine for $16,000 cash.
3. Diaz sold the machine for $34,100 cash.
4. Diaz sold the machine for $40,100 cash.
View transaction list
Journal entry worksheet
4
Record the disposal of the machine receiving nothing in return.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
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Exerclse 8-16 Disposal of assets LO P2
Diaz Company owns a machine that cost $126,800 and has accumulated depreciation of $93,000. Prepare the entry to record the
disposal of the machine on January 1 in each seperate situation.
1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return.
2 Diaz sold the machine for $17,500 cash.
3. Diaz sold the machine for $33,800 cash.
4. Diaz sold the machine for $41,800 cash.
X Answer is not complete.
No
Date
General Journal
Debit
Credit
Jan 01
Accumulated depreciation-Machine
93,000 O
Jan 01
Cash
17,500
Accumulated depreciation-Machine
93.000
Loss on sale of machine
16,300
Machine
126.800 O
3
Jan 01
Cash
33,800 O
Accumulated depreciation-Machine
93.000
4
Jan 01
Machine
126,800 X
Exercise 10-16 Disposal of assets LO P2
Diaz Company owns a machine that cost $126,900 and has accumulated depreciation of $91,300. 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 $35,600 cash.
Diaz sold the machine for $40,100 cash.
Chapter 10 Solutions
FIN ACCOUNTING (LOOSELEAF WITH CONNECT
Ch. 10 - Prob. 1DQCh. 10 - Prob. 2DQCh. 10 - Prob. 3DQCh. 10 - Prob. 4DQCh. 10 - Prob. 5DQCh. 10 - Prob. 6DQCh. 10 - Prob. 7DQCh. 10 - Prob. 8DQCh. 10 - Prob. 9DQCh. 10 - Prob. 10DQ
Ch. 10 - Prob. 11DQCh. 10 - Prob. 12DQCh. 10 - Prob. 13DQCh. 10 - Prob. 14DQCh. 10 - Prob. 15DQCh. 10 - Prob. 16DQCh. 10 - Prob. 17DQCh. 10 - Prob. 18DQCh. 10 - Prob. 19DQCh. 10 - Prob. 20DQCh. 10 - Cost of plant assets C1 Kegler Bowling installs...Ch. 10 - Assigning costs to plant assets C1 Q Listed below...Ch. 10 - Straight-line depreciation P1 On January 1= the...Ch. 10 - QS 10-' Units-of-production depreciation
On...Ch. 10 - QS10-5 Double-declining-balance method P1
A...Ch. 10 - Prob. 6QSCh. 10 - Prob. 7QSCh. 10 - Prob. 8QSCh. 10 - Revenue and capital expenditures C3 1. Classify...Ch. 10 - Prob. 10QSCh. 10 - Natural resources and depletion P3 Perez Company...Ch. 10 - Prob. 12QSCh. 10 - Prob. 13QSCh. 10 - Prob. 14QSCh. 10 - Prob. 15QSCh. 10 - Prob. 16QSCh. 10 - Exercise 10-1 Cost of plant assets C1 Q Rizio Co....Ch. 10 - Prob. 2ECh. 10 - Prob. 3ECh. 10 - Exercise 104 Straight-line depreciation P1 Ramirez...Ch. 10 - Exercise 10-5 Units-of-production depreciation P1...Ch. 10 - Exercise 10-6
Double-declining-balance...Ch. 10 - Exercise 10-7 Straight-line depreciation P1
New...Ch. 10 - Exercise 10-8 Double-declining-balance...Ch. 10 - Exercise 10-9 Straight-line depreciation and...Ch. 10 - Exercise 10-10
Double-declining-balance...Ch. 10 - Exercise 10-11 Straight-line, partial-year...Ch. 10 - Exercise 10-12 Dauble-declining-balance....Ch. 10 - Exercise 10-13
Revising depreciation
C2
Apex...Ch. 10 - Exercise 10-14 Ordinary repairs, extraordinary...Ch. 10 - Exercise 10.15 Extraordinary repairs; plant asset...Ch. 10 - Exercise 10-16 Disposal of assets P2 Diaz Company...Ch. 10 - Exercise 10-17 Partial-year depreciation: disposal...Ch. 10 - Exercise 10-18 Depletion of natural resources P3...Ch. 10 - Exercise 10-19 Amortization of intangible assets...Ch. 10 - Exercise 10-20 Goodwill P4 Robinson Company...Ch. 10 - Exercise 10-21 Preparing a balance sheet P1 P3...Ch. 10 - Exercise 10-22 Evaluating efficient use of assets...Ch. 10 - Exercise 10-23A Exchanging assets P5
Gilly...Ch. 10 - Prob. 24ECh. 10 - Problem 10-1A Plant asset costs; depreciation...Ch. 10 - Problem 1O-2A Depreciation methods P1 A machine...Ch. 10 - Problem 10-3A Asset cost allocation; straight-line...Ch. 10 - Problem 10-4A
Computing and revising depreciation;...Ch. 10 - Problem 10-5A Computing and revising depreciation;...Ch. 10 - Problem 1O-6A
Disposal of plant assets
C1 P1...Ch. 10 - Problem 1O7A
Natural resources
P3
On July 23 of...Ch. 10 - Prob. 8APSACh. 10 - Problem 10-1B Plant asset costs; depreciation...Ch. 10 - Problem 10-28 Depreciation methods P1 On January...Ch. 10 - Problem 10-3B Asset cost allocation; straight-line...Ch. 10 - Prob. 4BPSBCh. 10 - Problem 10-5B Computing and revising...Ch. 10 - Problem 1O-6B
Disposal of plant assets
C1 P1 P2
On...Ch. 10 - Prob. 7BPSBCh. 10 - Prob. 8BPSBCh. 10 - Prob. 10SPCh. 10 - Prob. 1AACh. 10 - Prob. 2AACh. 10 - Prob. 3AACh. 10 - Prob. 1BTNCh. 10 - Prob. 2BTNCh. 10 - Prob. 3BTNCh. 10 - Prob. 4BTNCh. 10 - Prob. 5BTNCh. 10 - Prob. 6BTN
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- Exercise 8-16 Disposal of assets LO P2 Diaz Company owns a machine that cost $126,800 and has accumulated depreciation of $93.000. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. 2. Diaz sold the machine for $17,500 cash. 3. Diaz sold the machine for $33,800 cash. 4. Diaz sold the machine for $41,800 cash. View transaction list Journal entry worksheet 1 2 3 Record the disposal of the machine receiving nothing in return. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Record entry Clear entry View general journalarrow_forward7- Chapter 9 i Ly Company disposed of two different assets. On January 1, prior to disposal of the assets, the accounts reflected the following: Accumulated Depreciation (straight-line) $19,200 (4 years) 57,200 (13 years) Asset Machine A Machine B Original Cost $26,800 69,600 View transaction list No Residual Value $ 2,800 3,600 Estimated Life 5 years 15 years The machines were disposed of in the following ways: a. Machine A: This machine was sold on January 1 for $6,790 cash. b. Machine B: On January 1, this machine suffered irreparable damage from an accident and was removed immediately by a salvage company at no cost. Required: 1. Prepare the journal entries related to the disposal of each machine at the beginning of the current year. Transaction "a" relates to the recording of the depreciation, and transaction "b" relates to the recording of the disposal of the machine. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)…arrow_forwardExercise 9-10Pryce Company owns equipment that cost $55,050 when purchased on January 1, 2012. It has been depreciated using the straight-line method based on estimated salvage value of $4,000 and an estimated useful life of 5 years. Prepare Pryce Company’s journal entries to record the sale of the equipment in these four independent situations. (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. Round answers to 0 decimal places, e.g.125.) (a) Sold for $31,630 on January 1, 2015.(b) Sold for $31,630 on May 1, 2015.(c) Sold for $10,710 on January 1, 2015.(d) Sold for $10,710 on October 1, 2015. No.Account Titles and ExplanationDebitCredit(a) (b) (To record depreciation) (To record sale of equipment) (c) (d) (To record depreciation) (To record sale of equipment)arrow_forward
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