On July 1, 2019, Osceola Company retired a metal stamping machine that it had originally purchased for $1,500,000. At December 31, 2018, the machine had a book value of $125,000 and was being depreciated on a straight-line basis at $75,000 per year. Osceola sold the machine for $200,000. Required: 1. Prepare any journal entries necessary to record the disposal of the machine.   2. How does the disposal of the machine affect the 2019 financial statements?

Q: On January 1, 2017, Jackson Company purchased a building and equipment that have the following…

A: a. Following are the Journal entry and calculation of depreciation expense on building in 2021:

Q: On January 1, 2019, Minas Company purchased a mining site in the mountains for the extraction of…

A: Decommission liability means the amount of money that needs to spent on return of a developed site…

Q: George Zidek Corporation bought a machine on June 1, 2018, for $31,000, f.o.b. the place of…

A:

Q: Cruz Company purchased a computer on June 30, 2020, for $16,800. The computer had a salvage value of…

A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

Q: On January 1, 2019, Major purchased a machine that had an estimated useful life of six years and…

A: Depreciation rate = (1 / useful life) x100 (1/6) x 100  = 16.67% 150% declining depreciation rate =…

Q: On June 30, 2021, Maroon sold for P230,000 a machine acquired in 2018 for P420,000. The accumulated…

A:

Q: Alex Co purchased a printing press for the newpaper business on January 1, 2019 for $1,500,000.  The…

A: Depreciation is known as a decline in the value of tangible assets over their useful life. it is a…

Q: On August 31, 2019, CROCUS Company purchased a new machinery for ₱540,000. The machinery has an…

A: Depreciation is known as a decline in the value of tangible assets over their useful life. it is a…

Q: . On January 1, 2019, Tarlac Company acquired a machine for P4,500,000. The machine has a useful…

A: Depreciation is a method of accounting that distributes the expense of a tangible or physical asset…

Q: On August 31, 2019, CROCUS Company purchased a new machinery for ₱540,000. The machinery has an…

A: Hi student  Since there are multiple questions, we will answer only first question.

Q: Freedom Co. purchased a new machine on July 2, 2019, at a total installed cost of $132,000. The…

A: Depreciation is considered as an expense charge on the value of the Asset. It can be calculated by…

Q: e was sold for P26,000. What should be the loss recognized from the sale of the machine?

A:

Q: McKnight depreciated the shelving on a​ double-declining-balance basis, with $1,500 estimated…

A: Account Title and Explanation Debit Credit Depreciation expense $   Accumulated…

Q: Bataan Company purchased a machinery that was installed and ready for use on January 1, 2019 at a…

A: Depreciation is an expense which is recorded in the income statement of the firm. There are various…

Q: On April 1, 2021, Brandy Company had a machine with a cost of P5,000,000 and accumulated…

A: Given information, Cost =P5,000,000 Accumulated depreciation=P3,750,000 Estimated selling price…

Q: Forrester Company purchased a machine on January 1, 2019 for $60,000, with a 5-year life, and a…

A: Double declining depreciation rate = Straight line depreciation rate x 2 = (100/5 years) x 2 = 40%

Q: Charlotte Corporation purchased a machine that had an original cost of $150,000 and an estimated…

A: Depreciation  as per straight  line method = (Cost- Residual value)/useful life  = ($150,000 -…

Q: On January 1, 2018, Sanderson, Inc. acquired a machine for $1,200,000. The estimated useful life of…

A: Investment in machine = $1,200,000 Life of equipment = 5 years Salvage value = $72,000 Number of…

Q: Freedom Co. purchased a new machine on July 2, 2019, at a total installed cost of $132,000. The…

A: 1. Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of…

Q: On January 1, 2019, Williams Company purchased a copy machine. The machine costs $160,000, its…

A: Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of the…

Q: n January 1, 2019, ABC Company acquired a machine for 4,500,000. The machine has a useful life of 10…

A: A corporation can use the revaluation model to carry a fixed asset at its revalued value. Following…

Q: On February 1, 2019, Edwards Corporation purchased a parcel of land as a factory site for $120,000.…

A: General points -  All the costs incurred in related to build a building should be capitalized to the…

Q: On October 1, 2021, Hess Company places a new asset into service. The cost of the asset is $120,000…

A: Depreciation expense: Depreciation expense is the reduction in a particular asset due to its use or…

Q: On December 31, 2020, Ehrlich Inc. has a machine with a book value of $260,000. The original cost of…

A: Calculation of Net Book Value on June 1, 2021      Amount  Net Book value as on December 31,…

Q: On January 1, 2021, SMC decided to dispose of an item of plant that is carried in its records at a…

A: Impairment loss is the difference between the carrying value of asset and the recoverable amount of…

Q: JAY Inc. decided to revalue its machine on December 31, 2019, and determined that the current…

A: Depreciation: It is the gradual fall in the value of asset due to its normal usage in the production…

Q: On January 1, 2019, Kong Company owned a machinery having a carrying amount of P240,000. The machine…

A: Carrying amount can be defined as the original cost of an asset as reflected in the books of…

Q: The Joyful Company purchased a machine on November 1, 2019 for P296,000. At the time of acquisition,…

A: Monthly Depreciation (straight line method) = (Cost of the assets - Residual value) / Expected life…

Q: Robert Parish Corporation purchased a new machine for its assembly process on August 1, 2020. The…

A: a. Compute the straight-line depreciation for 2020.

Q: Babcock Company purchased a piece of machinery for $40,500 on January 1, 2019, and has been…

A: Journal entry is the process of recording the business transactions in the books of accounts for the…

Q: On January 1, 2019, Tarlac Company acquired a machine for P4,500,000. The machine has a useful life…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: Wardell Company purchased a mini computer on January 1, 2019, at a cost of $40,000. The computer has…

A: Calculation of Depreciation under straight line method: Cost of computer = 40000 residual value =…

Q: On January 2, 2018, Lapar Corporation purchased a machine for $50,000. Lapar paid shipping expenses…

A: Various depreciable assets employed by the entity has wear and tear over the working period and…

Q: Can you please help me with this through a solution to get the answer? JAY Inc. decided to revalue…

A: Revaluation surplus means excess of recoverable value of asset over the carrying value of asset.…

Q: On January 1, 2016, Cookie Inc. purchased an equipment for P1,970,000. On this date, the equipment…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: On January 1, 2019, Woodstock, Inc. purchased a machine costing $42.400. Woodstock also paid $2.200…

A: Depreciable cost=Cost+installation-Residual value=$42,400+$2,200-$6,200=$44,600-$6,200=$38,400

Q: Millco Inc., acquired a machine that cost $456,000 early in 2019. The machine is expected to last…

A: a) Depreciation straight line method =(Cost -salvage)/life      = (456000-66000)/8      = 48750 per…

Q: Popeye Company purchased a machine for $350,000 on January 1, 2020. Popeye depreciates machines of…

A: Decrease in the value of fixed assets are called depreciation, calculation of depreciation under…

Q: On August 31, 2019, CAMELLIA Company purchased a new machinery for ₱540,000. The machinery has an…

A: A reduction in the value of assets due to usage or passage of time is defined as depreciation. The…

Q: Wardell Company purchased a mainframe on January 1, 2019, at a cost of $40,000. The computer was…

A: Answer: Cost of computer = $40,000 Estimated useful life = 5 years Estimated residual value = $4,000…

Q: n July 1, 2020, Youth Corporation purchased a machine at a cost of P300,000. This machine was…

A: An impairment loss is recorded when there is permanent drop in the value of an asset such that its…

Q: The Joyful Company purchased a machine on November 1, 2019 for P296,000. At the time of acquisition,…

A: At the time of disposal of an asset, the gain or loss on the sale of asset can be computed by…

Q: On March 1, 2019, Westmorlan Company acquired real estate on which it planned to construct a small…

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: Sony Company has decided to sell one of its old machines on December 31, 2019. The machine was…

A: The gain or loss is calculated as the difference between sale value and book value of the assets.

Q: n January 1, 2016, Susan Company purchased a building and machinery that have the following useful…

A: Journal entry is a primary entry that records the financial transactions initially.

Q: On February 1, 2019, Edwards Corporation purchased a parcel of land as a factory site for $100,000.…

A: Solution:- Calculation of the amount should Edwards record the cost of the land and the new…

Q: On January 1, 2019, Kong Company owned a machinery having a carrying amount of P240,000. The machine…

A: Depreciation means the fall in value of assets because of wear and tear , usage , passage of time or…

Q: The Joyful Company purchased a machine on November 1, 2019 for P296,000. At the time of acquisition,…

A: When an asset is purchased and used in the operation of the business, its value keeps on declining…