FINANCIAL ACCT (LL)W/CONNECT
6th Edition
ISBN: 9781260664874
Author: PHILLIPS
Publisher: MCGRAW-HILL CUSTOM PUBLISHING
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Textbook Question
Chapter 9, Problem 5E
Determining Financial Statement Effects of Straight-Line
Refer to the information in E9-4.
Required:
- 1. Give the
adjusting journal entry that would have been made at the end of 2017 for depreciation on the manufacturing equipment. - 2. Starting at the beginning of 2018, what is the remaining estimated life?
- 3. Give the journal entries to record the two expenditures for repairs and maintenance during 2018.
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Prepare journal entries to record depreciation of the printing machine for each of the years ended 30 june 2017 and 30 june 2018 using straight line method,declining balance method @40%, sum of digits method and production basis.State the carrying amount of the machine at the end of each period and prepare the journal entry to record the sale of machine on 01/07/2018
REQUIRED: A. Based on the application of the necessary procedures and appreciation of the above data, you are to provide the answers to the following: 1. What is the gain on sale of truck on September 30? 2. What is the gain on sale of machinery on December 20? 3. What is the adjusted balance of the cost of property, plant and equipment as of December 31, 2022? 4. What is the total depreciation expense for the year ended December 31, 2022? 5. What is the carrying amount of the property, plant and equipment as of December 31, 2022? B. Show the lapsing schedule as of December 31, 2022.
On
August
31,
2018,
Option
Landscapes discarded equipment that had a cost of
$16,500.
Accumulated Depreciation as of
December
31,
2017,
was
$15,000.
Assume annual depreciation on the equipment is
$1,500.
Journalize the partial-year depreciation expense and disposal of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Chapter 9 Solutions
FINANCIAL ACCT (LL)W/CONNECT
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