Answered: Question 1 Create the ledger accounts… | bartleby

College Accounting (Book Only): A Career Approach

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterA: Methods Of Depreciation

Section: Chapter Questions

Problem 1P: A delivery van was bought for 18,000. The estimated life of the van is four years. The trade-in...

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furnitures and fixtures = 800,000

accumalated deprication at the end of june 30 = 79,000

the was an adustment entrie to be made which follows

The furniture and fixtures have an estimated useful life of 10 years and is being depreciated on the straight-line method down to a residual value of $10,000.

Question 1

Create the ledger accounts for derication expense and accumalated depreciation

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Disposal of an Operating Asset Jolie Company owns equipment with a cost of $85,500 and accumulated depreciation of 76,200. Required: Prepare the journal entry to record the disposal of the equipment on April 9 assuming: 1. Jolie sold the equipment for $11,200 cash. 2. Jolie sold the equipment for $7,900 cash.
Albany Corporation purchased equipment at the beginning of Year 1 for 75,000. The asset does not have a residual value and is estimated to be in service for 8 years. Calculate the depreciation expense for Years 1 and 2 using the double-declining-balance method. Round to the nearest dollar.
A delivery van was bought for 18,000. The estimated life of the van is four years. The trade-in value at the end of four years is estimated to be 2,000. Required Prepare a depreciation schedule for the four-year period using the straight-line method. Check Figure Year 1 depreciation, 4,000

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