Mathison Company exchanged a worn-out tractor that had cost $30,000 and was half depreciated for a new tractor with a fair value of $12,000. Mathison paid an additional $4,500 cash. The transaction lacked commercial substance. Required: Compute the amount at which Mathison should record the new tractor.
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- * CengageNOWv2|Online teachin x ignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false еВook Show Me How Depreciation Methods Clearcopy, a printing company, acquired a new press on January 1. The press cost $171,600 and had an expected life of 8 years or 4,500,000 pages and an expected residual value of $15,000. Clearcopy printed 683,600 pages during the year. Do not round intermediate calculations. If required, round your answers to the nearest whole dollar. Required: 1. Compute depreciation expense using the: Depreciation Expense a. Straight-line method b. Double-declining-balance method С. Units-of-production method 2. What is the book value of the machine at the end of the year under each method? Book Value a. Straight-line method b. Double-declining-balance method с. Units-of-production method Previous Check My Work Save and Exit Submit Assignment for Gradingy Home CengageNOWv2 | Online teachin x takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogressfalse eBook Show Me How Calculator Print Item Partial-Year Depreciation Equipment acquired at a cost of $105,000 has an estimated residual value of $12,000 and an estimated useful life of 10 years. It was placed into service on May 1 of the current fiscal year, which ends on December 31. a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method. Depreciation Year 1 %24 6,200 Year 2 b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double-declining-balance method. Depreciation Year 1 Year 2 Feedback TCheck My Work Asset cost minus residual value equals depreciable cost Book value is the asset cost minus accumulated depreciation. If an asset is used for only part of a year the depreciation is prorated based on the number of months the asset is in service.…* CengageNowv2 |Online teachin X +. ignment/takeAssignmentMain.do?invoker%3&takeAssignmentSessionLocator=&inprogress=false eBook Show Me How Calculator Print Item Entries for sale of fixed asset Chart of Accounts First Question Journal Instructions Equipment acquired on January 8 at a cost of S168,000 has an estimated useful life of 18 years, has an estimated residual value of $15,000, and is depreciated by the straight-line method. A. What was the book value of the equipment at December 31 the end of the fourth year? B. Assuming that the equipment was sold on April 1 of the fifth year for 5125,000, journalize the entries to record (1) depreciation for the three months until the sale date and (2) the sale of the equipment.
- CengageNOWv2 | Online teachin x + /ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=... A Print Item A Determining Fixed Asset's Book Value The balance in the equipment account is $3,240,000, and the balance in the accumulated depreciation-equipment account is $2,134,000. a. What is the book value of the equipment? X b. Does the balance in the accumulated depreciation account mean that the equipment's loss of value is $2,134,000? ✓, because depreciation is an allocation of the cost No of the equipment to the periods benefiting from its use. E 00У Ноme * CengageNOwv2 | Online teach x n/takeAssignment/takeAssignmentMain.do?invoker-&takeAssignmentSessionLocator%-&inprogress%-false Update An analysis of the general ledger accounts indicates that equipment, with an original cost of $200,000 and accumulated depreciation of $170,000 on the date of sale, was sold for $20,000 during the year. Using this information, Indicate the items to be reported on the statement of cash flows using the indirect method. Cash flows from operating activities: Cash flows from investing activities: Previous Nextnt Content * CengageNOWv2 | Online teachin x .com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator%=&inprogress=false les ajoutant à la barre de favoris. Importer mes favoris maintenant. Net income $122,052 Depreciation expense 16,908 Loss on disposal of equipment (9,939) Gain on sale of building 20,737 Increase in accounts receivable 9,521 Decrease in accounts payable (2,247) Prepare the operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash outflov decrease in cash, cash payments, or any negative adjustments. Kennedy, Inc. Statement of Cash Flows Cash flows from (used for) operating activities: Net income 122,052 Adjustments to reconcile net income to net cash flows from (used for) operating activities: image008.png Changes in current operating assets and liabilities: T do -reply /Notiwations Sur up Annoceme Change Blog acer
- ilrn/takeAssighmer P MyLab & Masterin... https://sullivan.bla... 目Rea Gmail Mail - Newcomb,... Sullivan Blackboard Learn >> W Microsoft Office H... Revision of Depreciation A truck with a cost of $123,000 has an estimated residual value of $24,000, has an estimated useful life of 12 years, and is depreciated by the straight-line method. a. Determine the amount of the annual depreciation. $ 121,000 b. Determine the book value at the end of the seventh year of use. 2$ C. Assuming that at the start of the eighth year the remaining life is estimated to be six years and the residual value is estimated to be $15,000, determine the depreciation expense for each of the remaining five years. %24 PreviousSepreciation Caict ssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false MSU login O Digital University .. O Tenant Portal - Login 国Reac eBook Show Me How E Print Item Units-of-Activity Depreciation A truck acquired at a cost of $250,000 has an estimated residual value of $15,000, has an estimated useful life of 47,000 miles, and was driven 3,800 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. a. The depreciable cost b. The depreciation rate per mile c. The units-of-activity depreciation for the year 5:39 AM 36% 4°F A @ O E O 12/17/2021 24 & 4. 6. 7. 81 近>> ageNOW X d2l mnsu - Bin x + File O https://v2.ceng... Paste The following costs were incurred to acquire and prepare land for a new parking lot: purchase price of land, lipbo Na $900,000; cost to clear the land, $40,000; cost of paving, $35,000; and cost of lighting for the parking rock lot, $20,000. How much should be recorded in the Land Improvements 1 re account? Hea Oa. $35,000 Firs Ob. $55,000 imp Oc. $40,000 Od. $20,000
- CengageNOWV2| Assignme * CengageNOwv2 | Onlin X enow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker38&takeAssignmentSessionLocator=&inprogress=false Calculator If a fixed asset, such as a computer, were purchased on January 1 for $3,750 with an estimated life of three years and a salvage or residual value of $150, the journal entry for monthly expense under straight-line depreciation is Oa. Depreciation Expense 100 Accumulated Depreciation 100 Ob. Depreciation Expense 1,200 Accumulated Depreciation 1,200 Oc. Accumulated Depreciation 1,200 Depreciation Expense 1,200 Od. Accumulated Depreciation 100 Depreciation Expense 100 Previous 0-23 AMCengageNOwv2 | Online teaching and.. A AAMA - State Scope of Practice L Learning Module 1- ACCT1105: Financi. nt. C https://geyser.cl-cms.com/assets/fr5am.. eBook Show Me How Units-of-Activity Depreciation A truck acquired at a cost of $202,800 has an estimated residual value of $18,000, has an estimated useful life of 440,000 miles, and was driven 113,000 miles during the year. Determine the following. If required, round your answer for the depreciation rate to 2 decimal places. a. The depreciable cost b. The depreciation rate per mile c. The units-of-activity depreciation for the year Check My Work Previous Next All work saved. Save and Exit Submit Assignment for Grading étv MacBook Air 80 888 DII DD F4 F6 F7 F9 F10 F11 F12 %23 2$ & 3 4 5 7 8 - E T Y U { G J %3D K V M .... V INCengageNOWv2| Online teachir x b d21 mnsu - Bing -2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSes.. On January 1, a company sold a machine for $5,000 that it had used for several years. The machine cost $11,000, and had accumulated depreciation of $4,500 at the time of sale. What gain or loss will be reported on the income statement for the sale of the machine for the year ended December 317 Oa. gain of $5,000 Ob. loss of $6,500 Oc. gain of $1,500 Od. loss of $1,500 11:05 AM 4/6/2021 a