Oriole Company purchased a computer system for $76,650 on January 1, 2016. It was depreciated based...
Oriole Company purchased a computer system for $76,650 on
January 1, 2016. It was depreciated based on a 7-year life and an
$18,200 salvage value. On January 1, 2018, Oriole revised these
estimates to a total useful life of 4 years and a salvage value of
$10,000. Oriole uses straight-line depreciation.
Prepare Oriole’s entry to record 2018 depreciation expense.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required,
select "No Entry" for the account titles and enter 0 for the
amounts.)
Homework Answers
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Oriole Company purchased a computer system for $76,650 on
January 1, 2016. It was depreciated based...
Brief Exercise 22-5 Blossom Company purchased a computer system for $78,800 on January 1, 2016. It...
Brief Exercise 22-5 Blossom Company purchased a computer system for $78,800 on January 1, 2016. It was depreciated based on a 8-year life and an $16,800 salvage value. On January 1, 2018, Blossom revised these estimates to a total useful life of 4 years and a salvage value of $10,200. Blossom uses straight-line depreciation. Prepare Blossom's entry to record 2018 depreciation expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is...
Headland Company purchased a computer system for $70,800 on January 1, 2019. It was depreciated based...
Headland Company purchased a computer system for $70,800 on January 1, 2019. It was depreciated based on a 7-year life and an $19,700 salvage value. On January 1, 2021, Headland revised these estimates to a total useful life of 4 years and a salvage value of $10,500. Headland uses straight-line depreciation. Prepare Headland’s entry to record 2021 depreciation expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
Your answer is partially correct. Pearl Company purchased a computer system for $74,600 on January 1,...
Your answer is partially correct. Pearl Company purchased a computer system for $74,600 on January 1, 2019. It was depreciated based on a 7-year life and an $18,600 salvage value. On January 1, 2021, Pearl revised these estimates to a total useful life of 4 years and a salvage value of $9,100. Pearl uses straight-line depreciation. Prepare Pearl's entry to record 2021 depreciation expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no...
Oriole Company owns equipment that cost $63,200 when purchased on January 1, 2016. It has been...
Oriole Company owns equipment that cost $63,200 when purchased on January 1, 2016. It has been depreciated using the straight-line method based on an estimated salvage value of $5,000 and an estimated useful life of 5 years. Accumulated deprecation was last adjusted on December 31, 2018. Prepare Oriole Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to...
Oriole Company owns equipment that cost $63,200 when purchased on January 1, 2016. It has been depreciated using the st...
Oriole Company owns equipment that cost $63,200 when purchased on January 1, 2016. It has been depreciated using the straight-line method based on an estimated salvage value of $5,000 and an estimated useful life of 5 years. Accumulated deprecation was last adjusted on December 31, 2018. Prepare Oriole Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to...
On July 1, 2019. Oriole Company purchased new equipment for $80,000. Its estimated useful life was...
On July 1, 2019. Oriole Company purchased new equipment for $80,000. Its estimated useful life was 8 years with a $8,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
Johnson Company purchased a computer system for $66,800 on January 1, 2019. It was depreciated based...
Johnson Company purchased a computer system for $66,800 on January 1, 2019. It was depreciated based on a 6-year life and an $17,000 salvage value. On January 1, 2021, Johnson revised these estimates to a total useful life of 4 years and a salvage value of $10,000. Johnson uses straight-line depreciation. Prepare Johnson's entry to record 2021 depreciation expense
Machinery purchased for $72,000 by Oriole Co. in 2016 was originally estimated to have a life...
Machinery purchased for $72,000 by Oriole Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,800 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,400 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior years' depreciation, if...
On July 1, 2019, Oriole Company purchased new equipment for $80,000. Its estimated useful life was...
On July 1, 2019, Oriole Company purchased new equipment for $80,000. Its estimated useful life was 8 years with a $8,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Your answer is correct. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required,...
On January 1, 2014, Carla Company purchased a building and equipment that have the following useful...
On January 1, 2014, Carla Company purchased a building and equipment that have the following useful lives, salvage values, and costs. Building, 40-year estimated useful life, $52,400 salvage value, $859,200 cost Equipment, 12-year estimated useful life, $9,200 salvage value, $108,200 cost The building has been depreciated under the double-declining-balance method through 2017. In 2018, the company decided to switch to the straight-line method of depreciation. Carla also decided to change the total useful life of the equipment to 9 years,...
Brief Exercise 22-5 Blossom Company purchased a computer system for $78,800 on January 1, 2016. It was depreciated based on a 8-year life and an $16,800 salvage value. On January 1, 2018, Blossom revised these estimates to a total useful life of 4 years and a salvage value of $10,200. Blossom uses straight-line depreciation. Prepare Blossom's entry to record 2018 depreciation expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is...
Your answer is partially correct. Pearl Company purchased a computer system for $74,600 on January 1, 2019. It was depreciated based on a 7-year life and an $18,600 salvage value. On January 1, 2021, Pearl revised these estimates to a total useful life of 4 years and a salvage value of $9,100. Pearl uses straight-line depreciation. Prepare Pearl's entry to record 2021 depreciation expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no...
Oriole Company owns equipment that cost $63,200 when purchased on January 1, 2016. It has been depreciated using the straight-line method based on an estimated salvage value of $5,000 and an estimated useful life of 5 years. Accumulated deprecation was last adjusted on December 31, 2018. Prepare Oriole Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to...
Oriole Company owns equipment that cost $63,200 when purchased on January 1, 2016. It has been depreciated using the straight-line method based on an estimated salvage value of $5,000 and an estimated useful life of 5 years. Accumulated deprecation was last adjusted on December 31, 2018. Prepare Oriole Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to...
On July 1, 2019. Oriole Company purchased new equipment for $80,000. Its estimated useful life was 8 years with a $8,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
Machinery purchased for $72,000 by Oriole Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,800 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,400 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior years' depreciation, if...
On July 1, 2019, Oriole Company purchased new equipment for $80,000. Its estimated useful life was 8 years with a $8,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Your answer is correct. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required,...
On January 1, 2014, Carla Company purchased a building and equipment that have the following useful lives, salvage values, and costs. Building, 40-year estimated useful life, $52,400 salvage value, $859,200 cost Equipment, 12-year estimated useful life, $9,200 salvage value, $108,200 cost The building has been depreciated under the double-declining-balance method through 2017. In 2018, the company decided to switch to the straight-line method of depreciation. Carla also decided to change the total useful life of the equipment to 9 years,...
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