•We have a piece of equipment which was originally purchased for $300,000, with additional taxes and...
•We have a piece of equipment which was originally purchased for $300,000, with additional taxes and installation costs of $25,000. We sold this piece of equipment today for $120,000. Depreciation has already been updated. Accumulated Depreciation is $185,000. Record the journal entry for this sale.
•
•What would the entry be if we sold the equipment for $150,000.
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•We have a piece of equipment which was originally purchased for $300,000, with additional taxes and...
a. Your firm purchased equipment costing $300,000 1 year ago. The firm also incurred shipping costs...
a. Your firm purchased equipment costing $300,000 1 year ago. The firm also incurred shipping costs of $18,000 and installation costs of $2,000. The IRS allows this category of equipment to be depreciated over 4 years. The equipment is expected to sell for $40,000 today. What is the book value of the asset at the time of the sale? b. An asset was purchased for $300,000 originally. Each year for the past 8 year, depreciation has been recorded which results...
1. Your firm purchased equipment costing $600,000 1 year ago. The firm also incurred shipping costs...
1. Your firm purchased equipment costing $600,000 1 year ago. The firm also incurred shipping costs of $18,000 and installation costs of $2,000. The IRS allows this category of equipment to be depreciated over 4 years. The equipment is expected to sell for $40,000 today. What is the book value of the asset at the time of the sale? 2. A piece of equipment was originally purchased 5 years ago for $400,000 and is now being sold for $320,000. Yearly...
On June 1, 2016, Zinba Company retired a piece of equipment that was originally purchased for...
On June 1, 2016, Zinba Company retired a piece of equipment that was originally purchased for $250,000. At December 31, 2015, the equipment had a book value of $75,000 and was being depreciated on a straight-line basis at $25,000 per year. Zinba sold the equipment for $60,000. Prepare the journal entries necessary to record the disposal of the machine. You must SHOW YOUR WORK!!!
Mercury Inc. purchased equipment in 2016 at a cost of $165,000. The equipment was expected to...
Mercury Inc. purchased equipment in 2016 at a cost of $165,000. The equipment was expected to produce 300,000 units over the next five years and have a residual value of $45,000. The equipment was sold for $96,800 part way through 2018. Actual production in each year was: 2016 = 42,000 units, 2017 = 67,000 units, 2018 = 34,000 units. Mercury uses units-of-production depreciation, and all depreciation has been recorded through the disposal date. Required 1. Prepare the journal entry to...
If an equipment is originally purchased on April 1st for $3,000 and got sold for $1,500...
If an equipment is originally purchased on April 1st for $3,000 and got sold for $1,500 on Nov 1st same year, do you record the journal entry as per below: Cash 1,500 Accumulated difference 875 Loss on sales of equipment 625 Equipment 3,000
Caterpillar Corp sold manufacturing equipment for $26,000. Caterpillar Corp originally purchased the equipment for $90,000, and...
Caterpillar Corp sold manufacturing equipment for $26,000. Caterpillar Corp originally purchased the equipment for $90,000, and depreciation through the date of sale totaled $76,000. Was there a gain or loss? Answer = _______yes____________(1pts) What was the amount of the gain or loss on the sale of the equipment? Answer = ____$14,000____(2pts) Prepare the journal entry for the sale of the equipment. (3pts) ?????
Mercury Inc. purchased equipment in 2019 at a cost of $294,000. The equipment was expected to...
Mercury Inc. purchased equipment in 2019 at a cost of $294,000. The equipment was expected to produce 530,000 units over the next five years and have a residual value of $29,000. The equipment was sold for $150,000 part way through 2021. Actual production in each year was: 2019 - 76,000 units; 2020 121,000 units, 2021 = 61,000 units. Mercury uses units of production depreciation, and all depreciation has been recorded through the disposal date. Required: 1. Calculate the gain or...
Current Attempt in Progress Crane Company owns equipment that cost $85,000 when purchased on January 1,...
Current Attempt in Progress Crane Company owns equipment that cost $85,000 when purchased on January 1, 2019. It has been depreciated using the straight- line method based on an estimated salvage value of $25,000 and an estimated useful life of 5 years. Prepare Crane 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. If no entry is required, select "No...
Faster Company purchased equipment in 2010 for $104,000 and estimated an $8,000 salvage value at the...
Faster Company purchased equipment in 2010 for $104,000 and estimated an $8,000 salvage value at the end of the equipment's 10-year useful . At December 31, 2016, there was $67,200 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2017, the equipment was sold for $21,000 Prepare the appropriate journal entries to remove the equipment from the books of Faster Company on March 31, 2017. (Credit accountries are automatically when the entered....
Additional info: Cash dividends were paid. The company sold equipment for $14 that was originally purchased...
Additional info:
Cash dividends were paid. The company sold equipment for $14
that was originally purchased for $8 and that had accumulated
depreciation of $1. It did not issue any bonds payable or
repurchase any of its own common stock.
The net change in cash and cash equivalents was:
Ending Balance Beginning $23 Less accamulated deprectation Total assets 402 LLatintses and stocsrotdes eqty payable Bonds payable 70 42 Retained earnings 321 161 Total liabilities & stockholders equity $539 $402 Income...
Mercury Inc. purchased equipment in 2016 at a cost of $165,000. The equipment was expected to produce 300,000 units over the next five years and have a residual value of $45,000. The equipment was sold for $96,800 part way through 2018. Actual production in each year was: 2016 = 42,000 units, 2017 = 67,000 units, 2018 = 34,000 units. Mercury uses units-of-production depreciation, and all depreciation has been recorded through the disposal date. Required 1. Prepare the journal entry to...
Mercury Inc. purchased equipment in 2019 at a cost of $294,000. The equipment was expected to produce 530,000 units over the next five years and have a residual value of $29,000. The equipment was sold for $150,000 part way through 2021. Actual production in each year was: 2019 - 76,000 units; 2020 121,000 units, 2021 = 61,000 units. Mercury uses units of production depreciation, and all depreciation has been recorded through the disposal date. Required: 1. Calculate the gain or...
Current Attempt in Progress Crane Company owns equipment that cost $85,000 when purchased on January 1, 2019. It has been depreciated using the straight- line method based on an estimated salvage value of $25,000 and an estimated useful life of 5 years. Prepare Crane 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. If no entry is required, select "No...
Faster Company purchased equipment in 2010 for $104,000 and estimated an $8,000 salvage value at the end of the equipment's 10-year useful . At December 31, 2016, there was $67,200 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2017, the equipment was sold for $21,000 Prepare the appropriate journal entries to remove the equipment from the books of Faster Company on March 31, 2017. (Credit accountries are automatically when the entered....
Additional info:
Cash dividends were paid. The company sold equipment for $14
that was originally purchased for $8 and that had accumulated
depreciation of $1. It did not issue any bonds payable or
repurchase any of its own common stock.
The net change in cash and cash equivalents was:
Ending Balance Beginning $23 Less accamulated deprectation Total assets 402 LLatintses and stocsrotdes eqty payable Bonds payable 70 42 Retained earnings 321 161 Total liabilities & stockholders equity $539 $402 Income...
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