Show transcribed image text Consider the following independent situations for Pronghorn Corporation. Pronghorn applies ASPE. Situation...
Show transcribed image text Consider the following independent situations for Pronghorn Corporation. Pronghorn applies ASPE. Situation 1: Pronghorn purchased equipment in 2010 for $171,600 and estimated a $11,600 residual value at the end of the equipment's 10-year useful life. At December 31, 2016, there was帛112,000 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On...
Question 1: (12 marks) Part A: Lambton Company purchased equipment in 2021 for $75,000 and estimated...
Question 1: (12 marks) Part A: Lambton Company purchased equipment in 2021 for $75,000 and estimated an $3,000 residual value at the end of the equipment's B-year useful life. At December 31, 2027, there was $63,000 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2028, the equipment was sold for $18,000....
Part B காண்பமைமாமார் மHMIR Question 1 Se vad - 9231979 m2016 Prepare journal entries for the...
Part B காண்பமைமாமார் மHMIR Question 1 Se vad - 9231979 m2016 Prepare journal entries for the following if the company adjusts its accounts annually: (a) 1 November 20X1. Purchased machinery for $93,600 with a $7,200 residual value and a six year life by paying $14,400 down and the balance with a Note Payable. (Ignore interest) shamba AA (b) 31 December...
Suppose if the question asks to prepare journal for Depreciation expense for 2028, we need to...
Suppose if the question asks to prepare journal for
Depreciation expense for 2028, we need to triple the number up? is
that correct?
The 2nd image is the journal expense for 2025.
Assignment 2 Equipment was acquired on January 1, 2021, at a cost of $12,000. The equipment was originally estimated to have a salvage value of $1,000 and an...
(a) James Company bought equipment for $460,000 on 22 February 20Y1. The machine had an estimated...
(a) James Company bought equipment for $460,000 on 22 February 20Y1. The machine had an estimated residual value of $60,000, and had estimated useful life of 10 years, or had an estimated operation output of 100,000 hours. The year-end date of the company is 31 December. Calculate the depreciation on the equipment in these two years using the following methods....
The property, plant, and equipment section of the Jasper Company’s December 31, 2020, balance sheet contained...
The property, plant, and equipment section of the Jasper Company’s December 31, 2020, balance sheet contained the following: Property, plant, and equipment: Land $ 118,000 Building $ 798,000 Less: Accumulated depreciation (190,000 ) 608,000 Equipment 174,450 Less: Accumulated depreciation ? ? Total property, plant, and equipment ? The land and building were purchased at the beginning of 2016. Straight-line depreciation...
The following are independent situations. Faster Company purchased equipment in 2010 for $104,000 and estimated a...
The following are independent situations. Faster Company purchased equipment in 2010 for $104,000 and estimated an $8,000 salvage value at the end of the equipment's 10 years 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...
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...
Pharoah Company purchased equipment in 2020 for $104,000 and estimated an $8,000 salvage value at the end of the equipm...
Pharoah Company purchased equipment in 2020 for $104,000 and estimated an $8,000 salvage value at the end of the equipment's 10-year useful life. At December 31, 2021, there was $67,200 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2022, the equipment was sold for $21,000. Prepare the appropriate journal entries to...
At December 31, 2022, Martinez Corporation reported the following plant assets. Land $ 3,783,000 Buildings $26,590,000...
At December 31, 2022, Martinez Corporation reported the following plant assets. Land $ 3,783,000 Buildings $26,590,000 Less: Accumulated depreciation—buildings 15,037,425 11,552,575 Equipment 50,440,000 Less: Accumulated depreciation—equipment 6,305,000 44,135,000 Total plant assets $59,470,575 During 2023, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,774,200. May 1 Sold equipment that cost $756,600 when purchased on January 1, 2016. The...
Question 1: (12 marks) Part A: Lambton Company purchased equipment in 2021 for $75,000 and estimated an $3,000 residual value at the end of the equipment's B-year useful life. At December 31, 2027, there was $63,000 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2028, the equipment was sold for $18,000....
Part B காண்பமைமாமார் மHMIR Question 1 Se vad - 9231979 m2016 Prepare journal entries for the following if the company adjusts its accounts annually: (a) 1 November 20X1. Purchased machinery for $93,600 with a $7,200 residual value and a six year life by paying $14,400 down and the balance with a Note Payable. (Ignore interest) shamba AA (b) 31 December...
Suppose if the question asks to prepare journal for
Depreciation expense for 2028, we need to triple the number up? is
that correct?
The 2nd image is the journal expense for 2025.
Assignment 2 Equipment was acquired on January 1, 2021, at a cost of $12,000. The equipment was originally estimated to have a salvage value of $1,000 and an...
(a) James Company bought equipment for $460,000 on 22 February 20Y1. The machine had an estimated residual value of $60,000, and had estimated useful life of 10 years, or had an estimated operation output of 100,000 hours. The year-end date of the company is 31 December. Calculate the depreciation on the equipment in these two years using the following methods....
The following are independent situations. Faster Company purchased equipment in 2010 for $104,000 and estimated an $8,000 salvage value at the end of the equipment's 10 years 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...
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...
Pharoah Company purchased equipment in 2020 for $104,000 and estimated an $8,000 salvage value at the end of the equipment's 10-year useful life. At December 31, 2021, there was $67,200 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2022, the equipment was sold for $21,000. Prepare the appropriate journal entries to...
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