Equipment was acquired at the beginning of the year at a cost of $465,000. The equipment was
Question:
Equipment was acquired at the beginning of the year at a cost of $465,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 15 years and an estimated residual value of $45,000.
a. What was the depreciation for the first year?
b. Assuming the equipment was sold at the end of the eighth year for $235,000 determine the gain or loss on the sale of the equipment.
c. Journalize the entry to record the sale.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 55% (9 reviews)
a 28000 465000 45000 15 b 6000 los...View the full answer
Answered By
Utsab mitra
I have the expertise to deliver these subjects to college and higher-level students. The services would involve only solving assignments, homework help, and others.
I have experience in delivering these subjects for the last 6 years on a freelancing basis in different companies around the globe. I am CMA certified and CGMA UK. I have professional experience of 18 years in the industry involved in the manufacturing company and IT implementation experience of over 12 years.
I have delivered this help to students effortlessly, which is essential to give the students a good grade in their studies.
3.50+
2+ Reviews
10+ Question Solved
Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Question Posted:
Students also viewed these Accounting questions
-
A building acquired at the beginning of the year at a cost of $1,630,000 has an estimated residual value of $340,000 and an estimated useful life of 10 years. Determine (a) The depreciable cost, (b)...
-
A building acquired at the beginning of the year at a cost of $1,1933,000 has an estimated residual value of $220,000 and an estimated useful life of 40 years. Determine (a) The...
-
Equipment was acquired at the beginning of the year at a cost of $215,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 18 years and an estimated...
-
Research the Fisher-Yates shuffling algorithm online, then use it to reimplement the shuffle method in Fig.7.12. Fig.7.12 I // Fig. 7.12: DeckOfCards.java 2 // DeckOfCards class represents a deck of...
-
Explain the difference between average speed and root-mean-square speed. Which is larger for a given gas sample at a fixed temperature?
-
In Exercises find the derivative of the function. (x) = 5 3x
-
What are counterbiasing questions and what are they used for?
-
Despite its nutritional value, seafood is only a tiny part of the American diet, with the average American eating just 16 pounds of seafood per year. Janice and Nina both work in the seafood industry...
-
65 70 71 75 93 94 75 6 68 80 a) Calculate the i) mean 2. The following is a list of unit 1 test grades for a sample of selected students from MATH 1080. ii) median iii) mode iv) standard deviation...
-
The estimated Canadian processed pork demand function (Moschini and Meilke, 1992) is Q = 171 - 20p + 20p b + 3p c + 2Y (see Exercise 1.1), and the supply function is Q = 178 + 40p - 60ph (see...
-
Equipment with a cost of $180,000 has an estimated residual value of $14,400, has an estimated useful life of 16 years, and is depreciated by the straight-line method. (a) Determine the amount of the...
-
Equipment was acquired at the beginning of the year at a cost of $600,000. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of 16 years and an...
-
Back Cove Yacht Company billed its customers a total of $1,575,000 for the month of November. The total includes a 5% state sales tax. Instructions (a) Determine the proper amount of revenue to...
-
Calculate (and document) suitable ratios with respect to of a) liquidity, b) solvency, c) profitability and d) efficiency BRIEFLY (maximum of 400 words) use these ratios to respond to the following 3...
-
Requirement 1. For each depreciation method, prepare a depreciation schedule showing asset cost, depreciation expense, accumulated depreciation, and asset book value for each year of the asset's...
-
On October 1, 20Y8, Jacinto Suarez and Tricia Fritz form a partnership. Suarez agrees to invest $25,000 in cash and inventory valued at $60,000. Fritz invests certain business assets at valuations...
-
The data for brand-new and second-hand machines are shown below: SECOND HAND INITIAL COST (Php) ANNUAL OPERATING COST (Php) SALVAGE VALUE (Php) USEFULE LIFE (yrs) 15,000 8,000 5,000 3 BRAND NEW...
-
Design the fillet weld connection for the given weld lengths according to LRFD provisions (Find throat thickness a). Use S275 steel with Fy 275 MPa, Fu=430 MPa and weld strength property is FEXX 490...
-
Consider the unbalanced chemical equation As 4 S 6 + O 2 As 4 O 6 + SO 2 (a) How many grams of O 2 are needed to react completely with 58.9 g of As 4 S 6 ? (b) If 41.2 g of SO 2 is produced, what is...
-
You have accepted the engagement of auditing the financial statements of the C. Reis Company, a small manufacturing firm that has been your auditee for several years. Because you were busy writing...
-
The management of Pink Ltd is worried because the bank overdraft has increased by a substantial amount over the financial year ended 30 June 20X4 despite a large profit and the introduction of...
-
Listed are accounts that may appear on either the balance sheet or the income statement. a. Equipment b. Fees Earned c. Retained Earnings d. Wage Expense e. Patient f. Cost of Goods Sold g. Common...
-
Assume a banker is interested in finding answers to the following questions about a company applying for a loan. In each case, indicate which of the four financial statements the banker should...
-
Duke Energy Corporation is one of America's leading diversified energy companies. At the end of 2008 the company had a balance in tis retained earnings account of $1.6 billion. Compute the missing...
-
I need to find out how to calculate the 3-year % rate of return. The information I have is a $10,000 investment and a 12-month yield percentage (1.138 for AB company, 1.894 for AIG company, 0.679 for...
-
Anna has an investment that will bring her $100 with a 30% probability and $40 with a 70% probability. Anna's Utility function is U = Y (1/2) . Where Y= income. Anna is considering selling this...
-
on January 1, 2000, the price of koka kola was $10. on jan and, 2020, the shares were worth $100. the stock Paid no dividends during the period. what is the annual geometric return.
Study smarter with the SolutionInn App