accounting

Project Description:

i must have this completed and returned to me no later than june 6, 2013!!!!

on april 1, 20-3, kwik kopy printing purchased a copy machine for $50,000. the estimated life of the machine is five years, and it has an estimated salvage value of $5,000. the machine was used until july 1, 20-6.

required
1. assume that kwik kopy uses straight-line depreciation and prepare the following entries:
(a) adjusting entries for depreciation on december 31 of 20-3 through 20-5.
(b) adjusting entry for depreciation on june 30, 20-6, just prior to trading in the asset.
(c) on july 1, 20-6, the copy machine was traded in for a new copy machine.

the market value of the new machine is $38,000. kwik kopy must trade in the old copy machine and pay $22,000 for the new machine.

2. assume that kwik kopy uses sum-of-the-years’-digits depreciation and prepare the following entries:
(a) adjusting entries for depreciation on december 31, 20-3 through 20-5.
(b) adjusting entry for depreciation on june 30, 20-6, just prior to trading in the asset.
(c) on july 1, 20-6, the copy machine was traded in for a new copy machine.

the market value of the new machine is $38,000. kwik kopy must trade in the old copy machine and pay $22,000 for the new machine.
Skills Required:
Project Stats:

Price Type: Negotiable

Completed
Total Proposals: 1
1 Current viewersl
37 Total views
Project posted by:

Proposals

Proposals Reputation Price offered
  • 4.6
    647 Jobs 468 Reviews
    $10 in 0 Day