On April 1, 2015, Thunderbird Co sold a piece of equipment that had cost $35,000 on...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On April 1, 2015, Thunderbird Co sold a piece of equipment that had cost $35,000 on January 1, 2011. The equipment had a residual value of $5.000, a useful life 10 years, and double-declining- balance depreciation at twice the straight-line rate was used. On December 31, 2014, accumulated depreciation was $20,664. The asset was sold for $14,200. Prepare the journal entry to record depreciation up to the date of disposal of the equipment, and the journal entry to record the disposal of the equipment. Show your calculation for marks On April 1, 2015, Thunderbird Co sold a piece of equipment that had cost $35,000 on January 1, 2011. The equipment had a residual value of $5.000, a useful life 10 years, and double-declining- balance depreciation at twice the straight-line rate was used. On December 31, 2014, accumulated depreciation was $20,664. The asset was sold for $14,200. Prepare the journal entry to record depreciation up to the date of disposal of the equipment, and the journal entry to record the disposal of the equipment. Show your calculation for marks
Expert Answer:
Answer rating: 100% (QA)
Journal entries Date accounts and explanation Debit Credit Apr 1 2015 Depreciation 717 Accumulated d... View the full answer
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1111822361
1st edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Posted Date:
Students also viewed these accounting questions
-
Thompson Company sold a piece of equipment that had an original cost of $22,000 and a carrying value of $10,000 for $13,000 in cash. How would this information be reported on a statement of cash...
-
On January 1, 2009, Straud Co. sold a piece of equipment with a book value of $29,000 for $24,600. The equipment had cost $89,000 when it was purchased. Explain why the following journal entry is...
-
On January 1, 2014, Clark Inc. sold a piece of equipment to Daye Ltd. for $200,000, and immediately leased it back. At the time, the equipment was carried on Clark's books at a cost of $300,000, less...
-
Southern Stitches is a local casual clothing shop that makes a variety of t-shirt styles. Below is some actual vs. budget information for Southern's t-shirts for the month of May. Assume no...
-
A study of teens in Canada conducted by the polling organization Ipsos (Untangling the Web: The Facts About Kids and the Internet, January 25, 2006) asked each person in a sample how many hours per...
-
CopRadar.com reports that the average time for an average driver to react to a red traffic light (which includes recognizing that the light has changed, deciding to stop or to continue, and engaging...
-
A nonlinear stress-strain curve can lead to nonlinearity of the a. mass b. spring c. damper
-
In the past, Peter Kelles tire dealership in Baton Rouge sold an average of 1,000 radials each year. In the past 2 years, 200 and 250, respectively, were sold in fall, 350 and 300 in winter, 150 and...
-
You are employed as a network engineer and have been asked to analyze a communication network to determine the current data rates and ensure that the links aren't at risk of "reaching capacity." In...
-
You are the executive assistant to the director of sales at B-Trendz, Inc., a trendy retail store that has locations in only ten states. The company is considering branching into the online retail...
-
How does Holly Elissa Bruno's personal experiences with trauma and her journey towards healing influence her approach to addressing trauma in early childhood professionals and children? In what ways...
-
What are the effects innovative work practices have in the public sector?
-
If this years net income is 22,550, cash is 14,300, accounts receivable is 15,400, merchandise inventory is 20,900, accounts payable is 17,050, income taxes payable is 14,300, PP&E is 38,500 and...
-
Shaba consistently documents each of her everyday transactions in the ledger. What is the main objective of this procedure? Update account balances correct a previous entry. Verify income Monitor...
-
Get Out movie Share any questions you have about the film. Are there elements that left you confused? Questions that remain unanswered? Post them here! Make a list of at least 5 elements of the film...
-
Can you assist me with a customer rep reply? The insurance adjusted the claim but allowed amount was zero. Our insurance follow up department need to follow up with the insurance to confirm if the...
-
Should a non-profit organization accept a gift "with strings attached"? Why or why not?? As an example if a donor wanted to make a large financial contribution, but it had to go for a specific...
-
Which property determines whether a control is available to the user during run time? a. Available b. Enabled c. Unavailable d. Disabled
-
Hyde Company's records for 2013 provide the following information: a. amortization of premium on bonds payable, $600 b. purchase of equipment, $6,000 c. depreciation expense, $7,400 d. decrease in...
-
Give an example and explanation for each of the following differences between when revenues are recognized and cash flows are received: recognition simultaneous with receipt; accrue revenue...
-
Braun has just completed its first year of operations and has a number of differences between its pretax financial income and taxable income. The differences at the end of 2013 are as follows: a....
-
Fill in the Blank. In the finite element method, the solution domain is replaced by several ___________.
-
The simplest form of mass matrix is known as a. lumped-mass matrix b. consistent-mass matrix c. global mass matrix
-
What is a shape function?
Study smarter with the SolutionInn App