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During 2014, Rayon Corporation disposed of two different assets. On January 1, 2014, prior to disposal of

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During 2014, Rayon Corporation disposed of two different assets. On January 1, 2014, prior to disposal of the assets, the accounts reflected the following:

Accumulated Estimated Life Original Residual Depreciation (straight-line) Value Asset Cost $60,000 14,200 $28,000 (4 yea

The machines were disposed of in the following ways:
a. Machine A: Sold on January 2, 2014, for $33,500 cash.
b. Machine B: On January 2, 2014, this machine suffered irreparable damage from an accident and was removed immediately by a salvage company at no cost?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Accumulated Estimated Life Original Residual Depreciation (straight-line) Value Asset Cost $60,000 14,200 $28,000 (4 years) 7,365 (3 $11,000 1,925 7 years 5 years Machine A Machine B

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Req 1 Machine A Jan 2 2014 a Depreciation expense in 2014 none recorded because disposal date wa...View the full answer


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Rohit Aher
I tutored mostly engineering students privately after college and during the summer. We met in their homes or at the public library. I charged an hourly fee, and I provided any necessary materials. Having taught in special education in two local colleges for many years meant that I had contact with a lot of parents of special needs students. I never had to advertise — word of mouth was how most folks knew of me. At one point I did have a website, but didn't utilize it much. I stayed very busy, especially in the summers, and always had a full schedule. I typically met with each student's teacher in order to get an idea of what the focus of my instruction/remediation should be. Becoming familiar with the student's learning style(s) was also very helpful. Often parents would share records and test results with me. After each tutoring session, I documented the student’s progress and gave parents written updates, as well as phone calls or emails as needed. While my students and I certainly utilized technology and the internet often during our sessions. Tutoring one on one was very enjoyable and rewarding.
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Depreciation of non-current assets is the process of allocating the cost of the asset over its useful life. The cost of the asset includes the purchase price, any additional costs incurred to bring the asset to its current condition and location, and any other costs that are directly attributable to the asset. The useful life of the asset is the period over which the asset is expected to be used by the company. To calculate the depreciation, companies use different methods such as straight-line, declining-balance, sum-of-the-years\'-digits, units-of-production, and group depreciation. The chosen method will depend on the type of asset, the company\'s accounting policies, and the accounting standards that are applicable. The straight-line method allocates an equal amount of the asset\'s cost over its useful life, while the declining-balance method calculates depreciation at a fixed rate, typically double the straight-line rate, but the amount of depreciation decreases over time. The sum-of-the-years\'-digits method is similar to the declining-balance method, but the rate of depreciation is calculated using a fraction that is based on the useful life of the asset. It\'s important to note that the depreciation expense will be recorded on the company\'s income statement and the accumulated depreciation will be recorded on the company\'s balance sheet. This will decrease the value of the asset on the balance sheet over time.

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