Ottawa Corporation owns machinery that cost $20,000 when purchased on July 1, 2019. Depreciation has been recorded
Question:
Ottawa Corporation owns machinery that cost $20,000 when purchased on July 1, 2019. Depreciation has been recorded at a rate of $2,400 per year, resulting in a balance in accumulated depreciation of $8,400 at December 31, 2022. The machinery is sold on September 1, 2023, for $10,500. Prepare journal entries to
(a) Update depreciation for 2023
(b) Record the sale.
Step by Step Answer:
a Update depreciation for 2023 Depreciation til Dec 2022 is 8400 till Sept01 for 8 mont...View the full answer
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Business questions
-
A closed system receives heat at a rate of 2 kW from a source at 1000 K, electrical power at a rate of 2 kW and shaft power at a rate of 2 kW. Determine the net rate of (a) Energy transfer and (b)...
-
A single-server queue has random arrivals at a rate of 30 an hour and random service times at a rate of 40 an hour. If it costs 20 for each hour a customer spends in the system and 40 for each hour...
-
A hose discharges water at a rate of 8 m3/min with a velocity of 50 m/s from the bow of a fireboat. Determine the thrust developed by the engine to keep the fireboat in a stationaryposition. 9
-
9) The mole (Avogadro number N) is defined as the number of atoms in exactly 12 grams of 2C, calculate the: a) number of atoms in 2 g of C b) number of atoms in 5 g of C
-
A particle that moves along a straight line has velocity v(t) = t2e-t meters per second after seconds. How far will it travel during the first seconds?
-
Refer to the data set pit.csv. Find a confidence interval of the specified level for the mean depth of pits for the following durations and humidity levels. When the sample size is 30 or less,...
-
In the modified Atwood machine shown in Figure P8.57, each of the three blocks has the same inertia \(m\). One end of the vertical spring, which has spring constant \(k\), is attached to the single...
-
A. Set up the linear programming problem that a benefits officer might use to determine the total-return maximizing allocation of the employee's pension portfolio. Use the inequality forms of the...
-
if h(x) = (x-5)(x-1)/(x-5), what is h (5).
-
Hughs Repair Shop specializes in repairing German and Japanese cars. The shop has two mechanics. One mechanic works ononly German cars and the other mechanic works on only Japanese cars. In either...
-
Sterling Inc. has decided to purchase equipment from Central Industries on January 2, 2022, to expand its production capacity to meet customers demand for its product. Sterling issues a $900,000, 5...
-
Windsor plc purchased a computer on December 31, 2021, for 130,000, paying 30,000 down and agreeing to pay the balance in five equal installments of 20,000 payable each December 31 beginning in 2022....
-
To which of the following compounds does the NMR spectrum shown in Fig. P13.46 belong? Explain your choice carefully. Once you have made your choice, explain why the resonance at 3.7 is so complex....
-
Calculate the profit which Mid-West Trucking makes under two scenarios, namely, with and without discount for west-bound shipments. Use the following table to compute the profit. Scenarios Shipping...
-
You are a bookkeeper with ABC Accounting PTY. LTD. and a client has made an appointment with you after being referred by one of their friends who is a client of yours. The new client you are about to...
-
Compute the monthly total returns. Using the Adjusted Close prices, which are already adjusted for stock split and dividends, the return at time t is simply (Pt - Pt-1)/Pt-1 , i.e. the Adjusted Close...
-
Imagine that a major car company is producing large, fuel-inefficient SUVs during a period of rising gas prices. As a result, dealerships are overstocked with inventory that is not selling. How can...
-
Find s F(s) = 1 2 s + 4s +13
-
A nozzle is connected to a horizontal hose. The nozzle shoots out water moving at 25 m/s. What is the gauge pressure of the water in the hose? Neglect viscosity and assume that the diameter of the...
-
Proposals have been made to ?sail? spacecraft to the outer solar system using the pressure of sunlight, or even to propel interstellar spacecraft with high-powered, Earth-based lasers. Sailing...
-
Briefly describe some of the similarities and differences between GAAP and IFRS with respect to statement of financial position (balance sheet) reporting.
-
Briefly describe some of the similarities and differences between GAAP and IFRS with respect to statement of financial position (balance sheet) reporting.
-
Briefly describe the convergence efforts related to financial statement presentation.
-
Question: \table[[,\table[[July 1],[(Beginning)]],\table[[September 30],[(Ending)]]],[Direct materials inventory,$96,800,$114,400 \ table [ [ , \ table [ [ July 1 ] , [ ( Beginning ) ] ] , \ table [...
-
Test the following polar equations for symmetry with respect to the line 0 = /2, the polar axis and the pole. A. r = -3sin(20) B. r2 1 2cos(0) Remember: cos(-0) = cos(0) sin(-0) = -sin(0) Write the...
-
1. If a certain spring is stretched 2 m, it will produce a force of 10 N. Set up an integral to find the amount of work done in stretching the spring an additional 3 m.
Study smarter with the SolutionInn App