10 points Please show all work to receive full credit. Juan & Sons, Inc. purchased equipment...

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10 points Please show all work to receive full credit. Juan & Sons, Inc. purchased equipment on January 1, 2019, at a cost of $2,350,000. Depreciation was based on an estimated 10-year life and $150,000 estimated residual value. The company uses the straight-line method of depreciation. On January 1, 2023, Juan & Sons, Inc. revised its depreciation estimate and now believes the equipment will have a total service life of eight years & a residual value of $335,000. Prepare the journal entry to record the 2023 depreciation. Note: All General Journal entries should be in proper format. No Date General Journal Debit Credit Vandelay Industries began operations in 2021. The following selected transactions occurred from February 2022 through April 2023. Vandelay's fiscal year ends on December 31. 2022 a. On February 9, Vandelay Industries opened a checking account and negotiated a short-term line of credit of up to $5,000,000 at 9% interest. The company is not required to pay any commitment fees. b. On August 1, Vandelay Industries, supported by the line of credit, issued $2,750,000 of commercial paper on a 6- month note. Interest was discounted at issuance at a 6% discount rate. c. December credit sales totaled $2,525,000 before tax. The state sales tax rate is 7.5%. d. Vandelay Industries received $27,000 of refundable deposits in cash in December for reusable containers. e. Record any necessary December 31st adjusting entry(s). 2023 f. Geronimo Inc. paid the commercial paper at maturity. 75% of the storage containers are returned to Vandelay Industries in April. The remaining storage g. containers are being kept by Vandelay's customers. The total cost for all of the forfeited containers is $2,970. Required 1 Prepare the appropriate journal entries for the 2020 transactions. 2 Prepare the appropriate journal entries for the 2021 transactions. Note: All General Journal entries should be in proper format. Do not round. No 1 a. 1 b. Date 1 c. December 2022 1 d. December 2022 General Journal Debit Credit 1 d. December 2022 1 e. 2 f. 2 g. April 2023 10 points Please show all work to receive full credit. Juan & Sons, Inc. purchased equipment on January 1, 2019, at a cost of $2,350,000. Depreciation was based on an estimated 10-year life and $150,000 estimated residual value. The company uses the straight-line method of depreciation. On January 1, 2023, Juan & Sons, Inc. revised its depreciation estimate and now believes the equipment will have a total service life of eight years & a residual value of $335,000. Prepare the journal entry to record the 2023 depreciation. Note: All General Journal entries should be in proper format. No Date General Journal Debit Credit Vandelay Industries began operations in 2021. The following selected transactions occurred from February 2022 through April 2023. Vandelay's fiscal year ends on December 31. 2022 a. On February 9, Vandelay Industries opened a checking account and negotiated a short-term line of credit of up to $5,000,000 at 9% interest. The company is not required to pay any commitment fees. b. On August 1, Vandelay Industries, supported by the line of credit, issued $2,750,000 of commercial paper on a 6- month note. Interest was discounted at issuance at a 6% discount rate. c. December credit sales totaled $2,525,000 before tax. The state sales tax rate is 7.5%. d. Vandelay Industries received $27,000 of refundable deposits in cash in December for reusable containers. e. Record any necessary December 31st adjusting entry(s). 2023 f. Geronimo Inc. paid the commercial paper at maturity. 75% of the storage containers are returned to Vandelay Industries in April. The remaining storage g. containers are being kept by Vandelay's customers. The total cost for all of the forfeited containers is $2,970. Required 1 Prepare the appropriate journal entries for the 2020 transactions. 2 Prepare the appropriate journal entries for the 2021 transactions. Note: All General Journal entries should be in proper format. Do not round. No 1 a. 1 b. Date 1 c. December 2022 1 d. December 2022 General Journal Debit Credit 1 d. December 2022 1 e. 2 f. 2 g. April 2023

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Juan Sons Inc Depreciation Entry 2023 We need to calculate the revised depreciation expense for 2023 ... View the full answer