At the beginning of the year, Plummer's Sports Center bought three used fitness machines from Advantage,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
At the beginning of the year, Plummer's Sports Center bought three used fitness machines from Advantage, Inc. The machines immediately were overhauled, installed, and started operating. The machines were different; therefore, each had to be recorded separately in the accounts. Amount paid for asset Installation costs Renovation costs prior to use Machine A $ 25,500 700 4.500 Machine B S 34,900 2,500 2,600 By the end of the first year, each machine had been operating 6,300 hours. Machine C $ 12,000 1,400 2,600 P8-3 Part 2 2. Prepare the entry to record depreciation expense at the end of year 1, assuming the following. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) ESTIMATES Machine A В C Life years 73,000 hours 5 years View transaction list < Journal entry worksheet 1 Residual Value $2.700 3.500 2 800 Record the depreciation expense for year 1.. Note: Enter debits before credits. Transaction 1 Depreciation Method Straight-line Units-of-production Double-declining-balance Record entry General Journal Clear entry Debit Credit View general journal At the beginning of the year, Plummer's Sports Center bought three used fitness machines from Advantage, Inc. The machines immediately were overhauled, installed, and started operating. The machines were different; therefore, each had to be recorded separately in the accounts. Amount paid for asset Installation costs Renovation costs prior to use Machine A $ 25,500 700 4.500 Machine B S 34,900 2,500 2,600 By the end of the first year, each machine had been operating 6,300 hours. Machine C $ 12,000 1,400 2,600 P8-3 Part 2 2. Prepare the entry to record depreciation expense at the end of year 1, assuming the following. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) ESTIMATES Machine A В C Life years 73,000 hours 5 years View transaction list < Journal entry worksheet 1 Residual Value $2.700 3.500 2 800 Record the depreciation expense for year 1.. Note: Enter debits before credits. Transaction 1 Depreciation Method Straight-line Units-of-production Double-declining-balance Record entry General Journal Clear entry Debit Credit View general journal
Expert Answer:
Answer rating: 100% (QA)
4 6 Computing COST Page1 WORKING Machine A Purchase amount 22900 Installation CoSTS 1900 Reno... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
If salaries payable was $75,000 at the beginning of the year and $65,000 at the end of the year, should $10,000 be added to or deducted from income to determine the amount of cash flows from...
-
A building acquired at the beginning of the year at a cost of $485,000 has an estimated residual value of $75,000 and an estimated useful life of 25 years. Determine (a) The depreciable cost, (b) The...
-
A building acquired at the beginning of the year at a cost of $650,000 has an estimated residual value of $125,000 and an estimated useful life of 40 years. Determine (a) The double-declining-balance...
-
Write a Summary of Tartuffe the Norton anthology of western literature.
-
Lasting Summer Inc. has $2,510 in the October 1 balance of the accounts receivable account consisting of $1,060 from Champion Co. and $1,450 from Wayfarer Co. Transactions related to revenue and cash...
-
Assume you have been asked to design a training program to help managers become better communicators. What would you include in the program? LO.1
-
Company officials hope they will learn something about human resources management concerns through their limited operation of these two healthcare facility accounts. What additional sources of...
-
In this chapter and elsewhere we have argued that a stocks market price can deviate from its intrinsic value. Discuss the following question: If all investors attempt to behave in an entirely...
-
Keropok Terbaik Manufacturing (KTM) has developed the following information for the year ended December 31, 2016: RM Work in process inventory, December 31 150,000 Total manufacturing cost incurred...
-
Holcomb Candles, Inc. manufactures decorative candles and has contracted with a national retailer to supply a set of special holiday candles to its 8,500 stores. These include large jars, small jars,...
-
Select the correct answer. A particle moves along the x-axis with acceleration, a(( = 8cos (+ 2t, initial position, 8(0) = -5 and initial velocity, W(0) = -2. Find the position function. OA 57 -...
-
Choose a private label product that you have seen and discuss the possible reasons for why the particular retailer introduced this private label product and explain its features in detail.
-
Understanding your behaviors can help you become a better leader. As discussed in module 4 our beliefs & values can be summed up as our 'personality'. In this assignment you are to examine your own...
-
This week we learned about assessing competition. Watch the video the History of the Cola Wars and answer the following questions. Using the frameworks from the text and the online lesson, why is...
-
Prior to developing your training programs, you must analyze your organizational military needs, identify employee skills gaps based on performance, and have resources available to support training...
-
Describe specifically how your firm's culture lines up with the bullet points listed for that firm . For instance, if you believe your organization's strategy priority is creativity-driven , then...
-
Company reported the following information for a recent year: gross sales, $196,500; sales returns and allowances, $3,700; sales discounts, $1,750 and shipping expenses, $1,400. company's net sales...
-
Determine the volume of the parallelepiped of Fig. 3.25 when (a) P = 4i 3j + 2k, Q = 2i 5j + k, and S = 7i + j k, (b) P = 5i j + 6k, Q = 2i + 3j + k, and S = 3i 2j + 4k. P
-
Lisa K. Corporation reported net income of $86,000, depreciation expense of $2,000, and cash flow from operations of $52,500. Compute the quality of income ratio. What does the ratio tell you about...
-
Recording Adjusting and Closing Entries and Preparing a Balance Sheet and Income Statement Including Earnings per Share (AP4-7) Ellis, Inc., a small service company, keeps its records without the...
-
Finding Financial Information Refer to the financial statements of American Eagle Outfitters given in Appendix B at the end of this book. Required: 1. Does the company have any treasury stock? If so,...
-
3. On December 31, 2014, Jenna OYJ purchased a building from Mikko OYJ for $2,000,000. At that date, the building had a book value of $1,500,000 and a remaining useful life of 20 years. Jenna OYJ...
-
4. If Khun sold the building back to Khap at the same price and date, how and in what amount will the sale of the building affect Khaps income from Khun and net income for 2016 and the balance of...
-
1. In 2014, Pop Corporation sold land that cost $20,000 to Minang Corporation, its 80 percent-owned subsidiary, for $30,000. Minang still owns the land at December 31, 2017. How will this transaction...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App