Question: i need help with part 2. to this qustion. i have all of part one correct. but stuck on the second part. Pete's Propellers Company


Pete's Propellers Company showed the following information in its Property, Plant, and Equipment subledger regarding Machine 15027 Machine #5027 Date of Depreciation Est. Component purchase Methode Cost Residual Est. Life Single netal housing Jan. 12/18 SL $44,000 58,000 15 yrs Motor Jan. 12/18 DOS 26.000 2,000 10 yrs Blade Jan. 12/18 SL 2.220 1,000 5 yrs $77,720 SL Straight-line; DDB - Double-declining-balance On January 7, 2020, the machine blade cracked and it was replaced with a new one costing $10,400 purchased for cash (the old blade was scrapped). The new blade had an estimated residual value of $1,000 and an estimated life of five years and would continue to be depreciated using the straight-line method, During 2020, it was determined that the useful life on the metal housing should be increased to a total of 20 years instead of 15 years and that the residual value should be increased to $8,600 Required: Tequires 1. Prepare the entry to record the purchase of the replacement blade. No Date Credit Answer is complete and correct General Journal Machine #5027 - blade (new) Cash 1 Jan 07, 2020 10,400 30 10,400 2 Jan 07, 2020 Accumulated depreciation, machine #5027 - blade Loss on disposal Machine 6027 blade (old) 2.688 5,032 7.720 2. Calculate the total depreciation expense to be recorded on Machine #5027 for 2020. 3 Answer is not complete. ToDeprecationen
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