Instructions: USE APPROPRIATE FORMULAS.

Organize your work as follows:

Complete the following tables as of December 31, 2021

AMOUNTS ARE AS OF 12/31/21
ENTER AMOUNTS HERE FIRST
Supporting Schedules			Accum	Depreciation
Cost for:		cost	Depr	Expense-2021
Equipment #1		0	0	0
Equipment#2		0	0	0
Equipment #3		0	0	0
Equipment #4		?	?	?
Equipment #5		?	?	?
Equipment #6		?	?	?
Total		0	0	0

		COMPLETE "?"
	Equipment @ Cost
On Books	375000		Dr
Corrected Amount	0		Dr
Adjustment	375000		?
	Accumulated Depreciation
On Books	246700	Cr
Corrected Amount	0	Cr
Adjustment	246700	?
	Depreciation Expense
On Books	35400	Dr
Corrected Amount	0	Dr
Adjustment	35400	?

	Retained Earnings		COMPLETE "?"
	dr (cr)
	AS Recorded		Adjusted amounts
For 2019
Depreciation expense	42,600		?
Sale of Equip #1	-		?
Trade of Equip#2 and
purchase of Equip #5	-		?
For 2020
Depreciation expense	32,700		?
Sale of Equip #3	(500)		?
Totals	74,800		0

1. What is the annual depreciation expense for Equipment #1?

2. What is the annual depreciation expense for Equipment #2?

3. What is the annual depreciation expense for Equipment #3?

4. What is the annual depreciation expense for Equipment #4?

5. What is the gain (enter as a positive value) or loss (enter as a negative value) for Equipment #1 sale on 1/1/19?

6. What is the fair value of Equipment #2 at the date of the trade?

7. What is the gain (enter as a positive value) or loss (enter as a negative value) for Equipment #2 trade on 1/1/19?

8. What is gain (positive value) or loss (enter as a negative value) for Equipment #3 trade on 7/1/20?

9. What is the depreciation expense for Equipment #6 for 2021?]

10. What is the total cost of equipment at 12/31/2021?

11. What is the accumulated depreciation at 12/31/2021?

12. What is the depreciation expense for 2021?

Based on your responses to #9 on the Question Part 1 tab,

WORTH 10 POINTS

prepare the adjusting entry to adjust the balances for:

Depreciation expense

Accumulated Depreciation-equipment

Equipment

Retained Earnings

Show your entry below. Be sure to use cell references from the Question tab for the amounts

used in your entry.