Question: need help for 2 and 3 Record all the necessary journal entries for the years ended December 31, 2021 and 2022 using the following depreciation



Record all the necessary journal entries for the years ended December 31, 2021 and 2022 using the following depreciation methods: (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round the depreciation rate in the double-diminishing-balance method to the nearest whole percent, eg. 43% and round depreciation per unit in the units of production depreciation method to 2 decimal places, eg. 2.25 and final answers to decimal places, eg. 5,275.) (1) Straight-line Date Account Titles and Explanation Debit Credit 2021 Mar. 1 Equipment 55800 Cash 55800 Dec. 31 Depreciation Expense 13000 Accumulated Depreciation - Equipment 13000 2022 IND Nov. 30 Depreciation Expense LIST OF BOON 14300 Accumulated Depreciation - Equipment (To record depreciation expense) Nov. 30 Cash 18000 Accumulated Depression. Equipment 27300 Loss on Disposal 10500 (2) Double-diminishing-balance Date Account Titles and Explanation Debit Credit 2021 Mar. 1 Equipment 55800 Cash 55800 Dec. 31 Depreciation Expense 27900 Accumulated Depreciation - Equipment 27900 2022 Nov. 30 Depreciation Expense ITI! 10 000 DORT DOUCHE Accumulated Depreciation Equipment (To record depreciation expense) Nov. 30 Cash Accumulated Depreciation Equipment Gain on laporal Equipment (To record the sale of machine) (3) Units-of-Production Date Account Titles and Explanation Debit Credit 2021 Mar. 1 Equipment Cash Dec. 31 Depreciation Expense Accumulated Depreciation - Equipment 2022 TOM U TO 111 Il coll Nov. 30 Depreciation Expense Accumulated Depreciation Equipment (To record depreciation expense) Nov. Cash 30 Accumulated Depreciation Equipment Gain onlaposal Equipment Pharoah Productions Corp. purchased equipment on March 1, 2021, for $55,800. The company estimated the equipment would have a useful life of three years and produce 10,000 units, with a residual value of $9,000. During 2021, the equipment produced 4.900 units. On November 30, 2022, the machine was sold for $18,000 and had produced 6,300 units that year
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
