Sheridan Company shows the following entries in its Equipment account for 2026. All amounts are based...

 

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Sheridan Company shows the following entries in its Equipment account for 2026. All amounts are based on historical cost. 2026 Jan. 1 Aug. 10 12 25 Nov. 10 Balance Purchases Freight on equipment purchased Installation costs Repairs Equipment 141,500 34,120 790 2,710 540 2026 June 30 Cost of equipment sold. (purchased prior to 2026) 24,240 Prepare correcting entry if necessary. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Assuming that depreciation is to be charged for a full year on the ending balance in the asset account, compute the proper depreciation charge for 2026 under each of the methods listed below. Assume an estimated life of 10 years, with no salvage value. The machinery included in the January 1, 2026, balance was purchased in 2024. (Round answers to O decimal places, e.g. 5,125.) (1) Straight-line (2) Sum-of-the-years-digits Sheridan Company shows the following entries in its Equipment account for 2026. All amounts are based on historical cost. 2026 Jan. 1 Aug. 10 12 25 Nov. 10 Balance Purchases Freight on equipment purchased Installation costs Repairs Equipment 141,500 34,120 790 2,710 540 2026 June 30 Cost of equipment sold. (purchased prior to 2026) 24,240 Prepare correcting entry if necessary. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Assuming that depreciation is to be charged for a full year on the ending balance in the asset account, compute the proper depreciation charge for 2026 under each of the methods listed below. Assume an estimated life of 10 years, with no salvage value. The machinery included in the January 1, 2026, balance was purchased in 2024. (Round answers to O decimal places, e.g. 5,125.) (1) Straight-line (2) Sum-of-the-years-digits