1. The revaluation surplus in the equity section of Light Company’s December 31, 20x8 statement of financial position is ____________ 2. The amount of depreciation expense to be recognized in 20x9 is ___________ 3. The amount of revaluation surplus transferred to retained earnings in 20x9 is __________
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1. The revaluation surplus in the equity section of Light Company’s December 31, 20x8 statement of financial position is ____________
2. The amount of
3. The amount of revaluation surplus transferred to
4. The revaluation surplus in the equity section of Light Company's December 31, 2x10 statement of financial position is _____________
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- Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $48,000 The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $3,000. On January 1. 2024, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $1,200 Exercise 11-23 (Algo) Part 1 Required: 1. Prepare the year-end journal entry for depreciation on December 31, 2024 No depreciation was recorded during the year Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to nearest whole dollar. No 1 Event 1 Answer is complete and correct. General Journal Depreciation expense Accumulated depreciation-computer Debit 3,600Ⓒ Credit 1600Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $48.000 The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $3,000. On January 1, 2024, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $1,200 Exercise 11-23 (Algo) Part 2 2. Prepare the year-end journal entry for depreciation on December 31, 2024. Assume that the company uses the double-decline balance method instead of the straight-line method. Note: If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate calculations. Round your final answers to nearest whole dollar. View transaction list Journal entry worksheet 1 Record depreciation expense for 2024,Peter Company acquired a machine at a cost of $530,000 on 1August2018. The machine had an estimated residual value of $50,000 and an estimated useful life of 8 years. Peter uses straight-linemethod of depreciation. The financial year of the company ends on 31 March of each year. On 31 March 2020, the machine was accidentally damaged. Itcan still operate though at a reduced capacity. It was then expected that the remaining useful life will only be 3 years. The fair value less costs to sell of the machine at 31 March 2020 was $190,000. In addition, it is estimated that the net cash inflows from the machine will be: Year ended 31 March 2021 $155,000 Year ended 31 March 2022 $120,000 Year ended 31 March 2023 $80,000 Estimated residual value on 31 March 2023 $5,000 Peter Company’s cost of capital is 10%.Required: (a)Prepare journal entries to record depreciation expenses on the machine for the years ended 31 March 2019 and 2020. (b)Prepare journal entry to record the impairment loss at 31…
- ABC Corp uses the double declining balance method to depreciate a machine purchased on Jan 1, 20X1 for P20,000. Estimated scrap value is P2,000 and estimated useful life is 4 years. What is the asset's carrying value at December 31, 20X3?Mario Ltd purchased a machine for GHS 50,000 on 1 January 20X1. The machine was judged to have a five-year life with a residual value of GHS 5,000. During 20X3, the market for the product declined and the machine was sold on 1 January 20X4 for GHS 7,000. According to IAS 16 Property, Plant and Equipment, what was the loss on disposal? A. GHS 27,000 B. GHS 13,000 C. GHS 16,000 D. GHS 23,000On May 1, Oriole Company purchased factory equipment for $748700. The asset's useful life in hours is estimated to be 198000. The estimated salvage value is $35000 and the estimated useful life in years is 9. The machine was used for 23000 hours in the first year. If the straight-line method will be used, what is depreciation expense for the first year of the asset's life? O $52867 O $79300 O $55459 O $82800
- A machine with a cost of $100 000 has an estimated residual value of $10 000 and an estimated life of five years or 45 000 hours. It is to be depreciated by the units-of-activity method. What is the amount of depreciation for the third full year, during which the machine was used 9 500 hours? O $19,000 O $21,111 O None of the other alternatives O $16,000The pipe making machine costs $25,000 and has an expected scrap value of $5,000 at the end of its 7-year useful life. Calculate the depreciation tables and book values for the machine, the simplifier by using (RB) Method. 9:0On January 1, 20x1, Wheel Co. purchased a machine for P2,000,000 and established an annual straight-line depreciation rate of 10% with no residual value. During 20x5 Wheel determined that the machine will not be economically useful in its production process after December 31, 20x5. Wheel estimated that the machine had no residual value at December
- January 1, 2021, the first day of operation. and is depreciated by the straight line method. The machine has no residual value, has a five-year life, Kerr Company purchased a machine for P1,150,000 on The current cost of the machine. was P1,250,000 on iho current cost of the machine. was P1,250,000 on December 31, 2021. ahe machine has no. residual value, has a five-year life, 1 What amount of depreciation should be reported in the historical cost income statement for 2021? a. 230,000 b. 250,000 с. 240,000 d. 200,000 2. What amount of depreciation should be reported in the current cost income statement for 2021? а. 140,000- b. 230,000 c. 240,000 d. 250,000 3. What amount should be reported as realized holding gain on the equipment for 2021? a. 20,000 b. 10,000 c. 30,000 d. 4. What amount should be reported as unrealized holding gain on the equipment for 2021? 100,000 b. 280,000 CC. Sc80,000with CamScanner d. а. 50,000Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $57,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $6,000. On January 1, 2024, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $1,200. Required: 1. Prepare the year-end journal entry for depreciation on December 31, 2024. No depreciation was recorded during the year. Record depreciation expense for 2024. Event General Journal Debit Credit 1 Depreciation expense 4,425 Accumulated depreciation—computer 4,425 Prepare the year-end journal entry for depreciation on December 31, 2024. Assume that the company uses the double-declining-balance method instead of the straight-line method. Event General Journal Debit Credit 1 Depreciation…ABC Corp uses the sum-of-years' digit method to depreciate a machine purchased on Jan 1, 20X1 for P20,000. Estimated scrap value is P2,000 and estimated useful life is 4 years. What is the asset's carrying value at December 31, 20X3?