I need help completing a and b ply: Summative Assessment [due Day 7] iKcesCrawallSCView transaction listI11. Paid $23,400 cash for a new component that increased the equipment's productivity.2. Paid $5,850 cash for minor repairs necessary to keep the equipment working well.3. Paid $16,350 cash for significant repairs to increase the useful life of the equipment from four to seven years.!Exercise 10-14 Ordinary repairs, extraordinary repairs, and betterments LO C3Oki Company pays $253,600 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal entries torecord the following costs related to the equipment.Journal entry worksheetQAA B CNote: Enter debits before credits.Content / ACC/291T: Principles Of Accounting liTransaction2Record the cost of minor repairs of $5,850 paid in cash to keep the equipmentworking well.Record entry<@2WS# 3General JournalQEClear entryD$4RLL%5Debit< PrevTGezto.mheducation.comSaved^View general journal(C6CreditMacBook Pro2 of 4wwwY&r7H>Next >U* 008J1(9KM Question 2 - Wk 5-Apply: SummativhO)Ć*0LA-P+ esSummative Assessment [due Day 7) iCaw11escView transaction listExercise 10-14 Ordinary repairs, extraordinary repairs, and betterments LO C3Oki Company pays $253,600 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal entries torecord the following costs related to the equipment.1. Paid $23,400 cash for a new component that increased the equipment's productivity.2. Paid $5,850 cash for minor repairs necessary to keep the equipment working well.3. Paid $16,350 cash for significant repairs to increase the useful life of the equipment from four to seven years.Journal entry worksheet!1QContent / ACC/291T: Principles Of Accounting liAARecord the betterment cost of $23,400 paid in cash.BNote: Enter debits before credits.Transaction1<Record entry2CWS##3General JournalQEClear entryD$4RF07 20Debit< PrevTSavedG< 6CreditView general journal2 of 4MacBook ProY&7H>Next >U* 008JF1(9M Question 2-Wk 5-Apply: SumiK)00L4P242T{

A fixed asset is required to be depreciated over a period of time for its uses. The depreciation…

Answered: Exercise 10-14 Ordinary repairs,…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter10: Long-lived Tangible And Intangible Assets

Section: Chapter Questions

Problem 29P

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Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] NewTech purchases computer equipment for $257,000 to use in operating activities for the next four years. It estimates the equipment's salvage value at $24,00O. Exercise 8-8 Double-declining-balance depreciation LO P1 Prepare a table showing depreciation and book value for each of the four years assuming double-declining-balance depreciation. (Enter all amounts positive values.) Depreciation for the Period End of Period
Historical cost $ 270,000 Estimated useful life 6 years Salvage value $ 24,000 Estimated useful hours 12,000 hours 3,100 2019 1,100 2020 1,200 2021 Estimated hours per year: 2,800 2022 2,600 2023 1,200 2024 Required 1 Complete the depreciation schedule using the Units of Production Method. Page Adventure Park, Corp. ciation Schedule - Units of Production Depreciation Accumulated Depreciable Year Expense Depreciation Cost 12.31.19 12.31.20 12.31.21 12.31.22 12.31.23 12.32.24 2 Record depreciation expense for 2020. General Journal DR CR 3 What is the net book value of the equipment on 12.31.20? Historical cost (Accumulated depreciation) Net book value at 12.31.20 |24
1 Check my work S Purchase price Delivery cost Installation charge Estimated life $ 55,800 $ 4,000 Estimated units Salvage estimate $ 2,000 5 years 142,000 $ 5,000 During Year 1, the machine produced 38,000 units, and during Year 2 it produced 40,000 units. Required: a. Determine the amount of depreciation expense for Year 1 and Year 2 using straight-line method. b. Determine the amount of depreciation expense for Year 1 and Year 2 using double-declining-balance method. c. Determine the amount of depreciation expense for Year 1 and Year 2 using units of production method. d. Determine the amount of depreciation expense for Year 1 and Year 2 using MACRS, assuming that the machine is classified as seven-year property. Note: Round your answers to the nearest dollar amount. MACRS table: Year 5-Year property,% 7-Year property,% 1 20.00 14.29 12345678 32.00 24.49 19.20 17.49 11.52 12.49 11.52 8.93 5.76 8.92 8.93 4.46
Exerclse 8-14 Ordinary repalrs, extraordinary repalrs, and betterments LO C3 Oki Company pays $250,550 for equipment expected to last four years and have a $30.000 salvage value. Prepare journal entries to record the following costs related to the equipment. 1. Paid $18.350 cash for a new component that increased the equipment's productivity. 2. Paid $4,588 cash for minor repairs necessary to keep the equipment working well. 3. Paid $11,300 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list Journal entry worksheet A B Record the betterment cost of $18,350 paid in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
What is the most appropriate Analysis Period for the four different alternatives shown below? Item First Cost Uniform Annual Benefit Salvage Value Useful Life in Years Machine 1 $1,244,565 $273,804 $124,456 12 Machine 2 $2,297,397 $413,531 $229,740 20 d. 60 years e. 12 years Machine 3 $8,585,814 $1,416,659 $858,581 60 Machine 4 $3,737,193 $672,695 $373,719 30 Incremental Analysis (AIRR) b. 12 years for Machine 1; 20 years for Machine 2; 60 years for Machine 3; and 30 years for Machine 4 c. The average of the useful lives of the different alternatives, in this case, 30.5 years
Paragraph Styles A medical facility purchased a new copy machine for the billing office at a price of $25,000,000.00 on January 1, 2021. Its useful life is 6 years with a salvage value of $2,500,000.00. Calculate deprecation for the first 4 years using the following methods: (you may round all figures to the nearest dollar) Straight Line DDB SYD
Problem 9Hilarious Company provided the following data pertaining to machinery on the date of revaluation: Cost Replacement costMachinery 4, 500, 000 7, 500, 000Accumulated depreciation 900, 000 Age of asset 3 yearsRevised Life of the asset 10 years Required:1. Appreciation or revaluation increase2. Carrying amount3. Depreciated replacement cost4. Revaluation surplus5. What is the original life of the asset?6. Prepare the journal entry to record the revaluation 7. What is/are the rules in solving the problem?
Exercise 8-14 (Algo) Ordinary repairs, extraordinary repairs, and betterments LO C3 Oki Company pays $254,900 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal entries record the following costs related to the equipment. 1. Paid $22,050 cash for a new component that increased the equipment's productivity. 2. Paid $5,513 cash for minor repairs necessary to keep the equipment working well. 3. Paid $15,000 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list A Record the betterment cost of $22,050 paid in cash. B Record the cost of minor repairs of $5,513 paid in cash to keep the equipment working well. c Record the cost of significant repairs of $15,000 paid in cash to increase the useful life of the equipment. Note: journal entry has been entered Record entry Clear entry / / Credit View general journal
Required information Use the following information for the Exercises below. (The following information applies to the questions displayed below.] On April 1, Cyclone's Co. purchases a trencher for $302,000. The machine is expected to last five years and have a salvage value of $51,000. Exercise 8-12 Double-declining-balance, partlal-year depreciation LO C2 Compute depreciation expense at December 31 for both the first year and second year assuming the company uses the double- declining-balance method. (Enter all amounts as positive values.) Depreciation for the Period End of Period Beginning of Annual Period Period Book Value Depreciation Rate Partial Year Depreciation Expense Accumulated Depreciation Book Value Year 1 Year 2
Required information Use the following information for the Quick Studies below. (Algo) Skip to question [The following information applies to the questions displayed below.]Equipment costing $21,600 with a 5-year useful life and an estimated $3,600 salvage value is acquired and started operating on January 1. The equipment is estimated to produce 3,000 units of product during its life. It produced 450 units in the first year. QS 10-8 (Algo) Recording depreciation journal entries LO P1 Record the journal entries for equipment depreciation for the first year under straight-line, units-of-production, and double-declining-balance.
Historical cost Estimated useful life Salvage value Estimated useful hours $ 270,000 6 уears $ 24,000 12,000 hours Estimated hours per year: 3,100 2019 1,100 2020 1,200 2021 2,800 2022 2,600 2023 1,200 2024 Required 1 Complete the depreciation schedule using the Straight-line Method. Page, Adventure Park, Corp. ciation Schedule - Straight Line Method Depreciation Accumulated Depreciable Year Expense Depreciation Cost 12.31.19 12.31.20 12.31.21 12.31.22 12.31.23 12.32.24 2 Record depreciation expense for 2020. General Journal DR CR 3 What is the net book value of the equipment on 12.31.20? Historical cost (Accumulated depreciation) Net book value at 12.31.20
A Initial Cost + Installation $25,000 $15,000 Uniform end of year maintenance $2,000 $4,000 Overhaul, end of 3rd year $3,500 Salvage value $3,000 Service Lifetime 4 уrs 6 yrs Calculate the capitalized cost

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