Record the disposal of computers that had cost $4,520 and their accumulated depreciation to the date of disposal was $4,520. And Record the disposal of computers that had cost $4,520 and their accumulated depreciation to the date of disposal was $3,040.

Record the disposal of computers that had cost $4,520 and their accumulated depreciation to the date of disposal was $4,520. And Record the disposal of computers that had cost $4,520 and their accumulated depreciation to the date of disposal was $3,040.

Name: Record the disposal of computers that had cost $4,520 and their accumu
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Record the disposal of computers that had cost $4,520 and their accumulated depreciation to the date of disposal was $4,520.And Record the disposal of computers that had cost $4,520 and their accumulated depreciation to the date of disposal was $3,04

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 5RE: In Year 1, Utica Machinery Company uses the asset from RE11-4 for 7,500 hours. Prepare the journal...

See similar textbooks

Similar questions

A truck costing $114000 was destroyed when its engine caught fire. At the date of the fire, the accumulated depreciation on the truck was $55000. An insurance check for $129000 was received based on the replacement cost of the truck. The entry to record the insurance proceeds and the disposition of the truck will include a credit to the Accumulated Depreciation account for $55000. credit to the Truck account of $59000. Gain on Disposal of $15000. Gain on Disposal of $70000.
An automated inspection system purchased at a cost of $400,000 by Mega Tech Engineering was depreciated using the MACRS method. Determine the accumulated depreciation through year 4. Group of answer choices $275,040 $137,520 $206,280 $68,760
Computer equipment was acquired at the beginning of the year at a cost of $61,200 that has an estimated residual value of $3,300 and an estimated useful life of 5 years. a. Determine the depreciable cost. b. Determine the straight-line rate. c. Determine the annual straight-line depreciation.
A truck costing $114000 was destroyed when its engine caught fire. At the date of the fire, the accumulated depreciation on the truck was $55000. An insurance check for $129000 was received based on the replacement cost of the truck. The entry to record the insurance proceeds and the disposition of the truck will include a O credit to the Truck account of $59000. ○ credit to the Accumulated Depreciation account for $55000. ○ Gain on Disposal of $70000. ○ Gain on Disposal of $15000. eTextbook and Media
On December 31, Strike Company has decided to discard one of its batting cages. The equipment had an initial cost of $238,400 and has accumulated depreciation of $214,560. Depreciation has been recorded up to the end of the year. Which of the following will be included in the journal entry for the disposal? a. Loss on Disposal of Asset, debit, $214,560 b. Accumulated Depreciation, debit, $238,400 c. Gain on Disposal of Asset, credit, $23,840 d. Equipment, credit, $238,400
Prepare the journal entry to record TWO of the following scenarios. Please be sure to identify which scenarios you have selected. (a) Discarding of Machine #1: Original cost, $25,000; accumulated depreciation, $20,000. (b) Sale of Machine #2: Original cost, $50,000; accumulated depreciation, $35,000; sold for $18,000 cash. (c) Sale of Machine #3: Original cost, $75,000; accumulated depreciation, $65,000; sold for $4,000 cash.
On December 31, Strike Company has decided to discard one of its batting cages. The equipment had an initial cost of $206,400 and has accumulated depreciation of $185,760. Depreciation has been recorded up to the end of the year. Which of the following will be included in the entry to record the disposal? a.Equipment, credit, $206,400 b.Gain on Disposal of Asset, credit, $20,640 c.Accumulated Depreciation, debit, $206,400 d.Loss on Disposal of Asset, debit, $185,760
On December 31, Strike Company has decided to discard one of its batting cages. The equipment had an initial cost of $230,200 and has accumulated depreciation of $207,180.00. Depreciation has been recorded up to the end of the year. Which of the following will be included in the entry to record the disposal? Oa. Accumulated Depreciation, debit, $230,200 Ob. Loss on Disposal of Asset, debit, $207,180.00 Oc. Gain on Disposal of Asset, credit, $23,020.00 Od. Equipment, credit, $230,200 Previous Next
A large chiller was purchased for $10,000 and has accumulated depreciation of $8,000. The chiller was sold for $5,000. What is the correct entry to remove the asset from the books?
Computer equipment was acquired at the beginning of the year at a cost of $60,400 that has an estimated residual value of $4,400 and an estimated useful life of 5 years. a. Determine the depreciable cost.fill in the blank 1 of 1$ b. Determine the straight-line rate.fill in the blank 1 of 1% c. Determine the annual straight-line depreciation.fill in the blank 1 of 1$
On April 10, 2021 Gamma Inc discarded an equipment that had an historic cost equal to 12,000 euro and an accumulated depreciation equal to 10,000 euro. Journalize the disposal of the equipment.
On December 31, Strike Company has decided to discard one of its batting cages. The initial cost of the equipment was $208,831.00 with an accumulated depreciation of $187,947.90. Depreciation has been taken up to the end of the year. The following will be included in the entry to record the disposal. Select the correct answer. Accumulated Depreciation Dr. $208,831.00 Equipment Cr. $208,831.00 Gain on Disposal of Asset Cr. $20,883.10 Loss on Disposal of Asset Dr. $187,947.90