At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $12.9 million. $9.9 million...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $12.9 million. $9.9 million of the purchase price was allocated to the building. Depreciation for 2022 and 2023 was calculated using the straight-line method, a 25-year useful life, and a $1.9 million residual value. Assume that 2022 depreciation was incorrectly recorded as $32,000. This error was discovered in 2024. Required: 1. Record the journal entry needed in 2024 to correct the error. 2. What is depreciation on the building for 2024, assuming no change in estimate of useful life or residual value? Complete this question by entering your answers in the tabs below. General Journal Depreciation Record the journal entry needed in 2024 to correct the error. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars, and not in millions. View transaction list Journal entry worksheet > 1 Record the journal entry needed in 2024 to correct the error. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal > At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $12.9 million. $9.9 million of the purchase price was allocated to the building. Depreciation for 2022 and 2023 was calculated using the straight-line method, a 25-year useful life, and a $1.9 million residual value. Assume that 2022 depreciation was incorrectly recorded as $32,000. This error was discovered in 2024. Required: 1. Record the journal entry needed in 2024 to correct the error. 2. What is depreciation on the building for 2024, assuming no change in estimate of useful life or residual value? Complete this question by entering your answers in the tabs below. General Journal Depreciation Record the journal entry needed in 2024 to correct the error. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars, and not in millions. View transaction list Journal entry worksheet > 1 Record the journal entry needed in 2024 to correct the error. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal >
Expert Answer:
Answer rating: 100% (QA)
To correct the error in depreciation recorded in 2022 we n... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
How does a supply chain leader become a risk management leader with integrity? Why is integrity so impo in risk management
-
Question: Old MathJax webview Old MathJax webview i need ans of these question but the source is alot Old MathJax webviewOld MathJax webview i need ans of these question but the source is alot these...
-
List three specific parts of the Case Guide, Objectives and Strategy Section (See below) that you had the most difficulty understanding. Describe your current understanding of these parts. Provide...
-
The two optional steps in the accounting cycle are preparing O a worksheet and post-closing trial balances. an adjusted trial balance and a post-closing trial balance. O a post-closing trial balance...
-
Waldon Toys owes $3000 due in 2 years with interest at 11% compounded semi-annually and $2500 due in 15 months at 9% compounded, quarterly. If the company wants to discharge these debts by making two...
-
Outline the advantages and disadvantages of Mo Chengs decision to pilot her questionnaire with her friends. Im doing really well Mum, you dont have to worry about me. Ive lots of friends here. Well...
-
Look Ahead \& Co were instructed to value as at 31 December 1992 a minority holding of 10000 25p shares in Arbor Ltd held by D. Dodd who is considering disposing of his shareholding. Arbor Ltd is a...
-
The trial balance of Daphne Main Fashion Center contained the following accounts at November 30, the end of the companys fiscal year. Adjustment data: 1. Store supplies on hand totaled $3,500. 2....
-
Please help solve the following problem with derative definition: \f
-
Circle X is shown in the diagram d X N b Which equation can be used to solve for m 21 0 m21 a b 0 m 1 a b 0 m21 c d Om 1 c d
-
Sherritt's five-year borrowing rate is 43.171% and the Government of Canada is 1.47%. Which would you prefer? $500 from Sherritt paid today or a promise that the firm will pay you $800 in five years?...
-
Monetary literacy is important for all entrepreneurs. The importance of exchange rates in international finance is often underestimated. The foreign exchange market has the highest liquidity of any...
-
Portsmouth Company makes upholstered furniture. Its only variable cost is direct materials. The demand for the company's products far exceeds its manufacturing capacity. The bottleneck (or...
-
2. A graph with 5 vertices: a, b, c, d, e has the following adjacency list: a:b, e b:a, c, d c: b, d d: b, c, e e:d, a i. ii. Draw this graph, G. Write down the degree sequence of G. State the...
-
Raul works in an environment that has little segmentation and few elements. What can be said about the degree of homogeneity in his environment?
-
Sac de vers The production supervisor of the Machining Department for Hagerstown Company agreed to the flowing monthly static budget for the upcoming year Hagerstown Company Machining Department...
-
With your classmates, form small teams of skunkworks. Your task is to identify an innovation that you think would benefit your school, college, or university, and to outline an action plan for...
-
a. Better synchronization of cash inflows and outflows would allow the firm to keep its transactions balance at a minimum, and would therefore lower the target cash balance. b. Improved sales...
-
From an employer's standpoint, the defined benefit plan's major advantage is promotion of low employee turnover. The economic consequences of job-changing are not desirable under a defined benefit...
-
Ideally, the employee will choose the plan that provides the incremental cash flows (both costs and benefits) that maximize the employee's expected utility of consumption. However, there are many...
Study smarter with the SolutionInn App