Salter Street Films Company showed the following information in its Property, Plant and Equipment Sub ledger regarding
Question:
Salter Street Films Company showed the following information in its Property, Plant and Equipment Sub ledger regarding Machine #5027.
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On January 7, 2014, the machine blade cracked and it was replaced with a new one costing $10,400 purchased for cash (the old blade was scrapped). The new blade had an estimated residual value of $1,000and an estimated life of five years and would continue to be depreciated using the straight-line method. During 2014, it was determined that the useful life on the metal housing should be increased to a total of 20 years instead of 15 years and that the residual value should be increased to $8,600.
Required
1. Prepare the entry to record the purchase of the replacement blade.
2. Calculate the total depreciation expense to be recorded on Machine #5027 for2014.
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Part 1 2014 Jan 7 Machine 5027 Blade new 10400 Accumulated Depreciation Machine 5027 Bla...View the full answer
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Related Book For 
Fundamental Accounting Principles Volume II
ISBN: 978-1259066511
14th Canadian Edition
Authors: Larson Kermit, Jensen Tilly
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