On January 1, 2014, Iron Mountain Ski Corporation purchased a new snow-grooming machine for $50,000. The machine
Question:
On January 1, 2014, Iron Mountain Ski Corporation purchased a new snow-grooming machine for $50,000. The machine is estimated to have a 10-year life with a $2,000 salvage value. What journal entry would Iron Mountain Ski Corporation make at December 31, 2014, if it uses the straight-line method of depreciation?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 0% (1 review)
Cost Salvage value 50000 2000 Useful life Depreciat...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Financial And Managerial Accounting
ISBN: 9781118004234
1st Edition
Authors: Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt
Question Posted:
Students also viewed these Business questions
-
The Bigfork Company is a retail company that began operations on January 1,2018. The Bigfork Company is authorized to issue 1,000,000 shares of P10 par value ordinary share and 500,000 shares of 3%,...
-
Natalie is thinking of buying a van that will only be used for her business, Baking Time. The cost of the van is $41,000. Natalie would spend an additional $3,000 to have the van painted with the...
-
Annapolis Company purchased a $2,000, 7%, 9-year bond at 99 and held it to maturity. The straight line method of amortization is used for both premiums & discounts. What is the net cash received...
-
A room is 6 m by 5 m by 3 m. (a) If the air pressure in the room is 1 atm and the temperature is 300 K, find the number of moles of air in the room. (b) If the temperature rises by 5 K and the...
-
Posner Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep 2% of the sales tax collected. Posner Co. records the sales tax in the Sales Revenue account. The...
-
Hand trace an unordered list through the following operations. X.addToFront(new Integer(4)); X.addToRear(new Integer(7)); Object Y = X.first(); X.addAfter(new Integer(3), new Integer(4));...
-
Computer accounting control procedures are referred to as general or application controls. The primary objective of application controls in a computer environment is to a. ensure that the computer...
-
Perform a horizontal analysis for the MLC income statement (Table 4-7) for 2011 and 2012. Write an explanation of this analysis.
-
Symm Jennifer draws the rectangle ABCD: B Find all rotations and reflections that carry rectangle ABCD onto itself.
-
Chambers Corporation purchased a piece of equipment for $36,000. It estimated a 6-year life and $6,000 salvage value. Thus, straight-line depreciation was $5,000 per year [($36,000 $6,000) 6]. At...
-
Assume that Drummond Heating and Cooling Co. purchases a delivery truck for $15,000 cash, plus sales taxes of $900 and delivery costs of $500. The buyer also pays $200 for painting and lettering,...
-
1. Should Paperback Press have a specific process to manage future changes and enhancements? What should it be? 2. If new features are added, what methodology should the IT staff use to add functions...
-
Nicholas Ram Corporation have a $1,700,000 "bond issue" dated March 1, 2016 due in 15 years with an annual interest rate of 9%. Interest is payable March 1 and September 1. On August 1, 2016, the...
-
Bonnie Corporation General Ledger Year 10 Assets Revenue Type here to search Liabilities Common Stock Expenses 100
-
Assume a world in which the assumptions of the capital asset pricing model (CAPM) hold. A company can invest in a project which costs today $5,000, in one year delivers $2,000 with certainty and in...
-
[The following information applies to the questions displayed below.] Cane Company manufactures two products called Alpha and Beta that sell for $165 and $130, respectively. Each product uses only...
-
Consider the correctness of the class MyS tack in Section 18.3. (a) The method size was verified in consmt with initialization of an object using the class constructor. Write an appropriate Hoare...
-
Barbara Lee Corp. has established the following standard cost per unit: Materials5.5 lb @ $2.20 per lb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12.10 Labor1.8hr @ $10 per...
-
Find the market equilibrium point for the following demand and supply functions. Demand: 2p = - q + 56 Supply: 3p - q = 34
-
The following selected transactions were complete by Burton Company during July of the current year. Burton Company uses the periodic inventory system. July 2. Purchased $24,000 of merchandise on...
-
Using the data shown in Exercise 5-38, journalize the entries for the transactions assuming that Burton Company uses the perpetual inventory system.
-
Pyramid Company is a small rug retailer owned and operated by Rosemary Endecott. After the accounts have been adjusted on January 31, the following selected account balances were taken from the...
-
Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget for...
-
Southern Comfort company reported net income equal to $100. The company reported no depreciation expense but did report a loss on the sale of equipment equal to $5. In addition the balance sheet...
-
All of the following are examples of unethical behavior except: 1. Hiring your unqualified brother-in-law because he is a family member 2. Inflating the firm's earnings in-order-to improve earnings...
Study smarter with the SolutionInn App