111,800 105,000 130,000 13,416 14,700 15,600 260,000 202,000 330,000 $22,360 $84,000 $26,000 55,UUV Miles 26,000 20,200 39,600 a. Determine for each truck the depreciation rate per mile and the amount to be credited to the accumulated depreciation section of each subsidiary account for the miles operated during the current year. Keep in mind that the depreciation taken cannot reduce the book value of the truck below its residual value. Round the rate per mile to two decimal places. Enter all values as positive amounts. Rate per Mile (in cents) Truck No. Credit to Accumulated Depreciation Miles Operated 33,000 26,000 20,200 39,600 Total b. Journalize the entry to record depreciation for the year Revision of Depreciation A building with a cost of $810,000 has an estimated residual value of $162,000, has an estimated useful life of 36 years, and is depreciated by the straight-line method. a. What is the amount of the annual depreciation? Do not round Intermediate calculations b. What is the book value at the end of the twentieth year of use? c. If at the start of the twenty-first year it is estimated that the remaining life is 20 years and that the residual value is $30,000, what is the depreciation expense for each of the remaining 20 years? Capital Expenditures and Revenue Expenditures Quality Move Company made the following expenditures on one of its delivery trucks: Mar. 20. Replaced the transmission at a cost of $3,230. June 11. Paid $1,310 for installation of a hydraulic lift. Nov. 30. Paid $75 to change the oil and air filter. Prepare the journal entries for each expenditure. If an amount box does not require an entry, leave it blank. Mar. 20 June 11 Nov. 30 Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $128,910 has an estimated useful life of 14 years, has an estimated residual value of $7.950, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? b. Assume that the equipment was sold on April 1 of the fifth year for $86,090. 1. Journalize the entry to record depreciation for the three months until the sale date. If an amount box does not require an entry, leave it blank. Round your answers to the nearest whole dollar if required. 2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations Depletion Entries Alaska Mining Co. acquired mineral rights for $16,068,000. The mineral deposit is estimated at 133,900,000 tons. During the current year, 20,100,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places. b. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank. Amortization Entries Kleen Company acquired patent rights on January 10 of Year 1 for $336,000. The patent has a useful life equal to its legal life of eight years. On January 7 of Year 4, Kleen successfully defended the patent in a lawsuit at a cost of $17,000. If required, round your answer to the nearest dollar. a. Determine the patent amortization expense for the Year 4 ended December 31. b. Journalize the adjusting entry on December 31 of Year 4 to recognize the amortization. If an amount box does not require an entry, leave it blank. Entries for Trade of Fixed Asset On July 1, Twin Pines Co., a water distiller, acquired new bottling equipment with a list price (fair market value) of $220,000. Twin Pines received a trade-in allowance (fair market value) of $45,000 on the old equipment of a similar type and paid cash of $175,000. The following information about the old equipment is obtained from the account in the equipment ledger: cost, $180,000; accumulated depreciation on December 31, the end of the preceding fiscal year $120,000; annual depreciation, $12,000. Assume the exchange has commercial substance a. Journalize the entry to record the current depreciation of the old equipment to the date of trade-in. If an amount box does not require an entry, leave it blank. b. Journalize the entry to record the exchange transaction on July 1. If an amount box does not require an entry, leave it blank