Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2 34 5 Capital and Revenue Expenditures On February 13, Scanlon Copaid $3,500 to repair the transmission on one of its delivery ons. In addition,

image text in transcribed
2 34 5 Capital and Revenue Expenditures On February 13, Scanlon Copaid $3,500 to repair the transmission on one of its delivery ons. In addition, Scanlon paid $30 to install a GPS temin its van Journalize the entries for the transmission. If an amount box does not require an entry leave it blank February 13 Journalize the entry for GPS system expenditures, If an amount box does no ire an entry, leave it blank February 13 Sale of Equipment Equipment was acquired at the beginning of the year at a cost of 534,250. The equipment was depreciated with the double deciding bounce method based on an estimated useful life of ten years and an estimated residual value of 5670 a. What was the depreciation for the first year? b. Asturning the equipment was sold at the end of year 2 for $8,430, determine the pain or loss on the sale of the equipment c. Journalize the entry to record the sale. If an amount box does not require an entry, leave bank Depletion Down Deep Mining Co. acquired mineral rights for $112,000,000. The mineral deposit is estimated at 10,000,000 tons. During the current year 19,200,000 tons were mind and sold 2. Determine the depletion rate. If required, round your answer to two decimal plans. per ton b. Determine the amount of depletion expense for the current year c. Journalize the adjusting entry on December 31 to recognize the depletion expert an amount box does not reture an entry Dec 31 Men

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions