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(A) Sound Tracker Company retires its delivery equipment, which cost $48,000. Accumulated depreciation is also $48,000 on this delivery equipment. No salvage value is received.
(A) Sound Tracker Company retires its delivery equipment, which cost $48,000. Accumulated depreciation is also $48,000 on this delivery equipment. No salvage value is received. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
(B) Napoli Manufacturing has old equipment that cost $54,000. The equipment has accumulated depreciation of $27,700. Napoli has decided to sell the equipment.
(C)
(D)
(a) What entry would Napoli make to record the sale of the equipment for $36,000 cash? (b) What entry would Napoli make to record the sale of the equipment for $15,000 cash? Account Titles and Explanation Debit Credit (a) (b) Compute depreciation expense for 2017 and 2018 using (1) the straight-line method, (2) the units-of-activity method, and (3) the double-declining-balance method. (Round depreciation cost per unit to 2 decimal places, e.g. 0. 50 and depreciation rate to 0 decimal places, e. g. 15%. Round final answers to 0 decimal places, e.g. 2,125.) Depreciation Expense 2017 2018 (1) Straight-line method 5,580 5,580 (2) Units-of-activity method 3,122.75 2,559.63 (3) Double-declining-balance method 11,600 6,960 Flaherty Company had the following two transactions related to its delivery truck. Paid $280 for an oil change. 1 2. Paid $600 to install a special gear unit, which increases the operating efficiency of the truck. Prepare Flaherty's journal entries to record these two transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No Account Titles and Explanation Debit Credit 1. 2Step by Step Solution
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