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All the info is in the pictures The building is depreciated using the double-dedining balance method. Other information is: Salvage value Estimated useful life in
All the info is in the pictures
The building is depreciated using the double-dedining balance method. Other information is: Salvage value Estimated useful life in years 550.00040 od. The patents are amortized on a straight-line basis. They have no salvage Estimated useful life of patents in On December 31, 2020, the value of the patents was estimated to be 5100,000 Where applicable, the company uses the 1/2 year rule to calculate depreciation and amortization expense in the years of acquisition and disposal. Its fiscal year-end is December 31 . The machinery was traded on December 2.2021 for new machinecy Cihur imformation is OnAugust it 2023 an addition was made. This amount was matefal Otherielevantinformation is as follow Amount of addition paid in cash $100.000 On August 14, 2023, an addition was made. This amount was material. Other relevant information is as follows: Amount of addition, paid in cash Number of years of useful life from 2023 (original machinery and addition): Salvage value, percentage of addition $100,000 Requined: Prepare journal entries to record: 1 The purchase of the assets of Coffee. 2 Depreciation and amortization expense on the purchased assets for 2019. 3 The dedine (if any) in value of the patents at December 31 4 The trade-in of the old machinery and purchase of the new 5 Depredation on the new machinery for 2021. 6. Cost of the addition to the machinery on August 14, 2023. 7 Depreciation on the new machinery for 2023 The building is depreciated using the double-dedining balance method. Other information is: Salvage value Estimated useful life in years 550.00040 od. The patents are amortized on a straight-line basis. They have no salvage Estimated useful life of patents in On December 31, 2020, the value of the patents was estimated to be 5100,000 Where applicable, the company uses the 1/2 year rule to calculate depreciation and amortization expense in the years of acquisition and disposal. Its fiscal year-end is December 31 . The machinery was traded on December 2.2021 for new machinecy Cihur imformation is OnAugust it 2023 an addition was made. This amount was matefal Otherielevantinformation is as follow Amount of addition paid in cash $100.000 On August 14, 2023, an addition was made. This amount was material. Other relevant information is as follows: Amount of addition, paid in cash Number of years of useful life from 2023 (original machinery and addition): Salvage value, percentage of addition $100,000 Requined: Prepare journal entries to record: 1 The purchase of the assets of Coffee. 2 Depreciation and amortization expense on the purchased assets for 2019. 3 The dedine (if any) in value of the patents at December 31 4 The trade-in of the old machinery and purchase of the new 5 Depredation on the new machinery for 2021. 6. Cost of the addition to the machinery on August 14, 2023. 7 Depreciation on the new machinery for 2023 Step by Step Solution
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