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E8-4 (Algo) Determining Financial Statement Effects of an Asset Acquisition and Depreciation (StraightLine Depreciation) LO8-2, 8-3 [The following information applies to the questions displayed below.] During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $29,000. On the date of delivery. January 2, the company paid $5,000 on the machine, with the balance on credit at 11 percent interest due in six months. On January 3, it paid $1,400 for freight on the machine. On January 5 , Ashkar paid installation costs relating to the machine amounting to $2,100. On July 1 , the company paid the balance due on the machine plus the interest. On December 31 (the end of the accounting period). Ashkar recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $4,100. E8-4 Part 2 2. Compute the acquisition cost of the machine. E8-4 (Algo) Determining Financial Statement Effects of an Asset Acquisition and Depreciation (StraightLine Depreciation) LO8-2, 8-3 [The following information applles to the questions displayed below.] During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $29,000. On the date of delivery, January 2, the company paid $5,000 on the machine, with the balance on credit at 11 percent interest due in six months. On January 3 , it paid $1,400 for freight on the machine. On January 5 , Ashkar paid installation costs relating to the machine amounting to $2,100. On July 1 , the company paid the balance due on the machine plus the interest. On December 31 (the end of the accounting period), Ashkar recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $4,100. E8-4 Part 3 3. Compute the depreciation expense to be reported for Year 1. E8-4 (Algo) Determining Financial Statement Effects of an Asset Acquisition and Depreciation (StraightLine Depreciation) LO8-2, 8-3 [The following information applies to the questions displayed below.] During Year 1. Ashkar Company ordered a machine on January 1 at an invoice price of $29,000. On the date of delivery, January 2 , the company paid $5,000 on the machine, with the balance on credit at 11 percent interest due in six months. On January 3, it paid $1,400 for freight on the machine. On January 5 , Ashkar paid installation costs relating to the machine amounting to $2,100. On July 1 , the company paid the balance due on the machine plus the interest. On December 31 (the end of the accounting period). Ashkar recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $4,100. E8-4 Part 5 5. Determine the net book value of the machine at the end of Year 2. Note: Amounts to be deducted should be indicated by a minus sign. Required information E8-6 (Algo) Recording Depreciation and Repairs (Straight-Line Depreciation) LO8-2, 8-3 [The following information applies to the questions displayed below.] Manrow Growers, Incorporated, owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. At the beginning of this year, an asset account for the company showed the following balances: Equipment Accumulateddepreciationthroughtheendoflastyear258,750380,600 During the current year, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 1 of the current year that improved efficiency Rout ine maintenance and repairs on the equipment 554,0007,000 The equipment is being depreciated on a straight-line basis over an estimated life of eight years with a $35,000 estimated residual value. The annual accounting period ends on December 31 . E8-6 Part 1 Required: 1. Prepare the adjusting entry that was made at the end of last year for depreciation on the equipment. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Required: 1. Prepare the adjusting entry that was made at the end of last year for depreciation on the equipment. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the adjusting entry for depreciation on the equipment at the end of last year. Note: Enter debits before credits. E8-6 (Algo) Recording Depreciation and Repairs (Straight-Line Depreciation) LO8-2, 8-3 [The following information applies to the questions displayed below.] Manrow Growers, Incorporated, owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. At the beginning of this year, an asset account for the company showed the following balances: Equipment Accumulated depreciation through the end of last year $380,000 258,750 During the current year, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 1 of the current year that improved efficiency efficiency Routine. maintenance and repairs on the equipment $54,060 7,000 The equipment is being depreciated on a straight-line basis over an estimated life of eight years with a $35,000 estimated residual value. The annual accounting period ends on December 31 . E8-6 Part 3 3. Prepare the journal entries to record the two expenditures during the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 3. Prepare the journal entries to record the two expenditures during the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the expenditure for the major overhaul of the equipment. Note: Enter debits before credits