ANSWER JE QUESTIONS

Record the following in the general journal. Link$/$reference your amounts back to the cells on the depreciation schedule. This will create a functioning effective analysis tool for the business.Chapter & Course Outcomes: $($demonstrated in this project$)$ D$.$ Record the journal entry if Assembly Machine is written down due to impairment on Dec $31$ Year $2,$

after depreciation recorded for the year using Units of Production method.

E$.$ Recalculate ONLY the year $1$ depreciation for each method if the machine had been purchased on

June $1$ rather than Jan $1.$ Record the new year $1$ journal entry for this change. If no change is needed,

please record $"$no change" in the journal entry.

C$.$ Record the journal entry if Assembly Machine sold on Jan $1,$ Year $4,$ using both Straightline and DDB

methods. E$.$ Recalculate ONLY the year $1$ depreciation for each method if the machine had been purchased on

June $1$ rather than Jan $1.$ Record the new year $1$ journal entry for this change. If no change is needed,

please record $"$no change" in the journal entry.

Explain your answers to Req $2$C$.$ Are the results different or the same for the $2$ methods and why?

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Answer:

Record the journal entry to capitalize a long term tangible asset.

Calculate depreciation for long term tangible assets using straight line, units of

production and double declining balance.

Prepare the journal entry to record depreciation of an asset.

Analyze the impact of each depreciaion method on the financial satements.

Use Microsoft Excel proficiently to record and summarize information used in

business analysis and decision making. Complete a depreciation schedule for the new assembly machine using all $3$ depreciation methods. Link$/$reference all cells on your depreciation schedules back to the Master Fixed Asset record. Use the math functionality as needed. Referencing 'answer' cells $($schedules$)$ back to 'input' cells $($fixed asset record$)$ creates a functioning, effective worksheet. Making these connections allows the worksheet to be used for analyzing potential changes in the results.