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Candy Craze purchased and installed a machine on January 1 , 2 0 2 3 , at a total cost of $ 2 9 7
Candy Craze purchased and installed a machine on January at a total cost of $ Straightline depreciation was taken each year for four years, based on the assumption of a sevenyear life and no residual value. The machine was disposed of on July during its fifth year of service. Candy Craze's yearend is December
Required:
Present the entries to record the partial year's depreciation on July
Journal entry worksheet
Record' partial year depreciation in year of disposal.
Note: Enter debits before credits.
tableDateGeneral Journal,Debit,CreditJuly
Candy Craze purchased and installed a machine on January at a total cost of $ Straightline depreciation was taken each year for four years, based on the assumption of a sevenyear life and no residual value. The machine was disposed of on July during its fifth year of service. Candy Craze's yearend is December
Required:
Present the entries to record the partial year's depreciation on July
Journal entry worksheet
Record partial year depreciation in year of disposal.
Note: Enter debits before credits.
tableDateGeneral Journal,Debit,CreditJuly
Record the disposal under each of the following unrelated assumptions:
a The machine was sold for $ cash.
Journal entry worksheet
Record the sale of machine for $
Note: Enter debits before credits.
tableDateGeneral Journal,Debit,CreditJuly
b Candy Craze received an insurance settlement of $ resulting from the total destruction of the machine in a fire.
Journal entry worksheet
Record receipt of $ from insurance settlement.
Note: Enter debits before credits.
tableDateGeneral Journal,Debit,CreditJuly
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