Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Costa Lob Brod A Peral years depreciation, alternative methods: exchange/disposal of PP VecxnUMER Machine 1000-$6.075 Machine 1705-$22.646 Machine BT-311-$77.810 Zephyr Mineral completed the following

image text in transcribed

Costa Lob Brod A Peral years depreciation, alternative methods: exchange/disposal of PP VecxnUMER Machine 1000-$6.075 Machine 1705-$22.646 Machine BT-311-$77.810 Zephyr Mineral completed the following transactions involving machinery. assignmat was estimated to be six years with a $4,300 trade-in value. Straight-line depreciation was recorded for Machine Na 1550 was purchased for cash on April 1, 2020, at an installed cost of $52,900. Is chine at the ends of 2020, 2021, and 2022 allowance of 530210 was received for Machine No. 1550, and the balance was paid in cash. The fais w On March 29, 2023, it was traded for Machine No. 1795, with an installed cash price of $62.000.1 Machine No 1550 and Machine No. 1795 could not be determined. ance of $20,000 was received for Machine No. 1795, and the balance was paid in cash. CHECK FIGU Ocean Fish STUDENT Machine No BT-311, which had an installed cash price of $537,000, the machine's fair value. A trade-in a balance depreciation on this machine was recorded each December 31. On October 2, 2024, it was tra Machine No. 1795's life was predicted to be four years with a trade-in value of $8,200. Double-de It was estimated that Machine No. BT-311 would produce 200,000 units of product during its fo useful life, after which it would have a $35,000 trade-in value. Units-of-production depreciation was re for the machine for 2024, a period in which it produced 31,000 units of product. Between January 1, 2025 August 21, 2027, the machine produced 108,000 more units. On August 21, 2027, it was sold for $81,200 Required Round calculations to the nearest dollar and prepare journal entries to record: a. The depreciation expense recorded to the nearest whole month on the first December 31 of each mach life. h The purchase/exchange/disposal of each machine.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting A Managerial Emphasis

Authors: Horngren, Srikant Datar, George Foster, Madhav Rajan, Christ

6th Canadian edition

978-0132893534, 9780133389401, 132893533, 133389405, 978-0133392883

More Books

Students also viewed these Accounting questions