Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Depreciation assistance please help me fill in the blank spaces and show work so I can hopefully understand. thank you Presented below are selected transactions
Depreciation assistance
please help me fill in the blank spaces and show work so I can hopefully understand. thank you
Presented below are selected transactions for the Cullumber Company for 2023. Jan. 1 April 30 Retired a piece of equipment that was purchased on January 1, 2013. The equipment cost $157,500 on that date and had a useful life of 10 years with no salvage value. Sold equipment for $79,800 that was purchased on January 1, 2020. The equipment cost $220.500 and had a useful life of 5 years with no salvage value. Discarded equipment that was purchased on June 30, 2019. The equipment cost $88,200 and was depreciated on a 5-year useful life with a salvage value of $4,200. Dec. 31 Journalize all entries required as a result of the above transactions. Cullumber Company uses the straight-line method of depreciation and has recorded depreciation through December 31, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Journalize all entries required as a result of the above transactions. Cullumber Company uses the straight-line method of depreciation and has recorded depreciation through December 31, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debit Credit late Account Titles and Explanation Jan. Accumulated Depreciation Equipment 1 157,500 157.500 Equipment April 30 Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation) Cash 79,800 Accumulated Depreciation-Equipment Gain on Disposal of Plant Assets 220.500 Equipment (To record sale of equipment) Dec. Depreciation Expense 16.800 31 Accumulated Depreciation Equipment 16.800 (To record depreciation) Loss on Disposal of Plant Assets Accumulated Depreciation-Equipment Equipment 88.200 (To record sale of equipment)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started