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hello? can anyone help a brother out? still stuck!:( HELP Help Save & Exit Sub Pete's Propellers Company showed the following information in its Property.
hello? can anyone help a brother out?
still stuck!:(
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Help Save & Exit Sub Pete's Propellers Company showed the following information in its Property. Plant, and Equipment Subledger regarding Machine #5027 Machine #5027 Component Single metal housing Motor Blade Date of purchase Jan. 12/18 Jan. 12/18 Jan. 12/18 Depreciation Method" SL DDB Cost S60,000 39,000 15,600 $114,600 Est. Residual Est. Life $6,000 15 yrs 6,000 10 yrs 1,400 5 yrs *SL = Straight-line, DDB - Double-declining-balance On January 7, 2020, the machine blade cracked and it was replaced with a new one costing $13,000 purchased for cash (the old blade was scrapped). The new blade had an estimated residual value of $2,000 and an estimated life of five years and would continue to be depreciated using the straight-line method. During 2020, it was determined that the useful life on the metal housing should be increased to a total of 17 years instead of 15 years and that the residual value should be increased to $9.900. Required: 1. Prepare the entry to record the purchase of the replacement blade. View transaction list Journal entry worksheet 1 View transaction list Journal entry worksheet Record installation of new blade. Note: Enter debits before credits Date General Journal Debit Credit Jan 07, 2020 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record replacement/sale of old blade. Note: Enter debits before credits Date Jan 07, 2020 General Journal Debit Credit Record entry Clear entry View general journal Record entry Clear entry View general journal Calculate the total depreciation expense to be recorded on Machine #5027 for 2020. otal Depreciation expense Step by Step Solution
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