Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

how do i do this? prepare in good form 19.23 (LO 4, 5) (Analysis of Subsequent Espenditures) The following transactions occurred during 2025, Assume that

how do i do this? prepare in good form
image text in transcribed
image text in transcribed
19.23 (LO 4, 5) (Analysis of Subsequent Espenditures) The following transactions occurred during 2025, Assume that depreciation of 105 per year is charged on all machinery and 5% per year on buildings, on a straight-line basis, with no estimated salvege value. Depreciation is charged for a full year on all fixed assets acquired during the year, and no drpreciation is charged on fixed assets disposed of during the year: Jan. 30 A building that cost $132,000 in 2008 is torn down to make room for a new building. The wrecking contractor was paid $5,100 and was permitted to keep all materials salvaged. Mar. 10 Machinery that was purchased in 2018 for $16,000 is sold for $2,900 cash, f.o.b. purchaser's plant. Freight of $300 is paid on the sale of this machinery. Mar. 20 A gear breaks on a machine that cost $9,000 in 2017. The gear is replaced at a cost of $2,000. The replacement does not extend the useful life of the machine but does make the machine more efficient. May 18 A special base installed for a machine in 2019 when the machine was purchased has to be replaced at a cost of $5,500 because of defective workmanship on the original base. The cost of the machinery was $14,200 in 2019 . The cost of the base was $3,500, and this amount was charged to the Machinery account in 2019. June 23 One of the buildings is repainted at a cost of $6,900. It had not been painted since it was constructed in 2021. Instructions Prepare general journal entries for the transactions. (Round to the nearest dollar.)

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

Students also viewed these Accounting questions

Question

What are the liability issues when contracting for software?

Answered: 1 week ago