How to calculate the depreciations (first picture) journal entries December 1 Recorded sales on account of $800,000, 3 15, net 30 Cost of inventory was $375,000 Panther Builders, Inc uses the net method for accounting for sales December 2 Purchased Equipment for $400,000, paying $250,000 down and signed a 6 , 90 day note for the balance This equipment will be depreciated using the double declining method over 9 years, and no salvage value December 3 Collected $611,000 on accounts December 4 Bought back 18,000 shares of stock for $13 per share December 5 Issued 10,000 shares of restricted stock to its CFO The stock has a fair value of $160,000 The service period related to this restricted stock is 6 years Vesting occurs if the CFO stays with the company for 6 years The par value of the stock is $1 December 6 Paid invoices total of $289,000 to its suppliers The invoices related to inventory purchases that had been previously recorded December 7 Purchased inventory of $587,000 on account with terms 2 10 net 60 Panther Builders, Inc uses the net method for its purchases December 8 Received payment related to sale on December 1 December 9 Purchased equity securities, without the intention to sell in the near term, for $380,000, plus commissions of $3,800 December 10 Paid off short term note from 12 1 trial balance plus interest of $1,000 December 11 Paid invoices of $712,000 to suppliers December 12 Issued 50,000 shares of common stock at $17 50 per share December 14 Collected $850,000 on Account December 16 Paid invoice from 12 7 December 17 Purchased $110,045 inventory on account with terms 2 15, net 30 Panther Builders, Inc uses the net method for its purchases December 18 Collected $453,000 on Account December 19 Recorded sales on account of $850,000, 2 15, net 60, cost of inventory was $595,000 December 20 Recorded sales on account of $635,000, terms 3 10, net 30, cost of merchandise inventory was $425,000 December 21 Sold 12,500 shares of Treasury Stock for $15 per share December 24 Made payment of $52,000 towards long term note payable of $500,000, which includes interest of $6,500 December 26 Wrote off $18,600 in bad debt December 31 Signed a 6 year lease for equipment, fair value of $500,000 Equipment transfers to Panther Builders, Inc at end of lease Lease payments of 82,750 commence with signing of lease Adjusting Journal Entries Supplies on hand at the end of the year $5,016 Equipment shown on the 12 1 TB was purchased on 1 1 17, has a 7 year life, no salvage value and company uses double declining balance method for its depreciation Dont forget to depreciate the new equipment, which is also depreciated using the DDB method Included in the truck balance is a fully depreciated truck for $6,500 and a new truck valued at $50,000 that was purchased on 1 1 17 The new truck has an 8 year life, no salvage value and the company uses the sum of the years digits for its depreciation method on this asset The building is depreciated under the straight line method over 39 years and was placed in service on July 1, 2018 The machinery was purchased on December 1, 2020, has a 5 year useful life, salvage value of $4,000, and is being depreciated under the straight line method The patent was purchased on 1 1 2013 for $100,000 and its useful life is 20 years Included in the Prepaid Insurance Account balance at 12 1 is a $75,000, 12 month insurance policy that was purchased on August 1, 2021 Also included in the 12 1 trial balance (and the 12 31 TB) was an insurance policy that expired on 12 31 21 Declared dividends of $350,000 on December 31 The fair market value of the short term investments is $12,500 The total fair value of the Available for Sale Securities is $489,000 2 of Accounts Receivable is estimated to be uncollectible Company uses the allowance method for estimating its uncollectible accounts Accrued salaries of $145,000 and accrued payroll taxes of 6 2 Had issued $2,500,000 of 4 , 10 year bond, dated 1 1 18 for $2,305,133 when the market rate was 5 Interest is paid on June 30 and January 1 using the effective interest rate method The June payment is included in the Dec 1 TB One month has passed since the issuance of restricted stock Interest on 30 days of short term note payable, dated 12 2 21 should be accrued (Assume 360 days in a year for calculation) Income tax rate is 21 Depreciation Cales Years Method Building SL 39 3,000,000 annual exp A D 2018 2020 2021 Equipment DDB Year Cost annual expen CV 2017 250,000 2018 2019 2020 2021 New equipment DDB Cost annual exper CV 2021 400,000 Truck SYD annual expen CV 50000 2017 2018 2019 2020 2021 Machinery Salvage Value SL annual exp 850000 A D 2020 2021 Sale of Equipment Do Journal entry Cash FV Ad AFS Unrealized G L Equity Check AFS Securities JE For the year ended December 31, 2021 Revenues Sales Cost of Goods Sold Gross Profit Margins 8 186,460 00 4550,000 00 3,636,460 00 125,000 00 Less Operating Expense Selling Distribution Expense Advertisting Expense General and Administrative Expenses Supplies Expense Salaries Expense Compensation Expense Utilities Expense Bad Dept Expense Payroll Tax Expense Insurance Expense Depreciation Expense Amortization Expense Miscellaneous Expenses Interest Expense Total General Administrating Expenses Operating Income Non Operating or Other Realized Gains (Losses) Unrealized Gains (Losses) Income Total Non Operating or Other 22,989 00 2 045,000 00 2 222 22 9,000 00 23 734 40 88,990 00 121 250 00 277,679 48 5,000 00 9,300 00 126,165 00 2 731 330 11 780,129 89 3,500 00 1,500 00 2,000 00 Earning Before Income Tax Income Tax Expense 782,129 89 164,247 00 164, 247 00 617,882 89 Net Income ASSETS 5 1 Loro 30 00 34000 51307 S 77000 5 5 SU 5 $ 5 2000 S SOLO 5 EUR S 150C POL Sep Tools 5 2 000 000 249 230 ESC GO 100 $ LES0000 $ 1 000 000 00 5 BAO 5 SO, 5 $ 65000 00 5 $ SE50 00 $ SC Des BER SEO Derud $ $ 5 100 0 15 FWMS 5 200 00 5 ONA 5 $ 1 22 SEO Tots US 2177,000 21 30 SP CE Posay $ SESSE $ 1722 000 00 9,000 00 5 $ MODO 5 $ 150 $ 1900 $ US10 33 000 SO 5 $ 5 2 500 000 S 12200 $ US son 000 2 500 000 1145 13 UNT 5 Don Bonde $ SETS Stadt Quest 5 246000 00 53 00 $ 1112 $ 5,200 00 $ 157 771 73 $ 500 00 $ 1 045,590 15 000 lection 11 3 3

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How to calculate the depreciations (first picture)? journal entries: December 1: Recorded sales on account of $800,000, 3/15, net 30. Cost of inventory was $375,000.

How to calculate the depreciations (first picture)?

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journal entries: December 1: Recorded sales on account of $800,000, 3/15, net 30. Cost of inventory was $375,000. Panther Builders, Inc. uses the net method for accounting for sales.

December 2: Purchased Equipment for $400,000, paying $250,000 down and signed a 6%, 90-day note for the balance. This equipment will be depreciated using the double declining method over 9 years, and no salvage value.

December 3: Collected $611,000 on accounts.

December 4: Bought back 18,000 shares of stock for $13 per share.

December 5: Issued 10,000 shares of restricted stock to its CFO. The stock has a fair value of $160,000. The service period related to this restricted stock is 6 years. Vesting occurs if the CFO stays with the company for 6 years. The par value of the stock is $1.

December 6: Paid invoices total of $289,000 to its suppliers. The invoices related to inventory purchases that had been previously recorded.

December 7: Purchased inventory of $587,000 on account with terms 2/10 net 60. Panther Builders, Inc. uses the net method for its purchases.

December 8: Received payment related to sale on December 1.

December 9: Purchased equity securities, without the intention to sell in the near term, for $380,000, plus commissions of $3,800.

December 10: Paid off short-term note from 12/1 trial balance plus interest of $1,000.

December 11: Paid invoices of $712,000 to suppliers.

December 12: Issued 50,000 shares of common stock at $17.50 per share

December 14: Collected $850,000 on Account.

December 16: Paid invoice from 12/7.

December 17: Purchased $110,045 inventory on account with terms 2/15, net 30. Panther Builders, Inc. uses the net method for its purchases.

December 18: Collected $453,000 on Account.

December 19: Recorded sales on account of $850,000, 2/15, net 60, cost of inventory was $595,000.

December 20: Recorded sales on account of $635,000, terms 3/10, net 30, cost of merchandise inventory was $425,000.

December 21: Sold 12,500 shares of Treasury Stock for $15 per share.

December 24: Made payment of $52,000 towards long-term note payable of $500,000, which includes interest of $6,500.

December 26: Wrote off $18,600 in bad debt.

December 31: Signed a 6-year lease for equipment, fair value of $500,000. Equipment transfers to Panther Builders, Inc. at end of lease. Lease payments of 82,750 commence with signing of lease.

Adjusting Journal Entries

Supplies on hand at the end of the year: $5,016.
Equipment shown on the 12/1 TB was purchased on 1/1/17, has a 7-year life, no salvage value and company uses double-declining balance method for its depreciation.
Dont forget to depreciate the new equipment, which is also depreciated using the DDB method!
Included in the truck balance is a fully depreciated truck for $6,500 and a new truck valued at $50,000 that was purchased on 1/1/17. The new truck has an 8-year life, no salvage value and the company uses the sum-of-the-years digits for its depreciation method on this asset.
The building is depreciated under the straight-line method over 39 years and was placed in service on July 1, 2018.
The machinery was purchased on December 1, 2020, has a 5-year useful life, salvage value of $4,000, and is being depreciated under the straight-line method.
The patent was purchased on 1/1/2013 for $100,000 and its useful life is 20 years.
Included in the Prepaid Insurance Account balance at 12/1 is a $75,000, 12-month insurance policy that was purchased on August 1, 2021.
Also included in the 12/1 trial balance (and the 12/31 TB) was an insurance policy that expired on 12/31/21.
Declared dividends of $350,000 on December 31.
The fair market value of the short-term investments is $12,500.
The total fair value of the Available for Sale Securities is $489,000.
2% of Accounts Receivable is estimated to be uncollectible. Company uses the allowance method for estimating its uncollectible accounts.
Accrued salaries of $145,000 and accrued payroll taxes of 6.2%.
Had issued $2,500,000 of 4%, 10-year bond, dated 1/1/18 for $2,305,133 when the market rate was 5%. Interest is paid on June 30 and January 1 using the effective interest rate method. The June payment is included in the Dec. 1 TB.
One month has passed since the issuance of restricted stock.
Interest on 30 days of short-term note payable, dated 12/2/21 should be accrued. (Assume 360 days in a year for calculation)
Income tax rate is 21%

Depreciation Cales Years Method Building SL 39 3,000,000 annual exp A/D 2018-2020 2021 Equipment DDB Year Cost annual expen CV 2017 250,000 2018 2019 2020 2021 New equipment DDB Cost annual exper CV 2021 400,000 Truck SYD annual expen CV 50000 2017 2018 2019 2020 2021 Machinery Salvage Value? SL annual exp 850000 A/D 2020 2021 Sale of Equipment: Do Journal entry Cash FV Ad AFS Unrealized G/L Equity Check AFS Securities JE For the year ended December 31, 2021 Revenues: Sales Cost of Goods Sold Gross Profit Margins 8.186,460.00 4550,000.00 3,636,460.00 125,000.00 Less Operating Expense Selling & Distribution Expense Advertisting Expense General and Administrative Expenses Supplies Expense Salaries Expense Compensation Expense Utilities Expense Bad Dept Expense Payroll Tax Expense Insurance Expense Depreciation Expense Amortization Expense Miscellaneous Expenses Interest Expense Total General & Administrating Expenses Operating Income Non-Operating or Other Realized Gains (Losses) Unrealized Gains (Losses) Income Total Non-Operating or Other 22,989.00 2.045,000.00 2.222.22 9,000.00 23.734.40 88,990.00 121.250.00 277,679.48 5,000.00 9,300.00 126,165.00 2.731.330.11 780,129.89 3,500.00 1,500.00 2,000.00 Earning Before Income Tax Income Tax Expense 782,129.89 164,247.00 164, 247.00 617,882.89 Net Income ASSETS 5 1 Loro 30.00 34000 51307 S 77000 5 5 SU 5 $ 5 2000 S SOLO 5 EUR S. 150C POL Sep Tools 5 2.000 000 249.230 ESC.GO 100 $ LES0000 $ 1.000.000.00 5 BAO 5 SO, 5 $ 65000.00 5 $ SE50.00 $ SC Des BER SEO Derud $ $ 5 100.0 15. FWMS 5.200.00 . 5 . ONA 5 $ 1.22 SEO Tots US+ 2177,000 21.30 SP CE Posay $ SESSE $ 1722.000.00 9,000.00 5 $ MODO 5 $ 150 $ 1900 $ US10 33.000 SO 5 $ 5 2.500.000 S 12200 $ US. son 000 2.500.000 1145.13 UNT 5 Don Bonde $ SETS Stadt Quest 5 246000.00 53.00 $ 1112 $ 5,200.00 $ 157.771.73 $ 500.00 $ 1.045,590 15.000 lection 11.3.3