Jan

33?:

Traded in equipment with accumulated depreciation of

$ 62 comma 000$62,000

?(cost of

$ 131 comma 000$131,000?)

for similar new equipment with a cash cost of

$ 173 comma 000$173,000.

Received a? trade-in allowance of

$ 71 comma 000$71,000

on the old equipment and paid

$ 102 comma 000$102,000

in cash.

?Inc., has the following plant asset? accounts: Land,? Buildings, and? Equipment, with a separate accumulated depreciation account for each of these except Land.

RoperRoper

completed the following? transactions:

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?(Click the icon to view the? transactions.)

Requirement

1.

Record the transactions in

RoperRoper?,

?Inc.'s, journal.

Jun

3030?:

Sold a building that had a cost of

$ 650 comma 000$650,000

and had accumulated depreciation of

$ 170 comma 000$170,000

through December 31 of the preceding year. Depreciation is computed on a? straight-line basis. The building has a? 40-year useful life and a residual value of

$ 250 comma 000$250,000.

RoperRoper

received

$ 150 comma 000$150,000

cash and a

$ 325 comma 000$325,000

note receivable.

Before we record the sale of the? building, we must record the depreciation expense for the current year. Start by journalizing depreciation expense on the building through June

3030.

b-

Oct

3131?:

Purchased land and a building for a single price of

$ 310 comma 000$310,000

cash. An independent appraisal valued the land at

$ 50 comma 250$50,250

and the building at $ 284 comma 750.$284,750.

c-Dec? 31: Equipment has an expected useful life of

1010

years and an estimated residual value of

99?%

of cost. Depreciation is computed on the? double-declining-balance method. Prepare the entry to record depreciation on equipment through December 31.

d-Dec? 31: Depreciation on buildings is computed by the? straight-line-method. The new building carries a? 40-year useful life and a residual value equal to

2020?%

of its cost. Prepare the entry to record depreciation on building

Jan 33		Traded in equipment with accumulated depreciation of $ 62 comma 000$62,000 ?(cost of $ 131 comma 000$131,000?) for similar new equipment with a cash cost of $ 173 comma 000$173,000. Received a? trade-in allowance of $ 71 comma 000$71,000 on the old equipment and paid $ 102 comma 000$102,000 in cash.
Jun 3030		Sold a building that had a cost of $ 645 comma 000$645,000 and had accumulated depreciation of $ 140 comma 000$140,000 through December 31 of the preceding year. Depreciation is computed on a? straight-line basis. The building has a? 40-year useful life and a residual value of $ 285 comma 000$285,000. CarneyCarney received $ 130 comma 000$130,000 cash and a $ 370 comma 500$370,500 note receivable.
Oct 3131		Purchased land and a building for a single price of $ 360 comma 000$360,000 cash. An independent appraisal valued the land at $ 152 comma 000$152,000 and the building at $ 228 comma 000.$228,000.
Dec 31		Recorded depreciation as? follows: Equipment has an expected useful life of tenten years and an estimated residual value of 1212?% of cost. Depreciation is computed on the? double-declining-balance method. Depreciation on buildings is computed by the? straight-line-method. The new building carries a? 40-year useful life and a residual value equal to 3030?% of its cost.