Old MathJax webview

Assume Solid Transport Lid's balance sheet includes the following assets under Property, Plant, and Equipment Land, Buildings, and Motor-Carrier Equipment Solid has a separate accumulated depreciation account for each of these assets except land. Further, assume that Solid completed the following transactions Click the icon to view the transactions.) Requirements 1. Record the transactions in Solid Transport Ltd's journal 2. How does management choose which depreciation method to use? i Requirement 1. Record the transactions in Solid Transport Lid's journal January 2, 2020 Sold motor-camer equipment with accumulated depreciation of 568 300 (cost of $133,000) for $69.000 cash. Purchased similar new equipment with a cash price 5182,000 Journalize the sale of the motor carrier equipment (Record debits first, then credits. Explanations are not required.) Journal Entry Dats Accounts Debit Credit Jan 2 Record the purchase of the new motor carrier equipment Choose from any list or enter any number in the input fields and then continue to the next question ? a separate ac i Transactions a sh price $182 dl 2020 Jan 2 Sold motor-carrier equipment with accumulated depreciation of $68 300 (cost of $133,000) for $69,000 cash Purchased similar new equipment with a cash price $182,000 July 3 Sold a building that had cost $690,000 and had accumulated depreciation of $130,000 through December 31 of the preceding year. Depreciation is computed on a straight-line basis. The building had a 40-year useful life and a residual value of $260,000. Solid received $102,000 cash and a $452,625 note receivable Oct 29 Purchased land and a building for a single price of $424,000. An Independent appraisal valued the land at $153,000 and the building at $309,000 Dec. 31 Recorded depreciation as follows: New motor-carrier equipment has an expected useful life of six years and an estimated residual value of 5% of cost. Depreciation is computed on the double-diminishing-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 10% of its cost Assume Solid Transport Lid's balance sheet includes the following assets under Property Plant, and Equipment: Land Buildings, and Motor Carrier Equipment Solid has a separate accumulated depreciation account for each of these assets except land. Further, assume that Solid completed the following transactions i Click the icon to view the transactions.) Requirements 1. Record the transactions in Solid Transport Lid's journal. 2. How does management choose which depreciation method to use? July 3 Sold a building that had cost $690,000 and had accumulated depreciation of 130,000 through December 31 of the preceding year. Depreciation is computed on a straight-line basis. The building had a 40-year useful Me and a residual value of 5260,000. Solid received $102,000 cash and a $452,625 note receivable Record the depreciation expense for July 3. (Use the full months for calculations. Round to the nearest whole dollar.) Journal Entry Date Accounts Debit Credit July 31 Record the sale of the building on July 3 Ida 2 Choose from any list or enter any number in the input fields and then continue to the next question o Assume Solid Transport Ltd.'s balance sheet includes the following assets under Property, plant, and Equipment Land Buildings and Motor Carrier Equipment Solid has a separate accumulated depreciation account for each of these assets except land. Further, assume that Solid completed the following transactions (Click the icon to view the transactions.) Requirements 1. Record the transactions in Solid Transport Uld's Journal 2. How does management choose which depreciation method to use? Record the sale of the building on July 3 Journal Entry Date Accounts Debit Credit July October 29. Purchased land and a building for a single price of 5424.000 An Independent appraisal valued the land at 5153,000 and the building at $309,000 (Hold all decimals for interim calculations. Round your final answer to the nearest whole dollar.) Journal Entry Date Accounts Debit Credit . Choose from any list or enter any number in the input fields and then continue to the next question 2 0 Assume Solid Transport Uld's balance sheet Includes the following assets under Property, Plant and Equipment: Land, Buildings, and Motor Carrior Equipment. Solid has a separate accumulated depreciation account for each of these assets except land Further, assume that Solid completed the following transactions (Click the icon to view the transactions.) Requirements 1. Record the transactions in Solid Transport Lid's journal 2. How does management choose which depreciation method to use? December 31. Recorded depreciation as follows New motor-carrier equipment has an expected useful life of six years and an estimated residual value of 5% of cost. Depreciation is computed on the double-diminishing 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 10% of its cost. Record the depreciation expense on the equipment for December 31, (Hold all decimals for interim calculations. Round your final answer to the nearest whole dollar) Joumal Entry Date Accounts Debit . 31 Credit Record the depreciation expense on the buildings for December 31 (Hold all decimals for interim calculations. Round your final answer to the nearest whole dollar) Journal Entry Choose from any list or enter any number in the input fields and then continue to the next question 0 Assume Solid Transport Lid's balance sheet includes the following assets under Property, plant, and Equipment Land, Buildings, and Motor Carrier Equipment Sold has a separate accumulated depreciation account for each of these assets except land. Further, assume that Solid completed the following transactions (Click the icon to view the transactions.) Requirements 1. Record the transactions in Solid Transport Lid's Journal 2. How does management choose which depreciation method to use? FULUIU UR URUT APUDE DOMU LAURI your RS WRIT Journal Entry Date Accounts Dobit Credit Dec 31 Requirement 2. How does management choose which deproclation method to use? Management chooses the The useful lives method that reflects the pattern in which the asset will be used. For example, the asset generales revenue avenly over time, the y method should be used method is suited for those assets that wear out due to physical use while tho V method is best for assets that generate greater amounts of revenue earlier in the Choose from any list or enter any number in the input fields and then continue to the next question 2