Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pharoah Productions Corp. purchased equipment on March 1,2024, for $55,800. The company estimated the equipment would have a usefullife of three vears and produce 10,000

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Pharoah Productions Corp. purchased equipment on March 1,2024, for $55,800. The company estimated the equipment would have a usefullife of three vears and produce 10,000 units, with a residual value of $9,000. During 2024. the equipment produced 4.900 units, On November 30,2025 , the equipment was sold for $18,000 and had produced 6,300 units that year. (a) Record all the necessary journal entries for the vears ended December 31,2024 and 2025, using the following depreciation methods: (List all debit entries before credit entries. Credit account titles are outomatically indented when the amount is entered. Do not infent manualfy, If no entry Is required, select "No Entry" for the occount tities and enter O For the amounts. Round the depreciation rate in the double-diminishing balance method to the negrest whole percent, es. 43% and round depreciation per unit in the units-of-production depreciotion method to 2 decimal places, es. 2.25 and final answers to 0 decimal places, eg. 5.275.) Date Account Titles and Explanation Debit Credit 2024 Mar. 1 Dec. 31 2025 Nov, 30 (To record depreciation expense) Nov, 30 (2) Double-diminishing-balance 2025 Nov. 30 (To record depreciation expense) Nov, 30 (To record the sale of equipment) (3) Units-of-production tallinits-nf-nroduction

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

Recommended Textbook for

Accounting Business Reporting For Decision Making

Authors: Jacqueline Birt, Keryn Chalmers, Suzanne Maloney, Albie Brooks, Judy Oliver

6th Edition

978-0730363415, 0730363414

More Books

Students also viewed these Accounting questions