please answer two questions
Exercise 1115 On March 10, 2017, No Doubt Company sells equipment that it purchased for $240,000 on August 20, 2010. It was originally estimated that the equipment would have a life of 12 years and a residual value of $21,000 at the end of that time, and depreciation has been computed on that basis. The company uses the straightaline method of depreciation. (a) Compute the depreciation charge on this equipment for 2010, for 201?, and the total charge for the period from 2011 to 2016, inclusive, under each of the six following assumptions with respect to partial periods. (Round answers to LI decima! places, e.g. 5,2?5. Do not Ieave any answer el'd blank. Enter a for amounts.) (1) Depreciation is computed for the exact period oftime during which the asset is owned. (Use 365 days for the base.) (2) Depreciation is computed for the full year on the January 1 balance in the asset account. (3) Depreciation is computed for the full year on the December 31 balance in the asset account. (4) Depreciation for onehalf year is charged on plant assets acquired or disposed of during the year. (5) Depreciation is computed on additions from the beginning of the month following acquisition and on disposals to the beginning ofti1e month following dispol. (6) Depreciation is computed for a full period on all assets in use for over onehalf year, and no depreciation is charged on assets in use for less than oncLhalf year. (1) (2) (3) (4) (5) (6) Exercise 1129 Su Company acquired an excavator on January 1, 2013, for 10,000 [all amounts in thousands]. This excavator represents the company's only piece of equipment, and Su chooses revaluation accounting. This excavator is being depreciated on a straight-line basis over its 10-year useful life. There is no residual value at the end of the 10year period. The appraised value of the excavator approximates the carrying value at December 31, 2013 and 2015. On December 31, 2014, the fair value is deten'nined to be 8,800; on December 31r 2016, the fair value is determined to be 5,000. (a) Show.I all journal entries for each year from 2013 through 2016. {Credit account tittes are automation")! indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Tltlm and Explanation Debit Credit December 31, 2013 December 31, 2014 (To record depreciation expense for year 2014) December 31, 2014 (T o adjust the equipment to fair value and record unrealized gain) December 31, 2015 (To record depreciation expense for year 2015) December 31, 2015 (To record transfer from AOCI to Retained Earnings) December 31, 2016 (To record depreciation expense for year 2016) December 31, 2016 (To record transfer from AOCI to Retained Earnings) December 31, 2016 (To adjust the equipment to fair value and record unrealized gain)
