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please help with the following PPE journal entries: Part 3: PP&E Transactions 8) Carter Inc. buys equipment on September 30 2019 for $225,000 cash. They
please help with the following PPE journal entries:
Part 3: PP&E Transactions 8) Carter Inc. buys equipment on September 30 2019 for $225,000 cash. They estimate the equipment will have a salvage value of $65,000 and a useful life of 8 years a. Write the journal entry to record depreciation for 2019. 12/31/19 b._Record the journal entry to record depreciation expense for the second year. 12/31/120 c. What is the book value of this equipment on the December 31, 2020 Balance Sheet? 9) Kennedy Industries purchased equipment on May 1, 2019 for $143,000. The equipment is estimated to have a $38,000 salvage value at the end of its 6-year life. The company uses straight-line method of depreciation. What is the balance in accumulated depreciation at 12/31/22? 10)On March 31, 2019, Hunter Industries sells machinery for $76,000. The machinery originally cost $142,000 and had an estimated 11-year life with an expected salvage value of $32,000. The Accumulated Depreciation account had a balance of $78,593 on December 31, 2018. a. What is the gain or loss on the date of the sale? (Hint: Don't forget to update depreciation through the date of sale first!) b. What is the journal entry to record this sale? 3/31/19Step by Step Solution
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