Problem 11-9 (Algo) Straight-line depreciation; disposal; partial period; change in estimate (L011-2, 11-5] The property, plant, and equipment section of the Jasper Company's December 31, 2020, balance sheet contained the following 5128,000 Property, plant, and equipment: Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Total property, plant, and equipment $1,248,000 (240,00 194,200 2 1,000,000 ? The land and building were purchased at the beginning of 2016. Straight-line depreciation is used and a residual value of $48,000 for the building is anticipated The equipment is comprised of the following three machines Life in Years) Machine 101 102 105 Cost 5.64,600 97.000 32,600 Date Acquired 1/1/2018 6/38/2019 9/1/2020 Residual Value $7,800 3, 3,800 9 The straight-line method is used to determine depreciation on the equipment On March 31, 2021, Machine 102 was sold for $67.000 Early in 2021, the useful life of machine 101 was revised to five years in total and the residual value was revised to zero Required: 1. Calculate the accumulated depreciation on the equipment at December 31, 2020, 2. Prepare the journal entry to record 2021 depreciation on machine 102 up to the date of sale 3. Calculate the gain or loss on the sale of machine 102 4. Prepare the journal entry for the sale of machine 102 5. Prepare the 2021 year-end journal entries to record depreciation on the building and remaining equipment Answer is complete but not entirely correct. The equipment is comprised of the following three machines: Machine 101 102 103 Cost $ 64,600 97,000 32,600 Date Acquired 1/1/2018 6/30/2019 9/1/2020 Residual Value $ 7,800 8,800 3,800 Life (in Years) 8 0000 9 8 The straight-line method is used to determine depreciation on the equipment. On Early in 2021, the useful life of machine 101 was revised to five years in total, and th Required: 1. Calculate the accumulated depreciation on the equipment at December 31, 2020 2. Prepare the journal entry to record 2021 depreciation on machine 102 up to the 3. Calculate the gain or loss on the sale of machine 102. 4. Prepare the journal entry for the sale of machine 102. 5. Prepare the 2021 year-end journal entries to record depreciation on the building Answer is complete but not entirely corre Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Calculate the accumulated depreciation on the equipment at December 31, 2020. Accumulated depreciation $ 40.133 The equipment is comprised of the following three machines: Machine 101 182 103 Cost $ 64,600 97,000 32,600 Date Acquired 1/1/2018 6/30/2019 9/1/2020 Residual Value $7,800 8,800 3,800 Life (in Years) 8 9 8 The straight-line method is used to determine depreciation on the equipment. On March 31, 2021, Machine 10 Early in 2021, the useful life of machine 101 was revised to five years in total, and the residual value was revise Required: 1. Calculate the accumulated depreciation on the equipment at December 31, 2020. 2. Prepare the journal entry to record 2021 depreciation on machine 102 up to the date of sale. 3. Calculate the gain or loss on the sale of machine 102. 4. Prepare the journal entry for the sale of machine 102 5. Prepare the 2021 year-end journal entries to record depreciation on the building and remaining equipment. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare the journal entry to record 2021 depreciation on machine 102 up to the date of sale. (If no entry is required transaction/event, select "No journal entry required in the first account field.) No Debit Credit Date March 31, 2021 1 General Journal Depreciation expense Accumulated depreciation-building 2,175 2.175 The equipment is comprised of the following three machines: Machine 101 102 103 Cost $ 64,600 97,000 32,600 Date Acquired 1/1/2018 6/30/2019 9/1/2020 Residual Value $ 7,800 8,800 3,800 Life (in Years) 8 9 8 00 000 The straight-line method is used to determine depreciation on the equipment Early in 2021, the useful life of machine 101 was revised to five years in total, and Required: 1. Calculate the accumulated depreciation on the equipment at December 31, 20 2. Prepare the journal entry to record 2021 depreciation on machine 102 up to th 3. Calculate the gain or loss on the sale of machine 102 4. Prepare the journal entry for the sale of machine 102. 5. Prepare the 2021 year-end journal entries to record depreciation on the buildi Answer is complete but not entirely con Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Calculate the gain or loss on the sale of machine 102. Loss on sale of machine 102 11,375 The equipment is comprised of the following three machines: Machine 101 1e2 103 Cost $ 64,600 97,800 32,600 Date Acquired 1/1/2018 6/30/2019 9/1/2020 Residual Value $ 7,800 8,800 3,800 Life (in Years) 8 9 8 The straight-line method is used to determine depreciation on the equipment. On March 31, 2021, Machine 102 Early in 2021, the useful life of machine 101 was revised to five years in total, and the residual value was revised Required: 1. Calculate the accumulated depreciation on the equipment at December 31, 2020. 2. Prepare the journal entry to record 2021 depreciation on machine 102 up to the date of sale. 3. Calculate the gain or loss on the sale of machine 102. 4. Prepare the journal entry for the sale of machine 102 5. Prepare the 2021 year-end journal entries to record depreciation on the building and remaining equipment Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Reded Required S Prepare the journal entry for the sale of machine 102. (If no entry is required for a transaction/event, select "No journal required in the first account field.) No General Journal Date March 31, 2021 Debit Credit 1 Cash Accumulated depreciation-equipment Loss on sale of equipment Equipment 42.000 15,225 X 11,375 68,600 Machine 101 102 103 Cost $ 64,600 97,000 32,600 Date Acquired 1/1/2018 6/30/2019 9/1/2020 Value $ 7,800 8,800 3,800 Years) 8 9 8 The straight-line method is used to determine depreciation on the equipment On March 31, 2021, Machine 102 was sold for $6 Early in 2021, the useful life of machine 101 was revised to five years in total and the residual value was revised to zero. Required: 1. Calculate the accumulated depreciation on the equipment at December 31, 2020. 2. Prepare the journal entry to record 2021 depreciation on machine 102 up to the date of sale. 3. Calculate the gain or loss on the sale of machine 102 4. Prepare the journal entry for the sale of machine 102. 5. Prepare the 2021 year-end journal entries to record depreciation on the building and remaining equipment Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required Prepare the 2021 year-end journal entries to record depreciation on the building and remaining equipment. (If no entry is required for a transaction/event, select "No journal entry required in their countrield) No Transaction General Jouma Debit Credit 1 1 48.000 Depreciation expense Accumulated depreciation building 48,000 2 2 21.125 Depreciation expense Accumulated depreciation equipment 21.125 X