Take me to the text Equipment was purchased on January 1 , 2 0 1 5 for $ 8 0 , 0 0 0 The asset is expected to last for four years, at which time the estimated residual value will be $ 1 1 , 0 0 0 Required a ) Prepare a table showing the amount of depreciation expense each year, accumulated depreciation to date and net book value The company uses straight line depreciation Do not enter dollar signs or commas in the input boxes Round all dollar figure answers to the nearest whole number Year Cost of Long Term Asset Depreciation Expense Accumulated Depreciation Net Book Value 2 0 1 5 $ 8 0 , 0 0 0 $Answer 1 7 2 5 0 $Answer $Answer 2 0 1 6 $ 8 0 , 0 0 0 $Answer $Answer $Answer 2 0 1 7 $ 8 0 , 0 0 0 $Answer $Answer $Answer 2 0 1 8 $ 8 0 , 0 0 0 $Answer $Answer $Answer b ) The asset was sold for $ 1 4 , 0 0 0 on the first day of 2 0 1 9 Prepare the journal entry to record the sale Enter all debit accounts in alphabetical order Enter all credit accounts in alphabetical order Date Account Title and Explanation Debit Credit Jan 1 Answer Accumulated Depreciation Answer Answer Cash Answer Answer Equipment Answer Answer Gain on Disposal of Asset Answer Sale of equipment for cash c ) Using the same purchase information at the beginning of the question, prepare the table assuming that the company used double declining balance depreciation Year Net Book Value at the Beginning of the Year Depreciation Expense Accumulated Depreciation Net Book Value at the End of the Year 2 0 1 5 $Answer $Answer $Answer $Answer 2 0 1 6 $Answer $Answer $Answer $Answer 2 0 1 7 $Answer $Answer $Answer $Answer 2 0 1 8 $Answer $Answer $Answer $Answer d ) Using the same purchase information and residual value at the beginning of the question, assume that the company uses the units of production method The asset can produce one million units Prepare the depreciation table Year Cost of Long Term Asset Units Produced Depreciation Expense Accumulated Depreciation Net Book Value 2 0 1 5 $ 8 0 , 0 0 0 1 2 0 , 0 0 0 $Answer $Answer $Answer 2 0 1 6 $ 8 0 , 0 0 0 1 3 0 , 0 0 0 $Answer $Answer $Answer 2 0 1 7 $ 8 0 , 0 0 0 2 0 0 , 0 0 0 $Answer $Answer $Answer 2 0 1 8 $ 8 0 , 0 0 0 3 1 0 , 0 0 0 $Answer $Answer $Answer

Question

Take me to the text Equipment was purchased on January 1 , 2 0 1 5 for $ 8 0 , 0 0 0   The asset is expected to last for four years, at which time the estimated residual value will be $ 1 1 , 0 0 0   Required a ) Prepare a table showing the amount of depreciation expense each year, accumulated depreciation to date and net book value  The company uses straight   line depreciation  Do not enter dollar signs or commas in the input boxes  Round all dollar figure answers to the nearest whole number  Year Cost of Long   Term Asset Depreciation Expense Accumulated Depreciation Net Book Value 2 0 1 5 $ 8 0 , 0 0 0 $Answer 1 7 2 5 0 $Answer $Answer 2 0 1 6 $ 8 0 , 0 0 0 $Answer $Answer $Answer 2 0 1 7 $ 8 0 , 0 0 0 $Answer $Answer $Answer 2 0 1 8 $ 8 0 , 0 0 0 $Answer $Answer $Answer b ) The asset was sold for $ 1 4 , 0 0 0 on the first day of 2 0 1 9   Prepare the journal entry to record the sale  Enter all debit accounts in alphabetical order  Enter all credit accounts in alphabetical order  Date Account Title and Explanation Debit Credit Jan 1 Answer Accumulated Depreciation Answer Answer Cash Answer Answer Equipment Answer Answer Gain on Disposal of Asset Answer Sale of equipment for cash c ) Using the same purchase information at the beginning of the question, prepare the table assuming that the company used double   declining   balance depreciation  Year Net Book Value at the Beginning of the Year Depreciation Expense Accumulated Depreciation Net Book Value at the End of the Year 2 0 1 5 $Answer $Answer $Answer $Answer 2 0 1 6 $Answer $Answer $Answer $Answer 2 0 1 7 $Answer $Answer $Answer $Answer 2 0 1 8 $Answer $Answer $Answer $Answer d ) Using the same purchase information and residual value at the beginning of the question, assume that the company uses the units   of   production method  The asset can produce one million units  Prepare the depreciation table  Year Cost of Long   Term Asset Units Produced Depreciation Expense Accumulated Depreciation Net Book Value 2 0 1 5 $ 8 0 , 0 0 0 1 2 0 , 0 0 0 $Answer $Answer $Answer 2 0 1 6 $ 8 0 , 0 0 0 1 3 0 , 0 0 0 $Answer $Answer $Answer 2 0 1 7 $ 8 0 , 0 0 0 2 0 0 , 0 0 0 $Answer $Answer $Answer 2 0 1 8 $ 8 0 , 0 0 0 3 1 0 , 0 0 0 $Answer $Answer $Answer

Accepted Answer

The Answer is in the image, click to view ...

Question

Take me to the text Equipment was purchased on January 1 , 2 0 1 5 for $ 8 0 , 0 0 0 .

Step by Step Solution

Step: 1

Get Instant Access with AI-Powered Solutions

Step: 2

Step: 3

Ace Your Homework with AI

Students also viewed these Accounting questions

Question

Question

Question

Question

Question

Question

Question

Question

Question