The property, plant, and equipment section of the Jasper Company's December 31, 2020, balance sheet contained...
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The property, plant, and equipment section of the Jasper Company's December 31, 2020, balance sheet contained the following: Property, plant, and equipment: Land Building Less: Accumulated depreciation. Equipment Less: Accumulated depreciation Total property, plant, and equipment The land and building were purchased at the beginning of 2016. Straight line depreciation is used and a residual value of $34,000 for the building is anticipated. The equipment is comprised of the following three machines: Machine 101 102 101 Cost Date Acquired $52,000 66,200 27,900 1/1/2018 6/10/2019 9/3/2020 Residual Value $114,000 $544,000 (170,000) 374,000 146,100 $6,400 7,400 2,400 Life (in Years) 11 Y 10 The straight-line method is used to determine depreciation on the equipment. On March 31, 2021, Machine 102 was sold for $40,000. 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. 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 < Required 1 Required 2 > Required 1 Required 2 Required 4 Prepare the journal entry to record 2021 depreciation on machine 102 up to the date of sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Required 3 Journal entry worksheet < 1 Record the depreciation on machine 102 through date of sale. Note: Enter debits before credits Date March 31, 2021 Required 5 General Journal. Debit Credit 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the gain or loss on the sale of machine 102. Required 4 < Required 2 Required S Required 4 > ces Complete this question by entering your answers in the tabs below. Required 11 Required 2 Required 3 Required 4 Required 5 Prepare the journal entry for the sale of machine 102. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 To record sale of equipment. Note: Enter debits before credits. Date March 31, 2021 General Journal Debit Credit Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare the 2021 year-end journal entries to record depreciation on the building and remaining equipment. (If no entry is requis transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Record the depreciation on the building. Note: Enter debits before credits. Transaction General Journal Debit Credit Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 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 the first account field.) View transaction list Journal entry worksheet < 1 2 Record the depreciation on the equipment. Note: Enter debits before credits. Transaction: 2 General Journal Debit Credit The property, plant, and equipment section of the Jasper Company's December 31, 2020, balance sheet contained the following: Property, plant, and equipment: Land Building Less: Accumulated depreciation. Equipment Less: Accumulated depreciation Total property, plant, and equipment The land and building were purchased at the beginning of 2016. Straight line depreciation is used and a residual value of $34,000 for the building is anticipated. The equipment is comprised of the following three machines: Machine 101 102 101 Cost Date Acquired $52,000 66,200 27,900 1/1/2018 6/10/2019 9/3/2020 Residual Value $114,000 $544,000 (170,000) 374,000 146,100 $6,400 7,400 2,400 Life (in Years) 11 Y 10 The straight-line method is used to determine depreciation on the equipment. On March 31, 2021, Machine 102 was sold for $40,000. 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. 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 < Required 1 Required 2 > Required 1 Required 2 Required 4 Prepare the journal entry to record 2021 depreciation on machine 102 up to the date of sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Required 3 Journal entry worksheet < 1 Record the depreciation on machine 102 through date of sale. Note: Enter debits before credits Date March 31, 2021 Required 5 General Journal. Debit Credit 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the gain or loss on the sale of machine 102. Required 4 < Required 2 Required S Required 4 > ces Complete this question by entering your answers in the tabs below. Required 11 Required 2 Required 3 Required 4 Required 5 Prepare the journal entry for the sale of machine 102. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 To record sale of equipment. Note: Enter debits before credits. Date March 31, 2021 General Journal Debit Credit Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare the 2021 year-end journal entries to record depreciation on the building and remaining equipment. (If no entry is requis transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Record the depreciation on the building. Note: Enter debits before credits. Transaction General Journal Debit Credit Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 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 the first account field.) View transaction list Journal entry worksheet < 1 2 Record the depreciation on the equipment. Note: Enter debits before credits. Transaction: 2 General Journal Debit Credit
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1 Accumulated Depreciation on Equipment at December 31 2020 Machine 101 52000 6400 x 81... View the full answer
Related Book For
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
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