Bonita Inc. owns the following long-lived assets: Asset Vehicles Equipment (a) Date Date Purchased Jan. 1, 2023 July 1, 2024 Your answer is correct. Dec. 31 Dec. 31 Cost Prepare depreciation adjusting entries for each asset for the year ended December 31, 2024, assuming the company uses straight-line depreciation and adjusts its accounts annually. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Depreciation Expense $32,400 10,700 Account Titles and Explanation Depreciation Expense Accumulated Depreciation - Vehicles Estimated Useful Life 3 years 5 years (To record Accumulated depreciation of vehicles). Accumulated Depreciation- Equipment (To record Accumulated depreciation of equipment) Debit 10,800 1,070 Credit 10,800 1,070

Bonita Inc. owns the following long-lived assets: Asset Vehicles Equipment (a) Date Date Purchased Jan. 1, 2023 July 1, 2024 Your answer is correct. Dec. 31 Dec. 31 Cost Prepare depreciation adjusting entries for each asset for the year ended December 31, 2024, assuming the company uses straight-line depreciation and adjusts its accounts annually. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Depreciation Expense $32,400 10,700 Account Titles and Explanation Depreciation Expense Accumulated Depreciation - Vehicles Estimated Useful Life 3 years 5 years (To record Accumulated depreciation of vehicles). Accumulated Depreciation- Equipment (To record Accumulated depreciation of equipment) Debit 10,800 1,070 Credit 10,800 1,070

Name: Hansaben Bonita Inc. owns the following long-lived assets:AssetVehicle
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: Hansaben Bonita Inc. owns the following long-lived assets:AssetVehicles(a)Jan. 1, 2023Equipment July 1, 2024DateDate PurchasedYour answer is correct.Dec. 31Dec. 31CostPrepare depreciation adjusting entries for each asset for the year ended December 3

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 17P: On December 31, 2019, Vail Company owned the following assets: Vail computes depreciation and...

See similar textbooks

Similar questions

Dinnell Company owns the following assets: In the year of acquisition and retirement of an asset, Dinnell records depreciation expense for one-half year. During 2020, Asset A was sold for 7,000. Required: Prepare the journal entries to record depreciation on each asset for 2017 through 2020 and the sale of Asset A. Round all answers to the nearest dollar.
Assume the same information as in RE11-3, except that Albany Corporation purchased the asset on April 1, Year 1. Calculate the depreciation for Year 1 and Year 2 using the double-declining-balance method. Round to the nearest dollar.
Determine the Depreciation Expense for the calendar year 2019 on the following non - current assets of ABC Company based on straight line method of depreciation: Acquisition Salvage Est. Asset Cost Depreciation Date Value Life Computer Jun 01, 2019 P70,000 P10,000 4 ||
Assume that ACW Corporation has 2023 taxable income of $1,820,000 for purposes of computing the §179 expense. The company acquired the following assets during 2023 (assume no bonus depreciation): (Use MACRS Table 1, Table 2, and Table 5.) Placed in Service 12-September 10-February Delivery truck 21-August Qualified real property (MACRS, 15 year, 02-April 150% DB) Total Asset Machinery Computer equipment a. What is the maximum amount of $179 expense ACW may deduct for 2023? b. What is the maximum total depreciation that ACW may deduct in 2023 on the assets it placed in service in 2023? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. a. Maximum §179 expense for 2023 b. Maximum total deductible depreciation for 2023 Basis $ 502,000 102,000 125,000 1,412,000 $ 2,141,000 $ $ 1,160,000 1,304,408 X
Swifty Industries presents you with the following information.Complete the table for the year ended December 31, 2022. The company depreciates all assets using the half-year convention. (Round answers to 0 decimal places, e.g. 45,892.) Description DatePurchased Cost SalvageValue Lifein Years DepreciationMethod AccumulatedDepreciation to12/31/21 Depreciationfor 2022 Machine A 2/12/20 $146,800 $17,000 10 SYD $34,220 $20060 Machine B 8/15/19 81370 21,630 5 SL 29,870 11948 Machine C 7/21/18 67,200 23,500 8 DDB (A) (B) Machine D (C) 225,570 71,070 5 SYD 72,100 (D)
Swifty Industries presents you with the following information.Complete the table for the year ended December 31, 2022. The company depreciates all assets using the half-year convention. (Round answers to 0 decimal places, e.g. 45,892.) Description DatePurchased Cost SalvageValue Lifein Years DepreciationMethod AccumulatedDepreciation to12/31/21 Depreciationfor 2022 Machine A 2/12/20 $146,800 $17,000 10 (a) $34,220 (b) $ Machine B 8/15/19 (c) 21,630 5 SL 29,870 (d) Machine C 7/21/18 67,200 23,500 8 DDB (e) (f) Machine D (g) 225,570 71,070 5 SYD 72,100 (h)
D. AMORTIZATION OF INTANGIBLE ASSETS Harper Company, established in 2019, has the following transactions related to intangible assets. Date Transactions 1 Feb-19 Purchased patent (7-year useful life) $840,000 1 Apr-19 Goodwill purchased (indefinite useful life) $510,000 Instructions Prepare the necessary entries to record these intangibles. All costs incurred were for cash. b. Make the adjusting entries for any necessary amortization as of December 31, 2019. a.
Bonita Industries Ltd., a public company, presents you with the following information: (a) Complete the table for the year ended December 31, 2027. The company depreciates all assets for a half year in the year of acquisition and the year of disposal. (Round answers to O decimal places, e.g. 5,275.) Description Machine A Machine B Machine C Date Purchased Dec. 2, 2025 Aug. 15, 2024 July 21, 2023 Cost $140,000 72,000 (3) Residual Value $12,000 15,000 22,000 Life in Years 10 5 8 Depreciation Method Straight-line Double-declining-balance (1)
depreciable assets on January 1, 2019. nowed the following schedule of Accumulated depreciation Asset Cost Acquisition date Residual 4,000,000 2,000,000 2,560,000 2017 400,000 1,440,000 2,800,000 2016 200,000 1,344,000 2016 560,000 The useful life of each asset is 5 years. The entity takes a full depreciation in the year of acquisition and no depreciation in the year of disposition. Asset C was sold for P1,700,000 on June 30, 2019. Asset A is depreciated under the double declining method. " What is the depreciation of Asset A for 2019? What is the depreciation of Asset B for 2019 assuming same method? What is the gain on sale of Asset C? ABC А 1. 2. 3.
An extract of the Asset Register of Ace Pty Ltd (“Ace”) for the 2018 - 2019 Income year isshown as follows:Asset Cost OpeningAdjustableValueMethod EffectiveLifeDecline inValue forThis PeriodClosingAdjustableValuePrinter 1,200 1,200 DiminishingValue3 years 400 800Desks 3,000 2,400 Prime Cost 10 years 300 2,100Appliances 2,600 1,040 Prime Cost 5 years 520 520All depreciable assets are 100% for business use and Ace uses a low-value pool for all eligibleassets. The closing value of the low-value pool at 30 June 2019 was $8,000. Ace purchased a camera on 20 Jan 2020 for $840.Advise Ace of the Income Tax consequences arising out of the above information for the 2019 - 2020 Income year assuming Ace is not a small business entity.
Accounting During 2021, B&C owed the following assets. B&C sold the land, office building, and furniture on 9/5/2021. Calculate the depreciation deduction for 2021. Round deprecation for each asset to the nearest dollar. Asset Van Land Office Building Furniture Convention HY MM MQ Computer MQ Equipment Computer MQ Equipment Date Purchased 4/26/2017 /1/2018 3/1/2018 11/1/2015 Date Sold 11/1/2021 Cost 30,000 9/5/2021 100,000 8/19/2020 9/5/2021 50,000 9/5/2021 650,000 15,000 15,000 Depreciation 2021
Assume that ACW Corporation has 2023 taxable income of $1,620,000 for purposes of computing the §179 expense. The company acquired the following assets during 2023 (assume no bonus depreciation): (Use MACRS Table 1, Table 2, and Table 5.) Asset Machinery Computer equipment Delivery truck Qualified real property (MACRS, 15 year, 150% DB) Total Placed in Service 12-September 10-February 21-August 02-April Basis $ 482,000 82,000 105,000 1,392,000 $ 2,061,000 a. What is the maximum amount of §179 expense ACW may deduct for 2023? b. What is the maximum total depreciation that ACW may deduct in 2023 on the assets it placed in service in 2023? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. X Answer is complete but not entirely correct. $ $ a. Maximum §179 expense for 2023 b. Maximum total deductible depreciation for 2023 1,160,000 219,581 X