Current Attempt in Progress Concord Manufacturing owns equipment that cost €66,600 when purchased on lanuary 1.2017.t han been depreciated uing the straight-line method based on an estimated residual value of 300 and an estimated useful life of 5 yean Prepare Concord's journal entries to record the sale of the equipment in these four independent situations (Cedit account er are automatically indented when amount is entered Do not indent manualy fal Sold for €42.200 on January 1.2020. (b) Sold for €42.200on May 1, 2020. Sold for €10.000 on January 12020 Sold for €10.000 on October 1.2020 Debit No. Accot tles and Explanation
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- In the 31 Dec 2017 annual report of Sun Ltd, the equipment A was reported as follows: Equipment A (at cost) $ 900 000 Accumulated Depreciation (400 000) Estimated useful life 7 years Sun Ltd measure the equipment by the revaluation model. At 31 Dec 2017, Equipment A was revalued to $ 450,000. Required Prepare the journal entries to revalue the equipment A at 31 Dec 2017, using netting and gross up approachPart A On 3 January 2022, Xavier Ltd exchanged a machine with Carey Ltd. with a cost of $430 000 and accumulated depreciation of $150 000 for a new similar machine with a price of $460 000. Ignore GST. Required: Prepare general journal entries including narrations to record the exchange of the machines. 1. the derecognition of the old machine, assuming a trade-in allowance of $260 000 was received for the old machine and the balance was paid with a loan from Trinity Bank Ltd, and; 2. the acquisition of the new machine.The following information was taken from the fixed assets register of HogwartsTraders. The vehicles indicated below are the only vehicles owned by the soletrader. The company has a 31 December year end.Hogwarts Traders: Asset RegisterHogwarts Traders: Vehicle 1DatePurchased:1 May 2015 Date CurrentdepreciationAccumulateddepreciationMake andreg.:Toyota Hilux2014 (FG765GP)31 Dec201521 333.33 21 333.33Purchasedfrom:Benji’s Car Sales(Credit)31 Dec201629 866.67 51 200.00Cost Price: 320 000.00 31 Dec201726 880.00 78 080.00Rate ofDepreciation:10% accordingto reducingbalancemethod.31 Dec201824 192.00 102 272.00Sold to: V. Limited. 31 Dec2019? ?Type of Sale: CashDate sold: 1 July 2019Selling Price: 250 000.00 Hogwarts Traders: Vehicle 2DatePurchased:1 August 2019 Date CurrentdepreciationAccumulateddepreciationMake andreg.:Hyundai Atos2019 (ZV109GP)31 Dec2019? ?Purchasedfrom:HyundaiAuto(Cash)Cost Price: R150 000Rate ofDepreciation:15% accordingto straight linemethod.
- The following information was taken from the fixed assets register of HogwartsTraders. The vehicles indicated below are the only vehicles owned by the soletrader. The company has a 31 December year end.Hogwarts Traders: Asset RegisterHogwarts Traders: Vehicle 1DatePurchased:1 May 2015 Date CurrentdepreciationAccumulateddepreciationMake andreg.:Toyota Hilux2014 (FG765GP)31 Dec201521 333.33 21 333.33Purchasedfrom:Benji’s Car Sales(Credit)31 Dec201629 866.67 51 200.00Cost Price: 320 000.00 31 Dec201726 880.00 78 080.00Rate ofDepreciation:10% accordingto reducingbalancemethod.31 Dec201824 192.00 102 272.00Sold to: V. Limited. 31 Dec2019? ?Type of Sale: CashDate sold: 1 July 2019Selling Price: 250 000.00Page 4 of 7Hogwarts Traders: Vehicle 2DatePurchased:1 August 2019 Date CurrentdepreciationAccumulateddepreciationMake andreg.:Hyundai Atos2019 (ZV109GP)31 Dec2019? ?Purchasedfrom:HyundaiAuto(Cash)Cost Price: R150 000Rate ofDepreciation:15% accordingto straight linemethod.Sold to:Type of…The following information was taken from the fixed assets register of HogwartsTraders. The vehicles indicated below are the only vehicles owned by the soletrader. The company has a 31 December year end.Hogwarts Traders: Asset RegisterHogwarts Traders: Vehicle 1DatePurchased:1 May 2015 Date CurrentdepreciationAccumulateddepreciationMake andreg.:Toyota Hilux2014 (FG765GP)31 Dec201521 333.33 21 333.33Purchasedfrom:Benji’s Car Sales(Credit)31 Dec201629 866.67 51 200.00Cost Price: 320 000.00 31 Dec201726 880.00 78 080.00Rate ofDepreciation:10% accordingto reducingbalancemethod.31 Dec201824 192.00 102 272.00Sold to: V. Limited. 31 Dec2019? ?Type of Sale: CashDate sold: 1 July 2019Selling Price: 250 000.00 Hogwarts Traders: Vehicle 2DatePurchased:1 August 2019 Date CurrentdepreciationAccumulateddepreciationMake andreg.:Hyundai Atos2019 (ZV109GP)31 Dec2019? ?Purchasedfrom:HyundaiAuto(Cash)Cost Price: R150 000Rate ofDepreciation:15% accordingto straight linemethod.Sold to:Type of Sale:Date…Please no written by hand solutions Prepare journal entries to record the following transactions. You are required to show all calculations: 3.1 The company adopted the straight-line depreciation method. Record the 15% depreciation on the plant and equipment purchased On 1 December 2020 for R125 000. 3.2 The allowance for credit losses account has an opening balance of R4 500. The policy requires the allowance to equate 8% of the total accounts receivable. The debtors sub-ledger totaled R52 000 prior receiving 40c in the rand on an account of R3 000. The financial manager instructed the write off on the balance. Entry General Ledger Debit Credit.
- Current Attempt in Progress Pryce Company owns equipment that cost $65,000 when purchased on January 1, 2016. It has been depreciated using the straight-line method based on an estimated salvage value of $5,000 and an estimated useful life of 5 years. Accumulated deprecation was last adjusted on December 31, 2018.Prepare Pryce Company’s journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g.125. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) Sold for $31,000 on January 1, 2019. (b) Sold for $31,000 on May 1, 2019. (c) Sold for $11,000 on January 1, 2019. (d) Sold for $11,000 on October 1, 2019.On July 1, 2020, Bridgeport Corporation purchased Johnson Company by paying $189,700 cash and issuing a $64,500 note payable to Steve Johnson. At July 1, 2020, the balance sheet of Johnson Company was as follows. Cash $38,100 Accounts payable $160,000 Accounts Receivable 67,500 Stockholders' equity 165,800 Inventory 75,800 $325,800 Land 29,400 Buildings (net) 55,200 Equipment (net) 52,200 Copyrights 7,600 $325,800 The recorded amounts all approximate current fair values except for land (worth $45,400), inventory (worth $94,900), and copyrights (worth $11,300).Details of courier vehicles owned by Speedy Couriers at 1 July 2018 are as follows: This business is registered for GST. Cost Useful life Accumulated depreciation 50,500 Depreciation method Residual value 12,000 8,000 96,000 8 years Courier van Van Straight-line Straight-line 72,000 21,000 6 years Mini-van 66,000 30,000 10 years 6,000 Straight-line Required: a. Record the following transactions for Speedy Couriers for the year ending 30 June 2018 in the general journal. Narrations are not required. 1 July 2018: The owners of Speedy Couriers decided to re-value the Van to a fair value of $68,000. 30 December 2018: The courier van was exchanged for a new van with a cash price of $82,000. A trade-in allowance of $36,000 was received for the courier van. The balance outstanding was paid in cash: 30 June 2019: The mini-van was overhauled at a cost of $24,200 (including GST) after which the useful life was estimated to be 12 years. The residual value of the vehicle is revised to $10,000. The…
- Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2025. (If no entry is required, select "No entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31 Inventory Debit 4,800,000 Credit (b) Accumulated Depreciation - Equipment 4,800,000 Prepare the journal entry (if any) to record depreciation expense for 2026. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Account Titles and Explanation Debit Credit (c) The asset was not sold by December 31, 2026. The fair value of the equipment on that date is $5,300,000. Prepare the journal entry (if any) necessary to record this increase in fair value.…Britney Clinton and Hillary Spears conduct business in partnership and share in profit and losses of the partnership in a 3:2 ratio, respectively. Their bookkeeper has prepared the following Statement of Profit or Loss and other Comprehensive income in respect of the partnership's 2019 year of assessment: R Income Gross income Bad Debts recovered (note 1) Dividends received (note 2) Interest from a South African source Settlement 487 000 3 750 4 500 6 360 19 390 521 000 Less: Expenditure Credit losses (note 1) Donations (note 4) Insurance (note 5) Delivery van purchased (note 3) Licences: Trade and delivery van Delivery van running expenses Depreciation Shop fittings at 10% (note 3) Cash register at 10% (note 3) Rental paid Staff salaries and wages Stationery and printing Drawings: Britney (note 6) Salaries paid: Britney Hillary Net profit 6 000 18 750 13 500 39 600 1 080 5 500 4 500 2 250 21 600 90 000 1 080 6 600 36 000 45 000 291 460 229 540 Net profit Britney (60%) Hillary (40%)…Details of courier vehicles owned by Speedy Couriers at 1 July 2018 are as follows: This business is registered for GST. Cost Accumulated depreciation Useful life Residual value Depreciation method Courier van 80,000 42,000 8 years 10,000 Straight-line Van 60,000 18,000 6 years 6,000 Straight-line Mini-van 55,000 25,000 10 years 5,000 Straight-line Required: Record the following transactions for Speedy Couriers for the year ending 30 June 2018 in the general journal. Narrations are not required. 1 July 2018: The owners of Speedy Couriers decided to re-value the Van to a fair value of $50,000. 30 December 2018: The courier van was exchanged for a new truck with a cash price of $64,000. A trade-in allowance of $27,000 was received for the courier van. The balance outstanding was paid in cash. 30 June 2019: The mini-van was overhauled at a cost of $25,000 (excluding GST) after which the useful life was estimated to be 6 years. There was no change to the residual value of the vehicle. The…