Equipment that had been acquired several years ago by a special revenue fund at a cost of $40,000 was sold for $15,000 cash. Accumulated depreciation of $30,000 existed at the time of the sale. What would be journal entry that should be made in the special revenue fund (in debit and credit form)?
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Equipment that had been acquired several years ago by a special revenue fund at a cost of $40,000 was sold for $15,000 cash.
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- Equipment that had been acquired several years ago by a special revenue fund at a cost of $40,000 was sold for $15,000 cash. Accumulated depreciation of $30,000 existed at the time of the sale. The journal entry to be made in the special revenue fund will include Multiple Choice A credit to Gain on Sale of Equipment. A debit to Accumulated Depreciation. A credit to Equipment. A credit to Other Financing Sources-Proceeds of Sale of Assets.Prepare the journal entry to record TWO of the following scenarios. Please be sure to identify which scenarios you have selected. (a) Discarding of Machine #1: Original cost, $25,000; accumulated depreciation, $20,000. (b) Sale of Machine #2: Original cost, $50,000; accumulated depreciation, $35,000; sold for $18,000 cash. (c) Sale of Machine #3: Original cost, $75,000; accumulated depreciation, $65,000; sold for $4,000 cash.The company has recieved a donation of land from a rich local philanhropist. the land originally cost the philanhropist $48,000. on the date of the donation, it had a market value of $111,000. Make the journal entry necessary on the book of the company to record the receipt of the land
- Tri-City Ironworks Co. reported $44,500,000 for equipment and $29,800,000 for accumulated depreciation—equipment on its balance sheet.Does this mean (a) that the replacement cost of the equipment is $44,500,000 and (b) that $29,800,000 is set aside in a special fund for the replacement of the equipment? Explain.These expenditures were incurred by Blossom Company in purchasing land: cash price $55,000, assumed accrued property taxes $4,500, attorney's fees $2,100, real estate broker's commission $3,000, and clearing and grading $4,000. What is the cost of the land? The cost of the land 73900Using the MACRS table in your sildes covering chapters 9-11 and for an asset purchased at a cost of $200.000 and considered class 7, what is the MACRS depreciation for years two through five? a) Second year: b) Third year: d) Fourth year: d) Fifth year:
- Jenny Company commenced operations in the current year. A number of expenditures were made during the current year that were debited to one account intangible assets. What total amount should be reported as intangible assets?A large chiller was purchased for $10,000 and has accumulated depreciation of $8,000. The chiller was sold for $5,000. What is the correct entry to remove the asset from the books?On the first day of the fiscal year, a new walk-in cooler with a list price of $51,300 was acquired in exchange for an old cooler and $40,600 cash. The old cooler had a cost of $44,000 and accumulated depreciation of $37,500. Assume the transaction has commercial substance. a. Determine the gain to be recorded on the exchange.$fill in the blank 4a5f8d00f04b05f_1 b. Journalize the entry to record the exchange. If an amount box does not require an entry, leave it blank. Equipment (new) fill in the blank b9746ffc1fed022_2 fill in the blank b9746ffc1fed022_3 Accumulated Depreciation fill in the blank b9746ffc1fed022_5 fill in the blank b9746ffc1fed022_6 Equipment fill in the blank b9746ffc1fed022_8 fill in the blank b9746ffc1fed022_9 Gain on Exchange of Equipment fill in the blank b9746ffc1fed022_11 fill in the blank b9746ffc1fed022_12 Cash fill in the blank b9746ffc1fed022_14 fill in the blank b9746ffc1fed022_15
- An asset register showed a carrying value of $67,460. A non-current asset costing $15,000 had been sold for $4,000, making a loss on disposal of $1,250. No entries had been made in the asset register for this disposal. What is the correct balance on the asset register?The IRS rule for capitalizing a purchase is if it is over $2,500. But this is not necessarily the guideline a company wants to establish. Capital assets are recorded in a “capital asset ledger” with the date of purchase, cost, depreciation method, useful life, salvage value and accumulated depreciation. Think of how a staff accountant, would write policy for a company in what type of expenditures should be capitalized and depreciated versus expensed. . Does it matter what type of company it is? How would this policy affect the balance sheet and the fixed asset ratio?Asset Disposal During the year June 20x7, Sonia Clown Ltd sold a non-current asset for $36,000. It had been acquired three years ago at a cost of $180,000. At the date of disposal of the asset, the accumulated depreciation was $138,000. What was the profit or loss on disposal, and what journal entries are needed to record the disposal