what is the journal entry and how did you calculate it?
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Bought a van, paying $4200 cash as a down payment and signed a 7 month $9000, 6% note payable for the balance. The company paid
$270 to have its company logo painted on the side of the van. The residual value is $3000. The old van was sold for $6000; it cost $19200
and acculumated
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- Purchased additional equipment for $30000 from contemporary equipment company; issued check 1030 for $20000 and bought the rest on credit. The equipment has a 5 year life and no salvage value. What is the journal entry for this?Your staff person has provided you with the following journal entry for January 20x1 depreciation. The monthly deprecation is supposed to be $100.00. What is wrong with this entry?Kylie Company has sold its old equipment with an original cost of $2,000,000 and accumulated depreciation of $1,800,000 for 3-year $250,000 note. The loan's interest rate is 7% while the market rate of similar notes is 8%. What should be the journal entry to record the disposal of the equipment?
- Please watch the "Depreciation Expense Videos" and use it as a guidance to Find the depreciation expense for the following long term assets. Once you finish, please take a picture of your notes. 01/10/22 - Bought Mac Book Air ($1,548) at Best Buy (4 years Residual value: $250) 02/15/22 - Bought Microsoft Surface ($1,345) at Office Depot (4years Residual value: $220) . 02/20/22 - Bought Flat Bed ($7,985) from Mr. Diaz. Paid 30% Down Payment (7 years Residual Value: $2220) • 02/28/22 - Bought Anti-Virus for 3 years ($1,600) (NO RESIDUAL)The pharmacy purchased a computer to maintain financial records. The cost of the computer was $1,863.00. Its estimated useful life is 6 years, and the disposal value is $175.00. What is the annual depreciation? (round to the nearest whole number) Group of answer choices $486 $813 $441 $281What are my journal entries? Traded the company car (Automobile) for a newer one at Plume Motors. The old car originally cost $23,000 and is depreciated up-to-date in the amount of $19,000. A trade-in allowance of $5,500 was given. The new car had a market value of $40,000 and the balance was paid in cash. The new car should last at least 100,000 miles and will be depreciated at $0.375 per mile.
- White Mountain Supply Company purchases warehouse shelving for $18,500. Shipping charges were $370, and assembly and setup amounted to $575. The shelves are expected to last for 8 years and have a scrap value of $800. Use the straight-line method of depreciation to answer the questions. (Round your answers to the nearest cent.) (a) What is the annual depreciation expense (in $) of the shelving? $ 2,330.63 (b) What is the accumulated depreciation (in $) after the third year? $ 6,991.89 (c) What is the book value of the shelving (in $) after the fifth year? $ 85,571.85 XA copier was purchased for $7,211.45 on February 3, 2015. 200% MACRS is the method used to depreciate this copier and the depreciation is recorded at the end of each month. On August 27, 2015, the copier breaks and a cash refund of $6,200.00 is provided. Create the general journal entry to record the assest disposal of this copier (check figure: Loss on Asset Disposal = $224.75)UCF Diner bought a delivery truck on 1/1 at a cost of $40,000, an estimated salvage (residual) value of $8,000, and an estimated useful life of 5 years. The truck is being depreciated on a straight-line basis. At the end of the first year (12/31), what amount will be reported for depreciation expense? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 ASUS f4 E3 f5 f6 f7 f8 f9 f10 f11 团 4. 5 7 8 Y U 因 96 图 立 R 图 %24
- White Mountain Supply Company purchases warehouse shelving for $18,400. Shipping charges were $370, and assembly and setup amounted to $375. The shelves are expected to last for 8 years and have a scrap value of $700: Use the straight-line method of depreciation to answer the questions. (Round your answers to the nearest cent.) (a) What is the annual depreciation expense (in $) of the shelving)A truck costing $114000 was destroyed when its engine caught fire. At the date of the fire, the accumulated depreciation on the truck was $55000. An insurance check for $129000 was received based on the replacement cost of the truck. The entry to record the insurance proceeds and the disposition of the truck will include a O credit to the Truck account of $59000. ○ credit to the Accumulated Depreciation account for $55000. ○ Gain on Disposal of $70000. ○ Gain on Disposal of $15000. eTextbook and MediaAnswer the following questions related to depreciation expense calculation. Be sure to read each question carefully. NOTE: (Round Each Answer to the Nearest dollar, Do NOT use any Commas, Dollar Signs or Periods. - Example 6000). 1. A machine with a useful life of 12 years and residual value of $10,000 was purchased for $120,000 on January 1. What is the annual depreciation expense using the straight line method? 2. A truck with a useful life of 7 years and a residual value of $0 was purchased for $49,000 on January 1. What is depreciation expense in year 5 under the straight line method? 3. A machine with a useful life of 5 years and residual value of $2,000 was purchased for $30,000 on January 1. What is the depreciation expense in year 2 using the double declining balance method? 4. A Semi-Truck with a useful life of 7 years and residual value of $50,000 was purchased for $225,000 on January 1. What is the depreciation expense for year 2 using the double declining balance? (NOTE:…