A motor breaks on a machine and is replaced

Assignment Help Accounting Basics
Reference no: EM13872436

The following selected events occurred for a company during 2010:

Jan. 11 A motor breaks on a machine and is replaced for $800. This replacement was expected when the machine was purchased.
Jan. 25 A machine that was purchased for $10,000 and has a book value of $1,000 is sold for $600.
Feb. 3 A fully depreciated building that originally cost $25,000 is demolished so that a new building may be constructed.

The demolition cost $2,200 and resulted in $700 of salvageable materials.

Feb. 15 A machine breaks down unexpectedly and requires repairs of $700.
Mar. 10 An accident damages some equipment. Repairs cost $2,000.
Mar. 19 A motor breaks on a machine and is replaced for $900. The new motor is of an improved design that increases the capacity of the machine.
Mar. 27 Office layout is rearranged at a cost of $700. At the same time, the walls are repainted for $500.

Required:
1. Prepare journal entries for the preceding transactions.
2. Would any of your answers change if the company used IFRS? If so, how?

Reference no: EM13872436

Questions Cloud

What are the actual product or service : What are the actual product(s)/service & the "actual product"/service attributes? What are the unique characteristics of a service such as an "online music service" compared to a product such as a "mobile phone"
Quoted share price for closed-end fund-share are outstanding : The Argentina Fund has $410 million in assets and sells at a 7.1 percent discount to NAV. If the quoted share price for this closed-end fund is $17.03, how many shares are outstanding?
Compute ending inventory by conventional retail inventory : Compute the ending inventory by the conventional retail inventory method. Compute the ending inventory using the retail method to approximate a LIFO cost figure (assuming stable prices).
A motor breaks on a machine and is replaced : Would any of your answers change if the company used IFRS? If so, how?
A motor breaks on a machine and is replaced : Would any of your answers change if the company used IFRS? If so, how?
Distance traveled to reach the box car : How long does it take him to catch up to the empty box car? What is the distance traveled to reach the box car?
Design clipper circuit of a sinsouidial wave of peak voltage : Design a clipper circuit of a sinsouidial wave of peak voltage 25v&its minimum of -12v to makes a 20v and-9v respectively.
Decide to deposit an equal annual contribution : A child is born this year. On its first birthday [after 1 year], the parents decide to deposit an equal annual contribution to the college fund that will earn 8%, compounded annually. How much should they deposit at the end of each year so that it wi..
Prepare corrected income statements for each quarter : What effect would the error have on total Income from Operations for the two quarters combined? Explain. 2. What effect would the error have on Income from Operations for each of the two quarters? Explain. 3. Prepare corrected income statements for e..

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd