Reference no: EM131121816
1. Depreciation-SYD, Act., SL, and DDB the following data relate to the Plant Assets account of Eshkol, Inc. at December 31, 2010. *In the year an asset is purchased, Eshkol, Inc. does not record any depreciation expense on the asset. In the year an asset is retired or traded in, Eshkol, Inc. takes a full year's depreciation on the asset. The following transactions occurred during 2011.
(a) On May 5, Asset A was sold for $13,000 cash. The company's bookkeeper recorded this retirement in the following manner in the cash receipts journal.
Cash 13,000
Asset A 13,000
(b) On December 31, it was determined that Asset B had been used 2,100 hours during 2011.
(c) On December 31, before computing depreciation expense on Asset C, the management of Eshkol, Inc. decided the useful life remaining from January 1, 2011, was 10 years.
(d) On December 31, it was discovered that a plant asset purchased in 2010 had been expensed completely in that year. This asset cost $28,000 and has a useful life of 10 years and no salvage value. Management has decided to use the double-declining-balance method for this asset, which can be referred to as "Asset E." Prepare the necessary correcting entries for the year 2011. Record the appropriate depreciation expense on the above-mentionedassets.
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