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Question - Depreciation by Two Methods; Sale of Fixed Asset - New tire retreading equipment, acquired at a cost of $110,000 on September 1 of Year 1 (beginning of the fiscal year), has an estimated useful life of four years and an estimated residual value of $7,500. The manager requested information regarding the effect of alternative methods on the amount of depreciation expense each year. On the basis of the data presented to the manager, the double-declining-balance method was selected.
On September 6 of Year 4, the equipment was sold for $18,000.
Required - Determine the annual depreciation expense for each of the estimated four years of use, the accumulated depreciation at the end of each year, and the book value of the equipment at the end of each year by (a) the straight-line method and (b) the double-declining-balance method.
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On January 1, 2015, Boston Enterprises issues bonds that have a $1,750,000 par value, mature in 20 years, and pay 10% interest semiannually on June 30 and December 31. The bonds are sold at par. Prepare journal entries to record (a) the issuance of b..
Net income = 135, Total assets = 2,810, Total Liabilities = 1,410. By what amount (i.e., the change) does the company need to increase its debt
Funds to make several improvements to and buy furnishings for the office space. Due to the above sequence of events, what could happen to the property?
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