Make journal entries required to record the events

Assignment Help Accounting Basics
Reference no: EM132599455

Question - On July 1, 2016, Alpha Company purchased for $76,000, equipment having a service life of eight years and an estimated residual value of $4,000. Alpha has recorded depreciation of the equipment using the double-declining balance method. On December 31, 2018, before making any annual adjusting entries, the equipment was exchanged for new machinery having a fair value of $35,000. The transaction has commercial substance. Use this information to make General Journal entries (without explanation) required to record the events for December 31, 2018.

Reference no: EM132599455

Questions Cloud

What is the moment of inertia of the wheel around : What is the moment of inertia of the wheel around an axis that passes through its center?
Make the entry that is required to correct the prior years : Machinery purchased for $77,000 by Concord Corp. on January 1, 2015, Make the entry that is required to correct the prior years' depreciation, if any.
What are your recommendations for improving the efforts : List and briefly describe two health services organizations that support health-related policy implementation and evaluation activities.
Complete the diagram showing the initial and final situation : A 2500 kg space capsule (including projectile) is travelling in outer space with a velocity of 250 m/s[E]. In an effort to alter its course
Make journal entries required to record the events : Use this information to make General Journal entries (without explanation) required to record the events for December 31, 2018
What is component cost of debt for use in wacc calcuation : Sells at a price of $1,075, and has a par value of $1,000. If the firm's tax rate is 25%, what is the component cost of debt for use in the WACC calculation?
Velocity of the billiard ball after the collision : (a) What was the velocity of the billiard ball after the collision?
Evaluate what is the required rate of return on b stock : Stock A's stock has a beta of 1.30. Find what is the required rate of return on B's stock, Stock B's beta is 0.80. If the risk-free rate is 4.75%?
What is the magnification of the system : Create a yu ray tracer. The focal lengths of the four lenses are A spreadsheet is convenient, but this is your tool

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