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On April 1, 2009, the KB Toy Company purchased equipment to be used in its manufacturing process. The equipment cost $48,000, has an eight-year useful life, and has no residual value. The company uses the straight-line depreciation method for all manufacturing equipment.
On January 4, 2011, $12,350 was spent to repair the equipment and to add a feature that increased its operating efficiency. Of the total expenditure, $2,000 represented ordinary repairs and annual maintenance and $10,350 represented the cost of the new feature. In addition to increasing operating efficiency, the total useful life of the equipment was extended to 10 years.
Required:Prepare journal entries for the depreciation for 2009 and 2010.
Some investment projects require that a company increase its working capital. Under the net present value method, the investment and eventual recovery of working capital should be treated as:
ABC declared and paid a $5,000 dividend in June. The June beginning balance in ABC's Cash Account was $35,000 and the June ending balance in the Cash Account was $25,000. The Retained Earnings amount shown on ABC's June 30th Balance Sheet should b..
The directors declare a 10% stock dividend when the market value is $15. The reduction of retained earnings as a result of the declaration will be:
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