Reference no: EM133124622
Question - PART 1 - The following are some transactions of Sunland Company for 2021. Sunland Company uses straight-line depreciation and has a December 31 year end.
Apr. 1 Retired a piece of equipment that was purchased on January 1, 2012, for $48,000. The equipment had an expected useful life of 10 years with no residual value.
July 30 Sold equipment for $1,400 cash. The equipment was purchased on January 3, 2019, for $12,960 and was depreciated over an expected useful life of three years with no residual value.
Nov. 1 Traded in an old vehicle for a new vehicle, receiving a $10,000 trade-in allowance and paying $36,000 cash. The old vehicle had been purchased on November 1, 2015, at a cost of $33,300. The estimated useful life was eight years and the estimated residual value was $6,900. The fair value of the old vehicle was $9,100 on November 1, 2021.
For each of these disposals, prepare a journal entry to record depreciation from January 1, 2021, to the date of disposal, if required.
Record the disposals.
PART 2 - On July 1, 2021, Marin Exploration invests $1.28 million in a mine that is estimated to have 800,000 tonnes of ore. The company estimates that the property will be sold for $120,000 when production at the mine has ended. During the last six months of 2021, 120,000 tonnes of ore are mined and sold. Marin has a December 31 fiscal year end.
Record the 2021 depletion.
Show how the mine and any related accounts are reported on the December 31, 2021, income statement.
Show how the mine and any related accounts are reported on the December 31, 2021, balance sheet.
|
Development change the demand for labour
: Workers in a certain occupation will soon require a government issued license to legally practice in that occupation. To get the new license workers will need t
|
|
What will be the net realizable value of accounts receivable
: If the company writes-off a receivable of $250 what will be the net realizable value of accounts receivable after the write off
|
|
Compute the total effect of the errors on the balance
: An insurance premium of $66,000 was prepaid in 2020 covering the years 2020, 2021, and 2022. Compute the total effect of the errors on the balance
|
|
Understanding of culture change
: What is your understanding of culture change and why do you think it is important in long-term care organizations?
|
|
Prepare a journal entry to record depreciation from January
: For each of these disposals, prepare a journal entry to record depreciation from January 1, 2021, to the date of disposal, if required
|
|
Develop an estimated regression equation
: Develop an estimated regression equation showing how total points earned is related to hours spent studying - Predict the total points earned by Mark Sweeney
|
|
Develop an understanding of how human behaviour impacts
: Through this course, you have been exposed to numerous concepts and theories that seek to develop an understanding of how human behaviour impacts the overall op
|
|
What was the company net income
: The company's employees earned $200,000 in 2017 wages that were not paid until the first week in 2018. What was the company's net income for 2017
|
|
Determine the basic earnings per share for PickApart Arts
: PickApart Arts, Inc., had earnings of $524,200 for the year. Determine the basic earnings per share for PickApart Arts for the year
|