Reference no: EM132472151
Ouestion 1: On January 3, 2017, Sandhill Company retires equipment, which cost $31,000. No residual value is received. Prepare journal entries to record the transaction if accumulated depreciation is also$31,000 on this equipment. Sandhill has a December 31 fiscal year end. (Credit account titles are automatically indented when the amountis entered. Do not indent manually.)
Ouestion 2: In January 2, 2017, Blossom Enterprises reports balances in the Equipment account of $31,900 and Accumulated Depreciation-Equipment account of $9,080. The equipment had an original residual alue of $2,030 and a 10-year useful life. Blossom uses straight-line depreciation for equipment. On this date, the company decides that the equipment has a remaining useful life of only 4 years
iith the same residual value.
Point 1: Sunland Company exchanges an industrial oven for an industrial freezer. The carrying amount of the industrial oven is $39,400 (cost $65,100 less accumulated depreciation $25,700). The oven's fair value is $24,400 and cash of $4,150 is paid by Sunland in the exchange.
Ouestion 3: Prepare the entry to record the exchange. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required
Point 2: Crane Mining Co. purchased a mine for $8.4 million that is estimated to have 32.3 million tonnes of ore and a residual value of $1,940,000. In the first year, 6.3 million tonnes of ore are extracted and 4.3 million tonnes are sold.
Ouestion 4: Record annual depletion for the first year, ended August 31, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is e.g. 5,271.)
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