User Account

All Pages

Prepare the journal entry necessary to record this increase

Assignment Help Accounting Basics
Reference no: EM132472661

Question - Presented below is information related to equipment owned by Marin Company at December 31, 2017.

Cost $9,900,000

Accumulated depreciation to date 1,100,000

Expected future net cash flows 7,700,000

Fair value 5,280,000

Marin intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $22,000. As of December 31, 2017, the equipment has a remaining useful life of 5 years.

The asset was not sold by December 31, 2018. The fair value of the equipment on that date is $5,830,000. Prepare the journal entry (if any) necessary to record this increase in fair value. It is expected that the cost of disposal is still $22,000.

Reference no: EM132472661

Questions Cloud

Record the year of disposal year-end adjusting entry : Onslow Co. purchased a used machine for $288,000 cash on January 2. Record the year of disposal year-end adjusting entry for the depreciation expense
Prepare statement of changes in equity for the three months : Prepare an income statement and statement of changes in equity for the three months ended August 31, 2011 and a balance sheet at August 31.
Discuss information about sunk costs : Discuss Information about sunk costs generally can be found inthe accounting system; however, information about opportunity costs is rarely found
Prepare the pro forma income statement in contribution : Determine Prepare the Pro Forma Income Statement in Contribution Format that would appear in Premier's Static budget and Premier's flexible budgetfor the year.
Prepare the journal entry necessary to record this increase : Prepare the journal entry (if any) necessary to record this increase in fair value. It is expected that the cost of disposal is still $22,000
Determine to performe other types of professional services : Performing other types of professional services. Then determine if an accountant can state his or her opinion about the law in an expert report.
Prepare journal entries to record the machine purchase : Required - Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurred
Determine compared the alternative use of spare : Establish the minimum quote that could be tendered for the one-off job such that it would increase Biomatics profit, compared with the alternative use of spare
Compute total annual expenditures for department : Compute total annual expenditures for this department assuming it performs governmental- Type activities and is accounted for in the General Fund

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd