Record the year of disposal year-end adjusting entry

Assignment Help Accounting Basics
Reference no: EM132472665

Question - Onslow Co. purchased a used machine for $288,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine and an additional $1,600 to secure it in place. The machine will be used for six years and have a $34,560 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of.

Required - Prepare journal entries to record depreciation of the machine at December 31.

1) Record the first year year-end adjusting entry for the depreciation expense of the used machine.

2) Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine.

Reference no: EM132472665

Questions Cloud

Prepare journal entries to record the machine disposal : Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $24,000 cash; (b) it is sold for $96,000 cash
Prepare a narrative to describe the system : Prepare a narrative to describe the system depicted in the flowchart and Prepare an annotated table of entities and activities
Calculate the amount that Linden should record : On April 1, 2020, Linden sold a patent to Bell Company in exchange for a $300,000. Calculate the amount that Linden should record as note receivable
Calculate the missing amounts for each year : What does this information indicate about the company? Calculate the missing amounts for each year. Consider the information of Jones Corporation over years
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

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