Reference no: EM131884309
Question: A company purchased a heating system on January 2, 1992, at a list price of $300,000 less a trade discount of for $75,000. The system had an estimated useful life of 15 years. On January 3, 2005, the company completed a renovation of the system at a cost of $33,000 and now expects the system to be more efficient to last 8 years beyond the original estimate. The company uses the straight-line method of depreciation
A. Prepare the journal entry at January 2, 1992 to record the purchase of the heating system.
B. Prepare the journal entry at January 2, 1992 to record the rennovation of the heating system.
C. What is the net book value at December 31, 2004?
D. what is the new depreciation life?
E. How much depreciation must the company recognize at December 31, 2005?
F. Prepare the journal entry at December 31, 2005 to record the depreciation for 2005.
G. Prepare the partial balance sheet at December 31, 2005
|
Is the floor imposed before or after the casualty gains
: Is the $100 floor on personal-use casualty loss imposed on each individual loss item if more than one item of property is destroyed in a single casualty?
|
|
Describe the effects of gangs on juveniles
: Write a paper comparing two juvenile diversion, intervention, or prevention programs operating in your city or state.
|
|
Discuss the major differences between marxism and capitalism
: Discuss two of the major differences between Marxism and Capitalism. In your discussion, provide specific examples of how each are implemented or used today.
|
|
State how much each class of stock should receive
: State how much each class of stock should receive under each of the following conditions. The preferred stock is noncumulative and nonparticipating
|
|
What is the new depreciation life
: A company purchased a heating system on January 2, 1992, at a list price of $300,000 less a trade discount of for $75,000. The system had an estimated useful.
|
|
Will your testimony affect your continuing ability
: By coincidence, you happen to be the lead partner on the audit engagements for both Bottomfisher Bank and Cellular Dynamico.
|
|
What is the unrealized intercompany inventory profit
: December 31, 20X8, inventory contained $1,000 worth of intercompany merchandise. What is the unrealized and realiazed intercompany inventory profit
|
|
What is the investor capital gain yield
: What is the municipal bond’s yield? What is the investor’s capital gain yield?
|
|
Record the amortization of the related bond discount
: On the first day of the fiscal year, a company issues a $972,000, 10%, 5-year bond that pays semiannual interest of $48,600 ($972,000 x 10% x 1/2).
|