Business, 28.02.2020 00:00 hinojosachristian1
On December 31, 2020, Whispering Inc. has a machine with a book value of $1,128,000. The original cost and related accumulated depreciation at this date are as follows. Machine $1,560,000 Less: Accumulated depreciation 432,000 Book value $1,128,000 Depreciation is computed at $72,000 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal.
(a) A fire completely destroys the machine on August 31, 2021. An insurance settlement of $430,000 was received for this casualty. Assume the settlement was received immediately.
(b) On April 1, 2021, Tritt sold the machine for $1,040,000 to Dwight Yoakam Company.
(c) On July 31, 2021, the company donated this machine to the Mountain King City Council. The fair market value of the machine at the time of the donation was estimated to be $1,100,000.
Answers: 3
Other questions on the subject: Business
Business, 22.06.2019 06:00, olivernolasco23
Josie just bought her first fish tank a 36 -gallon glass aquarium, which she’s been saving up for almost a year to buy. for josie, the fish tank is most likely what type of purchase
Answers: 1
Business, 22.06.2019 14:20, deisyy101
Frugala is when sylvestor puts $2,000 into 10-year state bonds and $3,000 into 5-year aaa-rated bonds in steady hand hardware, inc. he buys the four state bonds at a 5 percent interest rate and the three steady hand bonds at a 6.5 percent rate. sylvestor also buys $1,500 worth of blue chip stocks, and $800 worth of stock in a promising new sportswear company that reinvests its earnings in new growth. 1. (a) what is the maturity for each of the bond groups sylvestor buys? (b) the coupon rate? (c) the par value?
Answers: 3
Business, 22.06.2019 14:30, crystalryan3797
What’s the present value of a perpetuity that pays $250 per year if the appropriate interest rate is 5%? $4,750 $5,000 $5,250 $5,513 $5,788what is the present value of the following cash flow stream at a rate of 8.0%, rounded to the nearest dollar? cash flows: today (t = 0) it is $750, after one year (t = 1) it is $2,450, at t = 2 it is $3,175, and at t=3 it is $4,400. draw a time line. $7,917 $8,333 $8,772 $9,233 $9,695
Answers: 2
You know the right answer?
On December 31, 2020, Whispering Inc. has a machine with a book value of $1,128,000. The original co...
Questions in other subjects:
History, 11.12.2020 03:20
History, 11.12.2020 03:20
History, 11.12.2020 03:20
Mathematics, 11.12.2020 03:20
