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標題:
Accounting questions help! 2
發問:
On January 1, 2004, Hovislle Co, purchased a new machinery for $200,000. The estimated life of the machinery was 10 years, with an estimated residual value of $20,000. Required:(1)Compute the depreciation on this machinery in 2004 and 2005 by using Straight-line method, and 200%-declining balance... 顯示更多 On January 1, 2004, Hovislle Co, purchased a new machinery for $200,000. The estimated life of the machinery was 10 years, with an estimated residual value of $20,000. Required: (1)Compute the depreciation on this machinery in 2004 and 2005 by using Straight-line method, and 200%-declining balance method. (8 marks) (2)The company sold this machinery on December 31, 2005 for $170,000. Prepare journal entry to record the sale of the machinery, assuming that the company adopted straight-line method. (9 marks)
最佳解答:
1) The machinery depreciation per year by the straight-line method is $18,000 and is calculated as follows: (Cost – Salvage) / Service life in years = ($200,000 - $20,00) / 10 = $18,000 Double this rate to get a declining-balance is $18,000 x 2 =$36,000 (2) Dec 31, 2005 Cash(or Bank) $170,000 Accumulated Depreciation, Machinery $36,000 Machinery $200,000 Gain on the Sale of Machinery $6,000 Sold a machine at price in excess of book value
其他解答:
Accounting questions help! 2
發問:
On January 1, 2004, Hovislle Co, purchased a new machinery for $200,000. The estimated life of the machinery was 10 years, with an estimated residual value of $20,000. Required:(1)Compute the depreciation on this machinery in 2004 and 2005 by using Straight-line method, and 200%-declining balance... 顯示更多 On January 1, 2004, Hovislle Co, purchased a new machinery for $200,000. The estimated life of the machinery was 10 years, with an estimated residual value of $20,000. Required: (1)Compute the depreciation on this machinery in 2004 and 2005 by using Straight-line method, and 200%-declining balance method. (8 marks) (2)The company sold this machinery on December 31, 2005 for $170,000. Prepare journal entry to record the sale of the machinery, assuming that the company adopted straight-line method. (9 marks)
最佳解答:
1) The machinery depreciation per year by the straight-line method is $18,000 and is calculated as follows: (Cost – Salvage) / Service life in years = ($200,000 - $20,00) / 10 = $18,000 Double this rate to get a declining-balance is $18,000 x 2 =$36,000 (2) Dec 31, 2005 Cash(or Bank) $170,000 Accumulated Depreciation, Machinery $36,000 Machinery $200,000 Gain on the Sale of Machinery $6,000 Sold a machine at price in excess of book value
其他解答:
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