Entries by mary WAMBUGU

On January 1, 2017, Frostburg Company purchased for $68,500, equipment having a service life of six years and an estimated residual value of $4,000.

August 30, 2019 in /by

6. On January 1, 2017, Frostburg Company purchased for $68,500, equipment having a service life of six years and an estimated residual value of $4,000. Frostburg has recorded depreciation of the equipment using the straight-line method. On December 31, 2019, before making any annual adjusting entries, the equipment was exchanged for new machinery having a fair value […]

 

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Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $23,000 for the truck. The truck is expected to have a $3,000 residual value and a 5-year life.

August 30, 2019 in /by

Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $23,000 for the truck. The truck is expected to have a $3,000 residual value and a 5-year life. Cambridge has a December 31 fiscal year end. Using the double-declining balance method, how much is the 2019 depreciation expense? (Enter only whole dollar values.) Hint: what is the year […]

 

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Somerset Company acquired a piece of equipment with a list price of $200,000 for $150,000. Freight to Somerset’s location was $4,000. Installation and testing costs were $9,500.

August 30, 2019 in /by

Somerset Company acquired a piece of equipment with a list price of $200,000 for $150,000. Freight to Somerset’s location was $4,000. Installation and testing costs were $9,500.   Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code “Newclient”

 

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February 1, 2018, Salisbury Company purchased land for the future factory location at a cost of $77,000.

August 30, 2019 in /by

February 1, 2018, Salisbury Company purchased land for the future factory location at a cost of $77,000.  The dilapidated building that was on the property was demolished so that construction could begin on the new factory building. The new factory was completed on November 1, 2018. Costs incurred during this period were: Item Amount Demolition dilapidated […]

 

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