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skad [1K]
3 years ago
7

Blue Spruce Corp. sells equipment on September 30, 2019, for $17,600 cash. The equipment originally cost $72,700 and as of Janua

ry 1, 2019, had accumulated depreciation of $41,700. Depreciation for the first 9 months of 2019 is $4,850. Prepare the journal entries to (a) update depreciation to September 30, 2019, and (b) record the sale
Business
1 answer:
OverLord2011 [107]3 years ago
8 0

Answer:

Explanation:

(a) update depreciation to September 30, 2019 and  

Dr Depreciation Expense--Office Equipment 4,850

Cr Accumulated Depreciation--Office Equipment 4,850  

(b) record the sale of the equipment.  

Dr Cash 17,600  

Dr Accumulated Depreciation--Office Equipment 46,550

Dr Loss on Disposal 8,550

Cr Office Equipment 72,700

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Vijay Bahuguna is the 6th cheif minister of Uttarkand.

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3 years ago
The Latimore Company invested $8.5 million in a new plant in Italy when the exchange rate was 1.1500 euros to the dollar. At the
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Answer:

Latinmore made money on the exchange rate movement. It was an exchange rate gain of $369,566. The marginal tax impact was $147,826.

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5 0
3 years ago
Maryanne expects to work for another 30 years and expects to live another 10 years after she retires. If Maryanne completely smo
BigorU [14]

Answer:

$750

Explanation:

Since we are not given any interest rate, we have to assume that Maryanne will not earn any interest from her savings.

She expects to retire in 30 years and after that expects to live 10 more years. Then she is going to earn money for the 75% of her remaining life. For every $1,000 earned, she needs to save?

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4 0
3 years ago
Grover Corporation purchased a truck at the beginning of 2017 for $109,200. The truck is estimated to have a salvage value of $4
Elan Coil [88]

Answer:

The depreciation expense for 2018: c. $25,375

Explanation:

Grover Corporation uses the units-of-production depreciation method. Depreciation expense is calculated  by the following formula:

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] x Number of Units Produced = Depreciation Expense per unit x Number of Units Produced

In the company,

Depreciation Expense per mile = ($109,200-$4,200)/120,000=  $0.875

The truck was driven 29,000 miles in 2018, so the depreciation expense for  2018: $0.875 x 29,000 = $25,375

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4 years ago
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