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Answer:
Book value= $302,000
Explanation:
Giving the following information:
Purchase price= $460,000
Salvage value= $65,000
Useful life= 5 years
<u>First, we need to calculate the annual depreciation.</u>
Annual depreciation= (original cost - salvage value)/estimated life (years)
Annual depreciation= (460,000 - 65,000) / 5
Annual depreciation= $79,000
<u>Now, the accumulated depreciation after 2 full years:</u>
Accumulated depreciation= 79,000*2= $158,000
<u>Finally, the book value:</u>
Book value= purchase price - accumulated depreciation
Book value= 460,000 - 158,000
Book value= $302,000
Solution:
Inventory 21,320 debit
A/P 21,320 credit
--to record purchase from Game Girl --
Inventory 360 debit
Cash 360 credit
--to record the freight-in--
A/P 1,560 debit
Inventory 1,560 credit
--to record returned goods to GameGirl--
A/P 19,760 debit
Inventory 395 credit
Cash 19,365 credit
--to record payment to GameGirl--
accounts receivables 17,360 debit
sales revenues 17,360 credit
COGS 8,406 debit
8,406 credit
--to record sale and subsequent cost of the sale--
total amount of the purchase in dollars:
82 game devices x 260 dollars each = 21,320
six returned devices:
6 x 260 = 1,560
invoice balance: 21,320 - 1,560 = 19,760
discount because payment within the first ten days:
19,760 x 2% = 395
final value: 19,760 - 395 = 19,365
sale of 62 devices at 280 = 17,360
Answer:
What is the amount of depreciation that warren should record for year 3 under the straight-line depreciation method? $15500
Explanation:
Net Value Dep. year End Net value.
Year 1 55000 12000 43000
Year 2 43000 12000 31000
Year 3 31000 15500 15500
Year 4 15500 15500 0
