Marigold Corp. purchased machinery for $905000 on January 1, 2017. Straight-line depreciation has been recorded based...

Marigold Corp. purchased machinery for $905000 on January 1, 2017. Straight-line depreciation has been recorded based on a $52000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2021 at a gain of $13000. How much cash did Marigold receive from the sale of the machinery?

Expert Solution

ekkarill92 answered 2 years ago

Sheffield Corp. purchased machinery for $1410000 on January 1, 2014. Straight-line depreciation has been recorded based...

Sheffield Corp. purchased machinery for $1410000 on January 1, 2014. Straight-line depreciation has been recorded based on a $72000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2018 at a gain of $18500. How much cash did Sheffield receive from the sale of the machinery?

Metlock Manufacturing purchased machinery for $910000 on January 1, 2017. Straight-line depreciation has been recorded based...

Metlock Manufacturing purchased machinery for $910000 on January 1, 2017. Straight-line depreciation has been recorded based on a $59500 salvage value and a 5-year useful life. The machinery was sold on May 1, 2021 at a gain of $13000. How much cash did Metlock receive from the sale of the machinery?

Concord Corporation purchased machinery for $855000 on January 1, 2017. Straight-line depreciation has been recorded based...

Concord Corporation purchased machinery for $855000 on January 1, 2017. Straight-line depreciation has been recorded based on a $53000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2021 at a gain of $21500. How much cash did Concord receive from the sale of the machinery? $128433 $234433 $138433 $181433

Headland Corp. purchased machinery on January 1, 2016 for $462,000. Straight-line depreciation is used. At the...

Headland Corp. purchased machinery on January 1, 2016 for $462,000. Straight-line depreciation is used. At the time management estimated that the machinery would be used over 10 years and would have a residual value of $41,000. It is now December 31, 2020 and management has determined that the machine’s life is now a total of 12 years with no residual value. No adjusting journal entries have been recorded yet for the 2020 year-end. What journal entries are required to record...

Marigold Corp. purchased machinery for $327,600 on May 1, 2017. It is estimated that it will...

Marigold Corp. purchased machinery for $327,600 on May 1, 2017. It is estimated that it will have a useful life of 10 years, salvage value of $15,600, production of 249,600 units, and working hours of 25,000. During 2018, Marigold Corp. uses the machinery for 2,650 hours, and the machinery produces 26,520 units. From the information given, compute the depreciation charge for 2018 under each of the following methods. (Round intermediate calculations to 2 decimal places, e.g. 5.25 and final answers...

Bramble Corp. purchased machinery on January 2, 2012, for $900000. The straight-line method is used and...

Bramble Corp. purchased machinery on January 2, 2012, for $900000. The straight-line method is used and useful life is estimated to be 10 years, with a $76000 salvage value. At the beginning of 2018 Bramble spent $191000 to overhaul the machinery. After the overhaul, Bramble estimated that the useful life would be extended 4 years (14 years total), and the salvage value would be $37000. The depreciation expense for 2018 should be: $82400. $57450. $76400. $69950

Bonita Company purchased a computer for $8,720 on January 1, 2019. Straight-line depreciation is used, based...

Bonita Company purchased a computer for $8,720 on January 1, 2019. Straight-line depreciation is used, based on a 5-year life and a $1,090 salvage value. In 2021, the estimates are revised. Bonita now feels the computer will be used until December 31, 2022, when it can be sold for $545. Compute the 2021 depreciation. (Round answer to 0 decimal places, e.g. 45,892.) Depreciation expense, 2021

Sheridan Corporation owns machinery that cost $21,200 when purchased on July 1, 2017. Depreciation has been...

Sheridan Corporation owns machinery that cost $21,200 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $2,544 per year, resulting in a balance in accumulated depreciation of $8,904 at December 31, 2020. The machinery is sold on September 1, 2021, for $11,130. Prepare journal entries to (a) update depreciation for 2021 and (b) record the sale.

Concord Corporation owns machinery that cost $26,400 when purchased on July 1, 2017. Depreciation has been...

Concord Corporation owns machinery that cost $26,400 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $3,168 per year, resulting in a balance in accumulated depreciation of $11,088 at December 31, 2020. The machinery is sold on September 1, 2021, for $6,864. Prepare journal entries to (a) update depreciation for 2021 and (b) record the sale.

Sunland Corporation owns machinery that cost $24,000 when purchased on July 1, 2017. Depreciation has been...

Sunland Corporation owns machinery that cost $24,000 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $2,880 per year, resulting in a balance in accumulated depreciation of $10,080 at December 31, 2020. The machinery is sold on September 1, 2021, for $12,600. Prepare journal entries to (a) update depreciation for 2021 and (b) record the sale. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,...

Question