Question

1.) Barnes Medical Center purchased an x-ray machine on December 1, 2018, for $120,000. The machine has an $87,000 accumulated depreciation. On January 1, 2020, it is sold for $40,000. Record the sale of the x-ray machine. (4 pts.) Use the space provided to type in your journal entry, following the correct general journal format. Please note, debit account title(s) must be listed in the first line, then on the next line(s) credit account title(s).

2.) Grey Landscaping purchased an L-mower with a cost of $8,500. The current book value is $2,500. On January 1, 2020, it is sold for $1,750. Record the sale of the L-mower. Use the correct general journal format.

3.) On December 1, 2020, Gene Furniture traded its old cash register in for a new cash register. The old cash register had cost $3,500 originally, but currently has a book value of $500. The new cash register has a list price of $4,800. Ogle Furniture was granted an $800 trade-in allowance for the old cash register and paid the difference. Use the correct general journal format.

4.) Rover Furniture purchased equipment on January 1, 2018, for $50,000, with a $5,000 salvage value and a 9-year life. Laramie uses straight-line depreciation. Depreciation has been recorded through December 31, 2020. On April 1, 2021, the equipment is sold for $22,000. Record all necessary transactions on April 1st. Use the correct general journal format.

5.) On October 1, 2020, Lance Company exchanged a delivery vehicle with a cost of $64,000 and a book value of $42,000, plus cash of $17,000 for a new delivery vehicle. The old vehicle had a fair value of $38,000. Prepare the journal entry to record the exchange of assets. Use the correct general journal format.

6.) On October 1, 2020, the Lance Company ledger shows Equipment with a balance of $100,000 and Accumulated Depreciation – Equipment of $50,000. Straight-line depreciation has been used for the asset which had a 9-year useful life, and salvage of $10,000. On this date, the company concludes that the equipment has a remaining useful life of only 3 years with a $2,000 salvage value. Compute the revised annual depreciation.

Answer 1

These are 6 different questions, but I have answered all.
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