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In: Accounting
Oriole Company had the following assets on January 1, 2017. Item Cost Purchase Date Useful Life...
Oriole Company had the following assets on January 1, 2017. Item Cost Purchase Date Useful Life (in years) Salvage Value Machinery $75,260 Jan. 1, 2007 10 $ 0 Forklift 31,800 Jan. 1, 2014 5 0 Truck 35,408 Jan. 1, 2012 8 3,184 During 2017, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $12,720. The truck was discarded on December 31. Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on disposed assets. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2016. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Oriole Company had the following assets on January 1, 2022. Item Cost Purchase Date Useful Life...
Oriole Company had the following assets on January 1,
2022.
Item
Cost
Purchase Date
Useful Life
(in years)
Salvage Value
Machinery
$74,000
Jan. 1, 2012
10
$ 0
Forklift
33,000
Jan. 1, 2019
5
0
Truck
39,400
Jan. 1, 2017
8
3,000
During 2022, each of the assets was removed from service. The
machinery was retired on January 1. The forklift was sold on June
30 for $12,300. The truck was discarded on December 31.
Journalize all entries required on...
Blossom Company had the following assets on January 1, 2017. Item Cost Purchase Date Useful Life...
Blossom Company had the following assets on January 1,
2017.
Item
Cost
Purchase Date
Useful Life
(in years)
Salvage Value
Machinery
$52,540
Jan. 1, 2007
10
$ 0
Forklift
22,200
Jan. 1, 2014
5
0
Truck
24,720
Jan. 1, 2012
8
2,224
During 2017, each of the assets was removed from service. The
machinery was retired on January 1. The forklift was sold on June
30 for $8,880. The truck was discarded on December 31.
Journalize all entries required on...
Blossom Company had the following assets on January 1, 2017. Item Cost Purchase Date Useful Life...
Blossom Company had the following assets on January 1, 2017.
Item Cost Purchase Date Useful Life (in years) Salvage Value
Machinery $52,540 Jan. 1, 2007 10 $ 0 Forklift 22,200 Jan. 1, 2014
5 0 Truck 24,720 Jan. 1, 2012 8 2,224 During 2017, each of the
assets was removed from service. The machinery was retired on
January 1. The forklift was sold on June 30 for $8,880. The truck
was discarded on December 31. Journalize all entries required on...
Crane Company had the following assets on January 1, 2017. Item Cost Purchase Date Useful Life...
Crane Company had the following assets on January 1,
2017.
Item
Cost
Purchase
Date
Useful Life
(in years)
Salvage
Value
Machinery
$86,620
Jan. 1, 2007
10
$ 0
Forklift
36,600
Jan. 1, 2014
5
0
Truck
40,752
Jan. 1, 2012
8
3,664
During 2017, each of the assets was removed from service. The
machinery was retired on January 1. The forklift was sold on June
30 for $14,640. The truck was discarded on December 31. The company
uses straight-line depreciation....
Problem 9-3A Carla Vista Co. had the following assets on January 1, 2017. Item Cost Purchase...
Problem 9-3A
Carla Vista Co. had the following assets on January 1,
2017.
Item Cost Purchase Date Useful Life
(in years) Salvage Value
Machinery
$63,900 Jan. 1, 2007 10 $ 0
Forklift
27,000 Jan. 1, 2014 5 0
Truck
30,064 Jan. 1, 2012 8 2,704
During 2017, each of the assets was removed from service. The
machinery was retired on January 1. The forklift was sold on June
30 for $10,800. The truck was discarded on December 31.
Journalize all...
McAdams Company had the following inventory cost values for one item of inventory for April: Date...
McAdams Company had the following inventory cost values for one
item of inventory for April:
Date
Activity
Units Purchased
Cost/Unit
Total Cost
Apr. 1
BI
400
$14
$5,600
Apr. 8
Purchase
2,200
16
35,200
Apr. 25
Purchase
600
18
10,800
Apr. 30
Purchase
800
20
16,000
Available for sale: Units purchased = 4,000; Total cost =
$67,600
Sales Activity:
Apr. 19.....1,200 units
Apr. 26.....1,400 units
Units sold = 2,600
Units remaining in EI
Available for sale..........4,000 units
Units sold.....................2,600
Ending...
Oriole Company is owned by Rachel Oriole. The company had total assets of $885,000 and total...
Oriole Company is owned by Rachel Oriole. The company had total
assets of $885,000 and total liabilities of $500,000 at the
beginning of the year. Answer each of the following independent
questions:
(a) During the year, total assets increased by
$121,000 and total liabilities decreased by $77,000. What is the
amount of owner's equity at the end of the year?
Owner's equity
$
(b) Total liabilities decreased by $87,000 during
the year. The company incurred a loss of $60,000. R....
On January 1, 2017, Sunland Company purchased a copyright for $2292000, having an estimated useful life...
On January 1, 2017, Sunland Company purchased a copyright for
$2292000, having an estimated useful life of 16 years. In January
2021, Sunland paid $339000 for legal fees in a successful defense
of the copyright. Copyright amortization expense for the year ended
December 31, 2021, should be
On January 1, 2017, company purchased a molding machine at 67.000 TL. The estimated useful life...
On January 1, 2017, company purchased a molding machine at
67.000 TL. The estimated useful life of the machine is 4 years and
the estimated salvage value is 2.000 TL. At the beginning of the
3rd year a major renovation is maintained on the machine. The cost
of the renovation is 34.000 TL. Because of the renovation estimated
useful life extended to 6 years in total and the salvage
value increased to 2.500 TL. Assume the company uses
double declining
method prepare...
Kingbird Leasing Company agrees to lease machinery to Oriole Corporation on January 1, 2017. The following...
Kingbird Leasing Company agrees to lease machinery to Oriole
Corporation on January 1, 2017. The following information relates
to the lease agreement.
1.
The term of the lease is 7 years with no renewal option, and
the machinery has an estimated economic life of 9 years.
2.
The cost of the machinery is $500,000, and the fair value of
the asset on January 1, 2017, is $659,000.
3.
At the end of the lease term, the asset reverts to the...
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