An asset was purchased on January 1, 2020 for $150,000. The estimated useful life is 5...

An asset was purchased on January 1, 2020 for $150,000. The estimated useful life is 5 years and 31,250 units. With the residual value being $25,000 prepare a schedule of depreciation for each of the Straight-line method, Double Declining Method and the Units of Production method. The units to be produced are as follows: Year 1 5,000 units, Year 2 4,000 units, Year 3 6,000 units, Year 4 10,000 units and Year 5 12,000 units. What is the depreciation expense entry for the Double Declining Method for year 4?
The AB Partnership's capital balances are as follows: Partner A $175,000 and Partner B $125,000. The allocate any net income as follows: Salaries Partner A $60,000 and Partner B $40,000, interest of their capital balances is 10% and they share ,all gains and losses equally. Prepare a schedule to allocate their current net income of $175,000.
Partner A has a capital balance of $400,000 and Partner B has a capital balance of $162,500. Partner C wants to purchase 25% of the partnership under the following scenarios: 1) Cash of $187,500, 2) Cash of $212,500 or 3) Cash of $162,500. Partners A and B shares losses 80% and 20%. Prepare the general journal entries under each of the scenarios

Expert Solution

Answer 1- you can find out the depreciation values by the following method as stated in the image.Answer 2- The appropriation of income between the partners is as below-

ekkarill92 answered 1 year ago

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