Question

Presented below are selected transactions for the Cullumber Company for 2023. Jan. 1 Retired a piece...

Presented below are selected transactions for the Cullumber Company for 2023. Jan. 1 Retired a piece of equipment that was purchased on January 1, 2013. The equipment cost $75,000 on that date and had a useful life of 10 years with no salvage value. April 30 Sold equipment for $38,000 that was purchased on January 1, 2020. The equipment cost $105,000 and had a useful life of 5 years with no salvage value. Dec. 31 Discarded equipment that was purchased on June 30, 2019. The equipment cost $42,000 and was depreciated on a 5-year useful life with a salvage value of $2,000. Journalize all entries required as a result of the above transactions. Cullumber Company uses the straight-line method of depreciation and has recorded depreciation through December 31, 2022. (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.) Date Account Titles and Explanation Debit Credit Jan. 1 enter an account title to record the transaction on January 1 Accumulated Depreciation-Equipment enter a debit amount 75000 enter a credit amount enter an account title to record the transaction on January 1 Equipment enter a debit amount enter a credit amount 75000 April 30 enter an account title to record depreciation on April 30 Depreciation Expense enter a debit amount enter a credit amount enter an account title to record depreciation on April 30 Accumulated Depreciation-Equipment enter a debit amount enter a credit amount (To record depreciation) enter an account title to record sale of equipment on April 30 Cash enter a debit amount 38000 enter a credit amount enter an account title to record sale of equipment on April 30 Accumulated Depreciation-Equipment enter a debit amount enter a credit amount enter an account title to record sale of equipment on April 30 Gain on Disposal of Plant Assets enter a debit amount enter a credit amount enter an account title to record sale of equipment on April 30 Equipment enter a debit amount enter a credit amount 105000 (To record sale of equipment) Dec. 31 enter an account title to record depreciation on December 31 Depreciation Expense enter a debit amount enter a credit amount enter an account title to record depreciation on December 31 Accumulated Depreciation-Equipment enter a debit amount enter a credit amount (To record depreciation) enter an account title to record sale of equipment on December 31 Accumulated Depreciation-Equipment enter a debit amount enter a credit amount enter an account title to record sale of equipment on December 31 Loss on Disposal of Plant Assets enter a debit amount enter a credit amount enter an account title to record sale of equipment on December 31 Equipment enter a debit amount enter a credit amount 42000 (To record sale of equipment)

Homework Answers

Answer #1

PPE

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Presented below are selected transactions at Metlock, Inc. for 2019. Jan. 1 Retired a piece of...
Presented below are selected transactions at Metlock, Inc. for 2019. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2009. The machine cost $61,800 on that date. It had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2016. The computer cost $39,000. It had a useful life of 5 years with no salvage value. The computer was sold for $15,800. Dec. 31 Discarded...
Jan. 1: Retired a piece of machinery that was purchased on jan 1 2010. the machine...
Jan. 1: Retired a piece of machinery that was purchased on jan 1 2010. the machine cost $63,300 on that date. it had a useful life of 10 years with no salvage value June 30.:Sold a computer that was purchased on January 1, 2017. The computer cost $45,000. It had a useful life of 5 years with no salvage value. The computer was sold for $14,300. Dec. 31 Discarded a delivery truck that was purchased on January 1, 2016. The...
Exercise 9-9 Presented below are selected transactions at Ridge Company for 2017. Jan. 1 Retired a...
Exercise 9-9 Presented below are selected transactions at Ridge Company for 2017. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2007. The machine cost $61,900 on that date. It had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2014. The computer cost $31,200. It had a useful life of 5 years with no salvage value. The computer was sold for $14,600. Dec....
Presented below is information related to equipment owned by Cullumber Company at December 31, 2017. Cost...
Presented below is information related to equipment owned by Cullumber Company at December 31, 2017. Cost $10,440,000 Accumulated depreciation to date 1,160,000 Expected future net cash flows 8,120,000 Fair value 5,568,000 Cullumber intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $23,200. As of December 31, 2017, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the...
These are selected 2022 transactions for Ayayai Corporation: Jan. 1 Purchased a copyright for $81,000. The...
These are selected 2022 transactions for Ayayai Corporation: Jan. 1 Purchased a copyright for $81,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years. Mar. 1 Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $24,000. Sept. 1 Purchased a small company and recorded goodwill of $111,000. Its useful life is indefinite Dec. 31 Enter an account title to record amortization of...
Exercise 9-9 Presented below are selected transactions at Novak Corp. for 2019. Jan. 1 Retired a...
Exercise 9-9 Presented below are selected transactions at Novak Corp. for 2019. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2009. The machine cost $62,300 on that date. It had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2016. The computer cost $42,600. It had a useful life of 5 years with no salvage value. The computer was sold for $13,400. Dec....
Presented below is information related to equipment owned by Waterway Company at December 31, 2020. Cost...
Presented below is information related to equipment owned by Waterway Company at December 31, 2020. Cost $10,710,000 Accumulated depreciation to date 1,190,000 Expected future net cash flows 8,330,000 Fair value 5,712,000 Waterway intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $23,800. As of December 31, 2020, the equipment has a remaining useful life of 4 years. Prepare the journal entry (if any) to record the impairment of the...
On December 31, 2017, Cullumber Inc. has a machine with a book value of $ 1,222,000....
On December 31, 2017, Cullumber Inc. has a machine with a book value of $ 1,222,000. The original cost and related accumulated depreciation at this date are as follows. Machine $ 1,690,000 Less: Accumulated depreciation 468,000 Book value $ 1,222,000 Depreciation is computed at $ 78,000 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries...
Presented below is information related to equipment owned by Cullumber Company at December 31, 2017. Cost...
Presented below is information related to equipment owned by Cullumber Company at December 31, 2017. Cost $10,890,000 Accumulated depreciation to date 1,210,000 Expected future net cash flows 8,470,000 Fair value 5,808,000 Cullumber intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $24,200. As of December 31, 2017, the equipment has a remaining useful life of 4 years. a. Prepare the journal entry (if any) to record the impairment of...
Here are selected 2017 transactions of Ayayai Corporation. Jan. 1 Retired a piece of machinery that...
Here are selected 2017 transactions of Ayayai Corporation. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2007. The machine cost $61,000 and had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2015. The computer cost $35,000 and had a useful life of 4 years with no salvage value. The computer was sold for $4,000 cash. Dec. 31 Sold a delivery truck for...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT