Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 7. a machine was purchased and installed for a tot

7. A machine was purchased and installed for a total cost of $22,000 on January...

70.2K

Verified Solution

Question

Accounting

7. A machine was purchased and installed for a total cost of $22,000 on January 1, 2021. It is assumed to have an estimated useful life of 4 years and a salvage value of $2,000. a) Calculate depreciation expense for 2022 and record the appropriate journal entry under the straight-line method. b) Calculate the total amount in accumulated depreciation on December 31, 2022.

8. Metal Company acquired recycling equipment on January 1, 2022, at a cost of $160,000, has an estimated useful life of 10 years, an estimated salvage value of $10,000, and is depreciated using the straight-line method. Assuming that the equipment was sold for $100,000 in cash on December 31, 2023, record the appropriate journal entry for the disposal of the equipment.

9.Intangible Company has a patent on their balance sheet at $150,000. The expected future cash flows from this patent is $130,000, and the fair market value of the patent is $140,000. Record the journal entry for impairment, if necessary. If no entry is required, explain why.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Global Pistons? (GP) has common stock with a market value of $ 400 million and debt...

Finance
Q

A box in a certain supply room contains four 30W lightbulbs, five 60W lightbulbs, and six...

Statistics
Q

In watermelons, bitter fruit (B) is dominant over sweet fruit (b), and yellow spots (S) are...

Biology
Q

1. Create a scenario that can be used to model a counting question (permutation, combination or...

Advance Math
Q

V 3g 8 Let E be the energy required to raise a satellite to height...

Physics
Q

Question 8 Watch Video 4 Triangle STU is formed by connecting the midpoints of the...

Geometry
Q

3Use function notation to rewrite the function y =-X-1using h as the function name.The function...

Basic Math
Q

K Question 15 5 4 5 4 Normal Probability Distribution Homew Use the Central Limit...

Statistics
Q

Kenzie Co. adquiri el 70 % de McCready Co. el 1 de enero de 2021....

Accounting
Q

11. What are considered direct costs in segment analyses? 12. What is cost volume profit...

Accounting
Q

Critically discuss and explain why there is a need for regulating financial markets in Reducing...

Finance
Q

If Ahmad had a filing status of Married Filing Separately and a taxable income of...

Accounting