Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. at the beginning of the year, plummer's sports cen

At the beginning of the year, Plummer's Sports Center bought three used fitness machines from...

50.1K

Verified Solution

Question

Accounting

At the beginning of the year, Plummer's Sports Center bought three used fitness machines from Brunswick Corporation. The machines immediately were overhauled, installed, and started operating. The machines were different; therefore, each had to be recorded separately in the accounts.

Machine A Machine B Machine C
Invoice price paid for asset $ 32,300 $ 32,300 $ 23,400
Installation costs 2,300 2,400 1,100
Renovation costs prior to use 4,000 1,000 1,900

By the end of the first year, each machine had been operating 6,500 hours.

2. Prepare the entry to record depreciation expense at the end of Year 1, assuming the following. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

ESTIMATES
Machine Life Residual Value Depreciation Method
A 9 years $1,700 Straight-line
B 64,000 hours 3,700 Units-of-production
C 8 years 1,500 Double-declining-balance

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

How much do you know about respiratory therapy? For this discussion, describe some aspect of a respiratory...

Medical Sciences
Q

6 5 10 W O 3 3x10 W O 9 9x10 W O 3 1...

Physics
Q

The initial simplex tableau of a linear programming problem is show X1 X2 X3 1...

Basic Math
Q

The grades received by 300 students follow a normaldistribution. The mean of the grades is...

Basic Math
Q

A baseball is travelling on a path given by the equation y 0 011x 1...

Basic Math
Q

3 Determine g x given that g x x x 1 2 3 4 g...

Calculus
Q

Let f(a)P9Determine the derivative of f.f'(x) =Determine the interval(s) on which f is differentiable. Report...

Calculus
Q

Cul de los siguientes no est clasificado como Propiedad, Planta y Equipo? Buena voluntad Maquinaria...

Accounting
Q

Required information Exercise 6-9(Algo) Record transactions using a perpetual system (LO6-5) [The...

Accounting
Q

Identify the Fixed and Variable costs in this case list the cost name, the amounts,...

Accounting
Q

The time delay from a supplier's invoice being received until the funds are credited to...

Finance
Q

Today, we have the following price (that is, premium) quotations for the U.S. dollar options...

Finance