Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. paulson corporation purchased equipment on january

Paulson corporation purchased equipment on January 1, 2020 for $168,000 it is estimated that the...

70.2K

Verified Solution

Question

Accounting

Paulson corporation purchased equipment on January 1, 2020 for $168,000 it is estimated that the equipment will have a $14,000 residue or value at the end of it eight year useful life it is also estimated that the equipment will produce 110,000 units over its 8-year life. on December 31, 2022, Polson Celsey equipment for $85,000 possum produced 20,000 units in 2020 24,000 units in 2021 and 22,000 units in 2022.
(a) determine the caring amount of the equipment at December 31, 2022 using the units of production method of depreciation
(b) prepare the appropriate journal entry for the sale of the equipment

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

There are six major theories of socialization, chose one theory and define it in your own...

Psychology
Q

in today's environment of Internet purchasing and self-service technologies, do you think the role of personal selling...

General Management
Q

13 9 A AC has length 13 9 and BC has length 16 1 find...

Geometry
Q

An investment account pays 3 5 annual interest compounded semiannually If 4000 is invested in...

Basic Math
Q

A fitness instructor measured the heart rates of the participants in a yoga class at...

Statistics
Q

The peedetermined overhesad tate for the recerthy completed year was closest...

Accounting
Q

2. How could Papa Johns use COSOs enterprise risk management framework to address risks it...

Accounting
Q

The allowance method will provide an estimate for bad debt expense, as well as estimate...

Accounting
Q

Eastern Flying Ltds unadjusted and adjusted trial balances on December 31,2006, are as follows: ...

Accounting
Q

All of the following have characteristics of registered bonds except: a. Bond owners name is...

Accounting
Q

ATC 7-1 (Algo) Business Applications Case: Preparing and using pro forma statements Mary Helu and...

Accounting
Q

Covid-19 has created a volatile operating environment for all companies and one major concern is...

Accounting