Recоrding the Sаle оf PPE Assets Gаrver Cоmpаny sold machinery that had originally cost $165,000 for $55,000 in cash. The machinery was three years old and had been depreciated using the double-declining balance method assuming a five-year useful life and a residual value of $11,000. Prepare the journal entry to record the sale of the machinery. Account Debit Credit {#1} {#2} {#3} {#4}
Cоmputing Strаight-Line аnd Dоuble-Declining-Bаlance DepreciatiоnOn January 2, Haskins Company purchases a laser cutting machine for use in fabrication of a part for one of its key products. The machine cost $ 64,000, and its estimated useful life is five years, after which the expected salvage value is $4,000. Compute depreciation expense for each year of the machine’s useful life under each of the following depreciation methods: Note: Round answers to the nearest whole number, when applicable. a. Straight-line Year 1 ${#1} Year 2 ${#2} Year 3 ${#3} Year 4 ${#4} Year 5 ${#5} b. Double-declining-balanceYear 1 ${#6} Year 2 ${#7} Year 3 ${#8} Year 4 ${#9} Year 5 ${#10}
Cоmputing Depreciаtiоn, Asset Bоok Vаlue, аnd Gain or Loss on Asset Sale Sloan Company uses its own executive charter plane that originally cost $1,200,000. It has recorded straight-line depreciation on the plane for 6 full years, with a $120,000 expected salvage value at the end of its estimated 10 year useful life. Sloan disposes of the plane at the end of Year 6. a. Determine the following as of the disposal date: Accumulated depreciation ${#1} Net book value ${#2} b. Prepare a journal entry for the sale of the plane, assuming that the sales price is: 1. Cash equal to the book value of the plane. 2. $300,000 cash. 3. $900,000 cash. If there are more debit or credit rows than needed to record the entry, 'select 'No debit' or 'No credit' in the Account field. Amount fields in those rows can be left blank. HINT: Account names in credit rows are indented. Account Debit Credit {#3} {#4} {#5} {#6} {#7} {#8} {#9} {#10} {#11} {#12} {#13} {#14} {#15} {#16} {#17} {#18}