(Please answer this question clearly as tables belw i posted this questio fourth
ID: 2582737 • Letter: #
Question
(Please answer this question clearly as tables belw i posted this questio fourth time but no one answer (2) double dimimshing balance correct I hope get right answer please answer all part
Problem 9-7A a-b
Sandhill Productions Corp. purchased equipment on March 1, 2018, for $60,000. The company estimated the equipment would have a useful life of three years and produce 12,000 units, with a residual value of $8,600. During 2018, the equipment produced 4,900 units. On November 30, 2019, the machine was sold for $19,000 and had produced 5,600 units that year.
Date
Account Titles and Explanation
Debit
Credit
2018
Mar. 1
Dec. 31
2019
Nov. 30
(To record depreciation expense)
Nov. 30
Date
Account Titles and Explanation
Debit
Credit
2018
Mar. 1
Dec. 31
2019
Nov. 30
(To record depreciation expense)
Nov. 30
Date
Account Titles and Explanation
Debit
Credit
2018
Mar. 1
Dec. 31
2019
Nov. 30
(To record depreciation expense)
Nov. 30
(Please answer this question clearly as tables belw i posted this questio fourth time but no one answer (2) double dimimshing balance correct I hope get right answer please answer all part
Problem 9-7A a-b
Sandhill Productions Corp. purchased equipment on March 1, 2018, for $60,000. The company estimated the equipment would have a useful life of three years and produce 12,000 units, with a residual value of $8,600. During 2018, the equipment produced 4,900 units. On November 30, 2019, the machine was sold for $19,000 and had produced 5,600 units that year.
Explanation / Answer
(a) Record all the necessary entries for the years ended December 31, 2018 and 2019, using the following depreciation methods
(1) Straight-line
(2) Double-diminishing-balance
(3) Units-of-Production
(b) Complete the following schedule for each method of depreciation and compare the total expense over the two-year period
Date Account Title and Explanation Debit Credit 2018 1-Mar Equipment $60,000 Cash $60,000 (To record purchase of equipment) 31-Dec Depreciation Expense $14,278 Accumulated Depreciation - Equipment $14,278 (To record depreciation expense) *{[($60,000 - $8,600) / 3] x (10/12)} = $14,278 2019 30-Nov Depreciation Expense $15,706 Accumulated Depreciation - Equipment $15,706 (To record depreciation expense) *{[($60,000 - $8,600) / 3] x (11/12)} = $15,706 30-Nov Cash $19,000 Accumulated Depreciation - Equipment $29,984 Loss on Sale of Equipment $11,016 Equipment $60,000 (To record the sale of machine)Related Questions
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