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Falak Naz
Falak Naz, Accountant
Category: Homework
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Experience:  I am a qualified Chartered Accountant. For the last five years i am working as manager
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1) Journalize all entries required on the above dates,

Customer Question

1)

Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Ingles Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2007.)

Jan. 1 Retired a piece of machinery that was purchased on January 1, 1998. The machine cost $62,000 on that date. It had a useful life of 10 years with no salvage value.

June 30 Sold a computer that was purchased on January 1, 2005. The computer cost $40,000. It had a useful life of 5 years with no salvage value. The computer was sold for $14,000.

Dec. 31 Discarded a delivery truck that was purchased on January 1, 2004. The truck cost $39,000. It was depreciated based on a 6-year useful life with a $3,000 salvage value.

2) Brainiac Company purchased a delivery truck for $30,000 on January 1, 2008. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2008 and 12,000 in 2009.

Compute depreciation expense for 2008 and 2009 using the double-declining balance method.

Assume that Brainiac uses the straight-line method. (1) Prepare the journal entry to record 2008 depreciation.

(2) Show how the truck would be reported in the December 31, 2008, balance sheet.
Submitted: 4 years ago.
Category: Homework
Expert:  Falak Naz replied 4 years ago.
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Falak Naz, Accountant
Category: Homework
Satisfied Customers: 532
Experience: I am a qualified Chartered Accountant. For the last five years i am working as manager
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