+1-415-670-9189
info@expertsmind.com
Record adjusting entries for depreciation for 2015
Course:- Managerial Accounting
Reference No.:- EM13852422




Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Managerial Accounting

Problem:

At December 31, 2014, Navaro Corporation reported the following plant asses.

Land                                                                                                        $3,111,000

Buildings                                                                     $34,770,000

Less: Accumulated depredation-buildings                           12,366,225              22,403.775

Equipment                                                                    41.480,000

Less: Accumulated depredation-equipment                         5,185,000                36.295,000

Total plant assets                                                                                        $61,809.775

During 2015, the following selected cash transactions occurred.

Apr. 1 Purchased land for $2,281,400.

May 1 Sold equipment that cost 5622,200 when purchased on January 1, 2008. The equipment was sold for $176,290. June 1 Sold land for $1,659,200. The land cost $1,037,000.

July 1 Purchased equipment for $1,140,700.

Dec. 31 Retired equipment that cost $725,900 when purchased on December 31, 2005. No salvage value was received.

Record adjusting entries for depreciation for 2015.

Journalize the transactions. Navaro uses straight-line depredation for buildings and equipment. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment is estimated to have a 10-year useful life and no salvage value.

Update depreciation on assets disposed of at the time of sale or retirement.

 




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Managerial Accounting) Materials
Little Red Hood Inc. management has estimated the factory overhead cost as $1090 variable cost and $1430 fixed cost to make 100 units using 500 machine hours. Compare the ab
The following costs result from the production and sale of 12,000 CD sets manufactured by Gilmore Company for the year ended December 31, 2013. The CD sets sell for $ 18 each.
What would be the balances, at the end of 2014, 2015, and 2016, in the center's (1) permanently restricted endowment fund and (2) related temporarily restricted fund? Also
The following schedule relates the income statement with cash flows from operating activities, derived by both the direct and indirect methods, in the format illustrated by Gr
Develop the standard cost for each good cutting board and prepare a standard cost card. The standard cost should identify the standard quantity, standard rate, and standard co
What happens to the P/E ratio if the plow back ratio is reduced to .20? Show that if plow back equals zero, the earnings-price ratio, E/P, falls to the expected rate of return
Considering all this material, and additional research, develop a Balanced Scorecard for Levi Strauss - integrating the approach recommended in Why Business Matters to God:
What steps can be taken to loosen the constraint in coating and sharpening and Which product should be emphasized if the constraint in coating and sharpening cannot be loosene