### What amount should be recorded for depreciation

Assignment Help Financial Accounting
##### Reference no: EM13136540

A machine was purchased for \$37,000 and depreciated for five years on a straight-line basis under the assumption it would have a ten-year life and a \$1,000 salvage value. At the beginning of the machine's sixth year it was recognized the machine had three years of remaining life instead of five and that at the end of the remaining three years its salvage value would be \$1,600. What amount of depreciation should be recorded in each of the machine's remaining three years?

#### Demonstrate your understanding of the material

What are responsibiliti desired outcome is that you are able to collaborate with peers and instructor, demonstrate your understanding of the material, and participate as a m

#### Prepare an amortization schedule using effective method

Prepare an amortization schedule using the effective interest method. Be sure to adjust the last payment's interest, up or down, so that the bond carrying value equals \$50,0

#### What is russells realized gain on the transaction

Russell Corporation sold a parcel of land valued at \$477,500. Its basis in the land was \$360,512. What is Russell's realized gain on the transaction? What is Russell's recogni

#### Prepare the journal entry to record the exchange

Mike Corporation exchanged land and cash of \$6,500 for equipment. The land had a book value of \$45,000 and a fair value of \$34,000. Assume the exchange has commercial substanc

Is the exchange nontaxable under Sec. 351? Explain the tax consequences of the exchange to Al, Bob, Carl, and West. How would your answer to Part a change if Bob had received

#### Prepare journal entries to record the transactions

Prepare journal entries to record the transactions. Prepare adjusting entries on December 31 to record accrued interest. (Daily interest is calculated utilizing the 360 day

#### Determination of taxable amount

How much of the current E & P is allocated to Larry’s distribution? How much of the current E & P is allocated to Ed’s distribution? How much of the \$450,000 distribution is t

#### Complete consolidated balance sheet working papers

The bonds pay interest on June 30 and December 31 and mature on December 31, 2010. Both Wren and Schrub use straightline amortization. Wren uses the equity method of account