Reference no: EM132554121
Health Smart Limited (HSL) purchased a manufacturing assembly machine for its new product launch: The Total Health Watch on March 2, 2017 for $62,000 cash. It had an estimated useful life of five years and a residual value of $14,000. On February 25, 2020, the machine was disposed of. HSL's year-end is December 31, and it calculates depreciation to the nearest whole month using straight-line depreciation.
Required
Question 1. Prepare the entry to record the disposal under each of the following independent assumptions:
a. The machine was sold for $26,000 cash.
b. The machine was sold for $33,200 cash.
c. The machine was sold for $34,180 cash.
d. The old machine was exchanged for tools with a market value of $88,000. A trade-in allowance of $25,000 was offered on the old machine and the balance was paid in cash. Assume the $88,000 market value of the tools represents their fair value.
|
What amount should be shown in incredible balance sheet
: What amount should be shown in Incredible's balance sheet at December 31, 2020, net of accumulated depreciation, for this machine?
|
|
What potential adjustment might be necessary at the end
: What potential adjustment might be necessary at the end of 2020 other than amortization. Journalize the patent acquisition and amortization for the year.
|
|
Equilibrium concentrations of all the species
: Consider the following reaction: PCl3 (g)+ Cl2 (g) PCl5 (g). K = 4.30 x 10-6 Initially, 2.50 M PCl3 and 1.40 M Cl2 are placed into a container and allowed
|
|
Calculate percentage changes in accounts payable
: Calculate percentage changes in accounts payable and income taxes payable (from 2018 to 2019). Give a possible explanation for the changes in these accounts
|
|
Prepare the entry to record the disposal
: Prepare the entry to record the disposal under each of the independent assumptions The machine was sold for $26,000 cash and The machine was sold for $33,200
|
|
Prepare journal entries IN GOOD FORM for the September
: Prepare journal entries IN GOOD FORM for the September transactions. Include Sales and cost of goods sold entries if applicable
|
|
Why are some salts acidic when others are neutral
: Why are some salts acidic when others are neutral?
|
|
What amount was assigned to the share warrants
: On December 31, 2020, 200 share warrants were exercised and on June 30, 2021, What amount was assigned to the share warrants
|
|
Explain why the conjugate base of a strong
: Explain why the conjugate base of a strong acid can't react with water.
|