User Account

All Pages

Prepare the journal entry to record the annual depreciation

Assignment Help Accounting Basics
Reference no: EM132040657

Question - Garrison Company purchased a machine on January 2, 2011. The machine cost $80,000 and had an estimated residual value of $20,000. The estimated useful life of the machine was 10 years. On January 1, 2014, due to technological innovations, the estimated useful life was reduced by 2 years from the original life and the salvage value was changed to $6,000. The company uses straight-line depreciation. You may ignore taxes.

Prepare the journal entry to record the annual depreciation for the year ended December 31, 2014 and any prior period adjustments which may be necessary.

Reference no: EM132040657

Questions Cloud

Compute the issue price on january : James Corporation is planning to issue $500,000 worth of 6 percent bonds that mature in 10 years. Compute the issue price on January
Brief plan on how that company could improve : Choose a business, either one you work at or a local one, and come up with a brief plan on how that company could improve it's sustainability
The new value of the firm be after you complete repurchase : Given that you face a corporate tax rate of 37%, what will the new value of the firm be after you complete the repurchase?
Define necessary staff training for the organization : Assess the main problem or issue from the case, then create a brief intervention summary for the organization in the case you chose.
Prepare the journal entry to record the annual depreciation : Prepare the journal entry to record the annual depreciation for the year ended December 31, 2014 and any prior period adjustments which may be necessary
What is the current state of public service workers : What is the current state of public service workers? Are public service personnel treated well, poorly, too well, etc.?
Which security should have the higher expected return : Which security has more total risk? Explain why. Which security should have the higher expected return? Explain why.
Units of the special lamp and regular lamp : How many units of the special lamp and regular lamp should be produced per production period in order to maximize the profit?
How is diversity defined in your organization : How is diversity defined in your organization? Give examples of how diversity recruiting programs work. How is your organization using such recruiting tools?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd