On december 31, 2017, coronado inc. has a machine with a book value of $1,410,000. the original cost and related accumulated depreciation at this date are as follows. machine $1,950,000 less: accumulated depreciation 540,000 book value $1,410,000 depreciation is computed at $90,000 per year on a straight-line basis. presented below is a set of independent situations. for each independent situation, indicate the journal entry to be made to record the transaction. make sure that depreciation entries are made to update the book value of the machine prior to its disposal.
a) a fire completely destroys the machine on august 31, 2018. an insurance settlement of $430,000 was received for this casualty. assume the settlement was received immediately.
b) on april 1, 2018, tritt sold the machine for $1,040,000 to dwight yoakam company.
(c) on july 31, 2018, the company donated this machine to the mountain king city council. the fair market value of the machine at the time of the donation was estimated to be $1,100,000.
Answers: 2
Another question on Business
Business, 22.06.2019 07:10
1. the healthy pantry bought new shelving and financed $7,300 with 36 monthly payments of $267.65 each. suppose the firm pays the loan off with 13 payments left. use the rule of 78 to find the amount of unearned interest. 2. the healthy pantry bought new shelving and financed $7,300 with 36 monthly payments of $267.65 each. suppose the firm pays the loan off with 13 payments left. use the rule of 78 to find the amount necessary to pay off the loan. ! i entered 967.82 for question 1 and 5,455.78 for question 2 and it said it was
Answers: 3
Business, 22.06.2019 19:10
The stock of grommet corporation, a u.s. company, is publicly traded, with no single shareholder owning more than 5 percent of its outstanding stock. grommet owns 95 percent of the outstanding stock of staple inc., also a u.s. company. staple owns 100 percent of the outstanding stock of clip corporation, a canadian company. grommet and clip each own 50 percent of the outstanding stock of fastener inc., a u.s. company. grommet and staple each own 50 percent of the outstanding stock of binder corporation, a u.s. company. which of these corporations form an affiliated group eligible to file a consolidated tax return?
Answers: 3
Business, 22.06.2019 21:00
Which of the following statements is correct? stockholders should generally be happier than bondholders to have managers invest in risky projects with high potential returns as opposed to safe projects with lower expected returns. potential conflicts between stockholders and bondholders are increased if a firm's bonds are convertible into its common stock. takeovers are most likely to be attempted if the target firm’s stock price is above its intrinsic value. one advantage of operating a business as a corporation is that stockholders can deduct their pro rata share of the taxes the firm pays, thereby eliminating the double taxation investors would face in a partnership.
Answers: 1
Business, 22.06.2019 22:50
What is the difference between the contractual interest rate and the market interest rate?
Answers: 1
You know the right answer?
On december 31, 2017, coronado inc. has a machine with a book value of $1,410,000. the original cost...
Questions
Mathematics, 27.09.2019 21:20
History, 27.09.2019 21:20
