ACC 304 All Assignments ACC 304 All Assignments | страница 164
16) Prepare the journal entry (if any) to record the impairment of the
asset at December 31, 2014. (If no entry is required, select "No entry"
for the account titles and enter 0 for the amounts. Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
17) If the asset is sold at the end of Year 3, which method would yield
the highest gain (or lowest loss) on disposal of the asset?
The method that will yield the highest gain (or lowest loss) on disposal
of the asset if the asset is sold at the end of Year 3 is
18) Muggsy Bogues Company purchased equipment for $224,700 on
October 1, 2014. It is estimated that the equipment will have a useful
life of 8 years and a salvage value of $24,720. Estimated production is
39,600 units and estimated working hours are 20,200. During 2014,
Bogues uses the equipment for 590 hours and the equipment produces
1,100 units.
Compute depreciation expense under each of the following methods.
Bogues is on a calendar-year basis ending December 31.
19) Presented below is information related to equipment owned by
Suarez Company at December 31, 2014.
Cost
$ 20,232,000