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Category > Accounting Posted 17 Aug 2017 My Price 11.00

Jasper Company

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Problem 11-9 Straight-line depreciation; change in useful life and residual value [LO11-2, 11-5]

The property, plant, and equipment section of the Jasper CompanyA????1s December 31, 2015, balance sheet contained the following:
 
  Property, plant, and equipment:            
      Land       $ 120,000  
      Building $ 840,000        
      Less: Accumulated depreciation   (200,000 )   640,000  
             
      Equipment   180,000        
      Less: Accumulated depreciation   ?     ?  
             
         Total property, plant, and equipment         ?  
             
 

     The land and building were purchased at the beginning of 2011. Straight-line depreciation is used and a residual value of $40,000 for the building is anticipated.
     The equipment is comprised of the following three machines:
 
  Machine Cost Date Acquired Residual Value Life in Years
  101 $ 70,000   1/1/13       $ 7,000   10         
  102   80,000     6/30/14        8,000   8         
  103   30,000   9/1/15         3,000   9         
 

     The straight-line method is used to determine depreciation on the equipment. On March 31, 2016, Machine 102 was sold for $52,500. Early in 2016, the useful life of machine 101 was revised to seven years in total, and the residual value was revised to zero.
Required:
1.

Calculate the accumulated depreciation on the equipment at December 31, 2015.
   
2.

Prepare the journal entry to record the sale of machine 102. Also prepare the journal entry to record 2016 depreciation on machine 102 up to the date of sale.

 

Answers

Maurice Tutor
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Status NEW Posted 17 Aug 2017 07:08 PM My Price 11.00

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