CourseLover

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Teaching Since: May 2017
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  • MCS,MBA(IT), Pursuing PHD
    Devry University
    Sep-2004 - Aug-2010

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  • Assistant Financial Analyst
    NatSteel Holdings Pte Ltd
    Aug-2007 - Jul-2017

Category > Accounting Posted 12 Dec 2017 My Price 10.00

Annual journal entry for depreciation expense

You purchase land by signing a four year note payable that calls for a single payment of $245,000
and an annual interest rate of 16.7%.
What is the purchase price of the land.
Prepare an amortization schedule.

 

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Financial Accounting Example Problems help:

problem 1: If a firm's earnings before interest and taxes are $367,000 and its interest expense is $122,000 what is the firm's times interest earned ratio.

 

Problem 2: A firm purchased a patent for $910,000 and it has a legal life of 14 years and a useful life of 13 years provide the journal entry to record the first year's amortization expense.

 

Problem 3: 

The actual mileage for the four years was a follows:
Year Miles
1 39,000
2 42,000
3 37,000
4 29,000
5 27,000

Provide the journal entry for each of the four years assuming the firm used the activity based depreciation method.

 

Problem 4: 

On January 2 the firm purchased a new van that would cost $190,000 and $20,000 in estimated salvage value.
The estimated useful life of the van in years is 5 and the estimated useful life in miles is 140,000 miles.
Required:

1. What would be the annual journal entry for depreciation expense assuming the firm used straight line depreciation method.

Problem 5:

Answers

CourseLover
(12)
Status NEW Posted 12 Dec 2017 06:12 AM My Price 10.00

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