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Category > Accounting Posted 12 Aug 2017 My Price 11.00

Herzog Company

On March 31, 2013, the Herzog Company purchased a factory complete with machinery and equipment. The allocation of the total purchase price of $1,000,000 to the various types of assets along with estimated useful lives and residual values are as follows:

 

Asset Cost Estimated Residual Value Estimated Useful
Life in Years
Land $ 100,000   N/A N/A  
Building   500,000   none 25  
Machinery   240,000   10% of cost 8  
Equipment   160,000   $ 13,000   6  
 
         
Total $ 1,000,000            
 
         

 

On June 29, 2014, machinery included in the March 31, 2013, purchase that cost $100,000 was sold for $80,000. Herzog uses the straight-line depreciation method for buildings and machinery and the sum-of-the-years'-digits method for equipment. Partial-year depreciation is calculated based on the number of months an asset is in service.

 

Required:

1.

 

Compute depreciation expense on the building, machinery, and equipment for 2013.

 

2.

Prepare the journal entries to:

 

a) record the depreciation on the machinery sold on June 29, 2014

 

b) and the sale of machinery.

 

 

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Aug 2017 12:08 AM My Price 11.00

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