1 answer

In January 2017, installation costs of $5,800 on new machinery were charged to Maintenance and Repairs...

Question:

In January 2017, installation costs of $5,800 on new machinery were charged to Maintenance and Repairs Expense. Other costs of this machinery of $29,000 were correctly recorded and have been depreciated using the straight-line method with an estimated life of 10 years and no salvage value. At December 31, 2018, it is decided that the machinery has a remaining useful life of 20 years, starting with January 1, 2018. What entries should be made in 2018 to correctly record transactions related to machinery, assuming the machinery has no salvage value? The books have not been closed for 2018 and depreciation expense has not yet been recorded for 2018. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

Dec. 31

(To correct for the error of expensing installation costs on machinery acquired in January, 2017)

(To record depreciation on machinery for 2018 based on a 20-year useful life)


Answers

Hi

Let me know in case you face any issue:

Solution: Naming convention in not available, can be slightly different: Credit Date Dec.31 Journal entries Account title and

.

Similar Solved Questions

1 answer
Q9. In 2004, the national median salary of all U.S. financial accountants was 124, 400. A recent random sample of 14 financial accountants showed that there are 7 out of 14 accoun- tants whose income...
Q9. In 2004, the national median salary of all U.S. financial accountants was 124, 400. A recent random sample of 14 financial accountants showed that there are 7 out of 14 accoun- tants whose income exceeds 124, 400. If we are to test the hypothesis that the median salary of financial accountants i...
1 answer
CAN SOMEONE ANSWER #5 & #6 PLEASE!! :)) Capacitor Plot: Current Peak- 21.059 mA , 101.41...
CAN SOMEONE ANSWER #5 & #6 PLEASE!! :)) Capacitor Plot: Current Peak- 21.059 mA , 101.41 ms Voltage Peak- 167.681 V , 127.01 ms Resistor Plot: Current Peak- 21.059 mA , 101.41 ms Voltage Peak- 21.071 V , 102.05 ms A/C Source Plot: Current Peak- 21.059 mA , 101.41 ms Voltage Peak- 169 V , 125.09 ...
1 answer
P 254-Fall 2018 Recitation Practice Problems Oct 18, 2018 PE- KE- OJ 1) Consider a 2,00...
P 254-Fall 2018 Recitation Practice Problems Oct 18, 2018 PE- KE- OJ 1) Consider a 2,00 kg toy cart on a frictionless hill as shown in the diagram to the right. a) find the gravitational potential energy at the top PE KE- b) find the gravitational potential energy at the bottom 13 m 2 m c) find the ...
1 answer
COST OF TRADE CREDIT AND BANK LOAN Lancaster Lumber buys $8 million of materials (net of...
COST OF TRADE CREDIT AND BANK LOAN Lancaster Lumber buys $8 million of materials (net of discounts) on terms of 3/5, net 35; and it currently pays on the 5th day and takes discounts. Lancaster plans to expand, which will require additional financing. Assume 365 days in year for your calculations. a....
1 answer
Assume that we want to construct a confidence interval. Do one of the following: The confidence...
Assume that we want to construct a confidence interval. Do one of the following: The confidence level is 99%, standard deviation is 3873 thousand dollars, and the histogram of 67 player salaries (in thousand dollars) of football players on a team is as shown. Assume that we want to construct a confi...
1 answer
On January 1, James Industries leased equipment to a customer for a four-year period, at which...
On January 1, James Industries leased equipment to a customer for a four-year period, at which time possession of the leased asset will revert back to James. The equipment cost James $720,000 and has an expected useful life of six years. Its normal sales price is $720,000. The residual value after f...
1 answer
Learning Goal: To use the principle of work and energy to determine characteristics of a mass...
Learning Goal: To use the principle of work and energy to determine characteristics of a mass being pulled up an incline and determine the power that must be supplied to the system when the efficiency of the input system is considered. As shown, a 62 kg crate is pulled up a θ = 65 ∘incli...
1 answer
When a minimum-wage law and labor unions force the wage to remain above the level that...
When a minimum-wage law and labor unions force the wage to remain above the level that balances supply and demand, it__. A. raises the quantity of labor supplied and raises the quantity of labor demanded compared to the equilibrium level. B. raises the quantity of labor supplied and reduces the quan...
1 answer
€ → C webassign.net/web/Student/Assignment-Responses/submit?dep=22574729&tags=autosave Nd Blackboard Leam O MARS Login Mid Atlantic Financ... l' care credit/discoun......
€ → C webassign.net/web/Student/Assignment-Responses/submit?dep=22574729&tags=autosave Nd Blackboard Leam O MARS Login Mid Atlantic Financ... l' care credit/discoun... Apps 10. + -/8 points SerCP8 7.P.031. A 44.0 kg child takes a ride on a Ferris wheel that rotates four times each ...
1 answer
PHYS-1200/1250 Lab Manual Name Section 38A - Photons 1) Write Einstein's relationship between the energy of...
PHYS-1200/1250 Lab Manual Name Section 38A - Photons 1) Write Einstein's relationship between the energy of a photon and the frequency of the electromagnetic wave that characterizes the photon beam, Explain in words what cach term represents. Words Relationship Ehf histhu pian constant is the wa...
1 answer
3. (5 points) Three identical point charges +Q are placed at the points (0,0,0), (a,0,0) and...
3. (5 points) Three identical point charges +Q are placed at the points (0,0,0), (a,0,0) and (a,a,0). Find the electrostatic potential at the point (0,a,0)....
1 answer
How do you find the instantaneous rate of change of the function #f(x) = 3/x# when x=2?
How do you find the instantaneous rate of change of the function #f(x) = 3/x# when x=2?...
1 answer
Monu olman A (+7c) 4cm B (+2.0c) 0 |2cm. .02m 11.24N/C C (-21c) 4. What is...
monu olman A (+7c) 4cm B (+2.0c) 0 |2cm. .02m 11.24N/C C (-21c) 4. What is the net force (magnitude and direction) on the charge at position B? a. Draw the force vectors on the object in question. b. Calculate the forces. c. Determine the net force. d. Draw the net force vector on the diagram and la...
1 answer
Sin90 + Cos 90=
Sin90 + Cos 90=...
1 answer
For questions 51 - 55 use the descriptions from the list below to label the diagnostic...
For questions 51 - 55 use the descriptions from the list below to label the diagnostic test diagram: Indirect ELISA 55. 53. 54.4 - A51: - A52: -A53: - 54: - A55: A. added enzyme substrate is converted to a product which can be measured via spectrophotometry B. pathogen antigen is attached to well in...
1 answer
V Que Question 12 4 pts Time Rur Attempt 1 Hour How much money does the...
V Que Question 12 4 pts Time Rur Attempt 1 Hour How much money does the average professional football tan spend on food at a single football game? That question was posed to 36 randomly selected football fans. The sample results provided a sample mean and standard deviation of $15.00 and $3.00, resp...
1 answer
How many joules of work are done when a 20 newton box is lifted 5 meters of the floor?
How many joules of work are done when a 20 newton box is lifted 5 meters of the floor?...
1 answer
1.3 ​Which of the following is true about sorting functions?A.The most optimal partitioning policy for quicksort...
1.3 ​Which of the following is true about sorting functions?A.The most optimal partitioning policy for quicksort on an array we know nothing about wouldbe selecting a random element in the array.B.The fastest possible comparison sort has a worst case no better than O(​n​ log ​...