The Following Transactions Occurred During 2023 Assume That Depreciation Of 10 Per Year Is Charged On All Machinery An 1 (44.74 KiB) Viewed 35 times
The Following Transactions Occurred During 2023 Assume That Depreciation Of 10 Per Year Is Charged On All Machinery An 2 (20.95 KiB) Viewed 35 times
The following transactions occurred during 2023. Assume that depreciation of 10% per year is charged on all machinery and 5% per year on buildings, on a straight-line basis with no estimated residual value. Depreciation is charged for a full year on all fixed assets acquired during the year, and no depreciation is charged on fixed assets disposed of during the year. Jan 30 Mar 10 Mar. 20 A building that cost $123 200 in 2006 is torn down to make room for a new building. The wrecking contractor was paid $5,580 and was permitted to keep all materials salvaged Machinery that was purchased in 2016 for $17,600 is sold for $3,220 cash, f.a.b. purchaser's plant. Freight of $390 is paid on the sale of this machinery A gear breaks on a machine that cost $9.900 in 2018. The gear is replaced at a cost of $3,300. The replacement does not extend the useful life of the machine. A special base installed for a machine in 2017 when the machine was purchased has to be replaced at a cost of $6,050 because of defective workmanship on the original base. The cost of the machinery was $15,560 in 2017. The cost of the base was $4,400, and this amount was charged to the Machinery account in 2017. One of the buildings is repainted at a cost of $7,620. It had not been painted since it was constructed in 2019 May 18 June 23
- C LE S.
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!