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Posted: Sun Jul 03, 2022 1:17 pm
8.
furnished with major kitchen appliances. The company has decided to use the group depreciation method for the appliances. The following data are available: Appliance Stoves Refrigerators Dishwashers Cost $27,000 22,000 20,000 Residual Service Life (in Years) Value $3,000 7,000 6,000 In 2024, three new refrigerators costing $3,300 were purchased for cash. In that same year, the old refrigerators, which originally cost $2,700, were sold for $800. Required 1 Required 2 Required: 1. Calculate the group depreciation rate, group life, and depreciation for 2021. 2. Prepare the journal entries to record the purchase of the new refrigerators and the sale of the old refrigerators. 6 5 4 Complete this question by entering your answers in the tabs below. Group depreciation rate Group life Depreciation for 2021 (Straight Line) Calculate the group depreciation rate, group life, and depreciation for 2021. (Round "Group depreciation rate" and "Group life" answers to 2 decimal places.) % years
Journal entry worksheet 1 Record the purchase of new refrigerators. 2 Note: Enter debits before credits. Event 1 Record entry General Journal Clear entry Debit Credit View general journal >
Journal entry worksheet < 1 2 Record the sale of old refrigerators. Note: Enter debits before credits. Event 2 Record entry General Journal Clear entry Debit Credit View general journal
- 8 1 (97.3 KiB) Viewed 13 times
- 8 2 (86.02 KiB) Viewed 13 times
- 8 3 (94.18 KiB) Viewed 13 times
Journal entry worksheet 1 Record the purchase of new refrigerators. 2 Note: Enter debits before credits. Event 1 Record entry General Journal Clear entry Debit Credit View general journal >
Journal entry worksheet < 1 2 Record the sale of old refrigerators. Note: Enter debits before credits. Event 2 Record entry General Journal Clear entry Debit Credit View general journal