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191. Matador & Company was preparing the annual financial statements and, as part of its year-end procedures, prepared the following schedule based on adjusted values at March 31, 2015: 1. Record the entry for any impairment loss assuming that Matador & Company recorded no impairment losses in previous years. 2. Record the.
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140. RoboCop Company paid $31,400 for a machine that was expected to last 5 years and have a residual value of $5,000. 141. Xeno Co. incurred the following transactions concerning its machinery: Xeno Co uses the calendar year as its fiscal year. Prepare the journal entry to record depreciation expense for 2014. Prepare the.
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31. The most frequently used method of depreciation is the straight-line method. 32. The cost of an asset plus its accumulated depreciation equals the asset's book value. 33. The units of production method of depreciation charges a varying amount of expense for each period of an asset's useful life depending on its.
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201. _______________________ depreciation provides for equal amounts of annual depreciation over the life of an asset. 202. ______________ is the process of systematically allocating the cost of an intangible asset to expense over its estimated useful life. 203. Revising estimates of the useful life or residual value of property, plant and equipment.
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186. Hertzog Company purchased and installed a machine on February 1, 2014, at a total cost of $72,000. Straight-line depreciation was calculated based on the assumption of a five-year life and no residual value. The machine was disposed of on July 31, 2017. Assuming the machine was sold for $15,000, prepare.
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167. Great Coast Construction (GCC) exchanged a three-year-old excavator for a new excavator that had a list price of $63,000, which was its fair value. The old excavator originally cost $85,000 and has accumulated depreciation of $45,000 to the date of exchange. In addition to the $45,000 trade-in given for.
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175. On January 2, 2015, Mullins Company purchased a delivery truck for $45,000 cash. The truck had an estimated useful life of seven years and an estimated residual value of $3,000. Straight-line depreciation was used. Assuming the transactions have commercial substance, prepare the journal entries to record the disposition of the.
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194. Hawaii Kai purchased a leasehold property for $8,500,000. The leasehold expires in 15 years. Prepare the journal entry to record the first year's depreciation expense. 195. GenX Music purchased a music distributor's collection of songs for $1,423,000. The copyrights are expected to last another 34 years. Prepare the journal entry.
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197. ______________________ are costs that increase the usefulness of land, but have limited useful lives and are thus depreciated. 198. Replacement of a roof or renovation of a plant are examples of _______________________. 199. The three factors in calculating depreciation are: ____________, __________, ____________. 200. _____________ is the Income Tax Act equivalent for.
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146. Chervinski Industries recently paid $460,000 to buy a building that has an estimated useful life of 40 years and a residual value of $116,000. Calculate the depreciation expense for the third year after acquisition using double-declining-balance depreciation. Assume a full year of depreciation in the first year.     .
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11. Revenue expenditures are expenditures to keep assets in normal operating condition. 12. Capital expenditures are also called balance sheet expenditures. 13. SportsWorld spent $17,000 to remodel its store. This cost will be recognized with a debit to Store Building. 14. Treating small-dollar-amount capital expenditures as revenue expenditures is likely to mislead users.
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205. Match each of the following terms with the appropriate definition. 1. Accelerated depreciation A depreciation method in which an asset's depreciation expense for the period is determined by applying a constant depreciation rate to the asset's book value at the beginning of the year.   2. Leasehold An expenditure that should appear on the.
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26. Regardless of the method of depreciation, total depreciation expense will be the same over an asset's useful life. 27. Financial accounting and tax accounting require the same recordkeeping; therefore, there should be no difference in results between the two accounting systems. 28. Companies are required to use the straight line depreciation.
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189. Discuss accounting for an impairment of property, plant and equipment. 190. Matador & Company was preparing the annual financial statements and, as part of its year-end procedures, prepared the following schedule based on adjusted values at March 31, 2015: Record the entry for any impairment loss assuming that Matador & Company.
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36. SportsWorld purchased store equipment for $65,000. The equipment has an estimated residual value of $6,000, with an estimated useful life of 10 years. The annual depreciation using the straight-line method will be $3,900 per year. 37. A company is required to purchase all assets at the beginning of an accounting.
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155. On January 1, 2014, High Flying Airways acquired and placed in service a plane that cost $8,000,000. The plane's service life and residual value were estimated at 5 years and $1,500,000, respectively. Calculate depreciation for 2014-2018, assuming the following alternative depreciation methods are used: (a) Straight-line. (b) Double-declining-balance.     .
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21. Depreciation measures the decline in market value of an asset. 22. Because depreciation is based on predictions of residual value and useful life, depreciation is an estimate. 23. On the balance sheet, it is not necessary to report both the cost and the accumulated depreciation of an asset. 24. Accumulated depreciation represents.
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159. Jelly Bean had the following property, plant and equipment purchases during 2014: (1) On April 4, equipment costing $150,000 with a 5-year service life and an estimated $40,000 residual value was purchased. (2) On October 4, a machine costing $230,000 with a 5 year service life and an estimated $50,000 residual.
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206. Match each of the following terms with the appropriate definition. 1. Obsolescence Management's estimate of the amount that will be recovered at the end of a property, plant and equipment item's useful life through a sale or as a trade-in allowance on the purchase of a new asset.   2. Subsequent capital expenditure A.
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16. Subsequent expenditures are purchases made after the acquisition of equipment to operate, maintain, repair, and improve it. 17. Depreciation is the process of allocating the cost of a tangible asset in a rational and systematic manner over the asset's estimated useful life. 18. Residual value is an estimate of an asset's.
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