cation: th × Connect Connect O The property, plant, and G The C x e Secure https

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cation: th × Connect Connect O The property, plant, and G The C x e Secure https//newconnect.mheducation.com/flow/connect.html 1 Graded HW G nt section of the Jasper Company's December 31, 2017, balance sheet contained the following Property, plant, and equipment : Land Building Less: Accumulated depreciation Equipeent Less: Accumulated depreciation $122,000 1,092,0e -(210,000) 883,000 Total property, plant, and equipment The land and building were purchased at the beginning of 2013 Straight the building is anticipated -ine depreciation is used and a residual value of $42,000 for The equipment is comprised of the following three machines: Residua Cost 101 102 103 $ 59,200 $ 7,208 91,800 6/3/16 28,400 3, 200 The straight-line method is used to determine depreciation on the equipment. On March 3t, 2018, Machine 102 was sold for $63,000 Early in 2018, the useful lfe of machine 10t was revised to five years in total, and the residual value was revised to zero Required: 1. Calculate the accumulated depreciation on the equipment at December 31, 2017 2. Prepare the journal entry to record 2018 depreciation on machine 102 up to the date of sale 3. Prepare a schedule to calculate the gain or loss on the sale of machine 102 Prepare the journal entry for the sale of machine 102 5. Prepare the 2018 year end journal entries to record depreciation on the building and equipment Complete this question by entering your answers in the tabs below. .fhex 20e 3 ill Next > e to search

Explanation / Answer

1. a)Depreciation for year 2015 = cost-salvage value/estimated useful life

=59200-7200/8years

=52000/8

=6500$

b)depreciation for year 2016 = 91000-8200/9

$9200

c) depreciation for year 2017 = 28400-3200/8

=$3150

thus accumulated depreciation on the equipment at dec 31st, 2017=

=6500+9200+3150

= 18850$

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