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e following transactions occurred during 2025. Assume that depreciation of 10% per year is charged on all machinery and 5% per ar on buildings, on a straight-line basis, with no estimated salvage value. Depreciation is charged for a full year on all fixed assets quired during the year, and no depreciation is charged on fixed assets disposed of during the year. an. 30 Mar. 10 Mar. 20 May 18 June 23 A building that cost $155,760 in 2008 is torn down to make room for a new building. The wrecking contractor was paid $6,018 and was permitted to keep all materials salvaged. Machinery that was purchased in 2018 for $18,880 is sold for $3,422 cash, fo.b. purchaser's plant. Freight of $354 is paid on the sale of this machinery. A gear breaks on a machine that cost $10,620 in 2017. The gear is replaced at a cost of $2,360. The replacement does not extend the useful life of the machine but does make the machine more efficient. A special base installed for a machine in 2019 when the machine was purchased has to be replaced at a cost of $6,490 because of defective workmanship on the original base. The cost of the machinery was $16,756 in 2019. The cost of the base was $4,130, and this amount was charged to the Machinery account in 2019. One of the buildings is repainted at a cost of $8,142. It had not been painted since it was constructed in 2021. Prepare general journal entries for the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required select "No

e following transactions occurred during 2025. Assume that depreciation of 10% per year is charged on all machinery and 5% per ar on buildings, on a straight-line basis, with no estimated salvage value. Depreciation is charged for a full year on all fixed assets quired during the year, and no depreciation is charged on fixed assets disposed of during the year. an. 30 Mar. 10 Mar. 20 May 18 June 23 A building that cost $155,760 in 2008 is torn down to make room for a new building. The wrecking contractor was paid $6,018 and was permitted to keep all materials salvaged. Machinery that was purchased in 2018 for $18,880 is sold for $3,422 cash, fo.b. purchaser's plant. Freight of $354 is paid on the sale of this machinery. A gear breaks on a machine that cost $10,620 in 2017. The gear is replaced at a cost of $2,360. The replacement does not extend the useful life of the machine but does make the machine more efficient. A special base installed for a machine in 2019 when the machine was purchased has to be replaced at a cost of $6,490 because of defective workmanship on the original base. The cost of the machinery was $16,756 in 2019. The cost of the base was $4,130, and this amount was charged to the Machinery account in 2019. One of the buildings is repainted at a cost of $8,142. It had not been painted since it was constructed in 2021. Prepare general journal entries for the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required select "No

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter11: Long-term Assets
Section: Chapter Questions
Problem 8PA: Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the...
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The following transactions occurred during 2025. 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 salvage 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 May 18 June 23 A building that cost $155,760 in 2008 is torn down to make room for a new building. The wrecking contractor was paid $6,018 and was permitted to keep all materials salvaged. Machinery that was purchased in 2018 for $18,880 is sold for $3,422 cash, fo.b. purchaser's plant. Freight of $354 is paid on the sale of this machinery. A gear breaks on a machine that cost $10,620 in 2017. The gear is replaced at a cost of $2,360. The replacement does not extend the useful life of the machine but does make the machine more efficient. A special base installed for a machine in 2019 when the machine was purchased has to be replaced at a cost of $6,490 because of defective workmanship on the original base. The cost of the machinery was $16.756 in 2019. The cost of the base was $4,130, and this amount was charged to the Machinery account in 2019. One of the buildings is repainted at a cost of $8,142. It had not been painted since it was constructed in 2021. Prepare general journal entries for the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List all debit entries before credit entries.)
Transcribed Image Text:The following transactions occurred during 2025. 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 salvage 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 May 18 June 23 A building that cost $155,760 in 2008 is torn down to make room for a new building. The wrecking contractor was paid $6,018 and was permitted to keep all materials salvaged. Machinery that was purchased in 2018 for $18,880 is sold for $3,422 cash, fo.b. purchaser's plant. Freight of $354 is paid on the sale of this machinery. A gear breaks on a machine that cost $10,620 in 2017. The gear is replaced at a cost of $2,360. The replacement does not extend the useful life of the machine but does make the machine more efficient. A special base installed for a machine in 2019 when the machine was purchased has to be replaced at a cost of $6,490 because of defective workmanship on the original base. The cost of the machinery was $16.756 in 2019. The cost of the base was $4,130, and this amount was charged to the Machinery account in 2019. One of the buildings is repainted at a cost of $8,142. It had not been painted since it was constructed in 2021. Prepare general journal entries for the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List all debit entries before credit entries.)
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