Plant and equipment D&D applies the half-year rule indepreciating plant and equipment, as well as in amortizingintangible assets. Buildings, mobile equipment, automobiles andoffice equipment are depreciated using the straight-line method.Tools and equipment are depreciated using declining balancemethods. The depreciation rates on tools and equipment vary from17.5% to 33% per year. Computer equipment is depreciated using adouble-declining rate method at 62.5% per year. The property, plantand equipment schedule (located in the Excel worksheet titledâPPE-Studentâ) provides the rates for each category of asset.
On December 5, 20X7, warehouse equipment with a cost of $85,600was delivered. The equipment was immediately put into service. Theuseful life is expected to be 11 years, with an expected salvagevalue of $10,500. This equipment is depreciated using the decliningbalance method at a rate of 17.5%. The invoice for this equipmenthas not been received and the purchase has not been recorded.
In October 20X7, the company disposed of several hand tools. Thecost of these tools was $21,300, and at the time of disposal,accumulated depreciation was $18,899. The equipment sold for totalproceeds of $6,500. The funds received were recorded by the companyas a gain on sale of property, plant and equipment of $6,500.
Depreciation for 20X7 has not yet been recorded for any of thePPE held by the company.
Prepare the journal entry/entries to record the property, plantand equipment transactions. Use the Excel worksheet titledâPPE-Studentâ: i. Update the Additions, Disposals, Revaluations /impairments and Depreciation columns in âPPE-Studentâ (columns Q,R, T and Y, respectively). ii. Record your journal entries in theâAJEs-Studentâ worksheet.
------------------------------------
please message me to see my spreadsheet. I have attempted thisbut to no avail
Plant and equipment D&D applies the half-year rule indepreciating plant and equipment, as well as in amortizingintangible assets. Buildings, mobile equipment, automobiles andoffice equipment are depreciated using the straight-line method.Tools and equipment are depreciated using declining balancemethods. The depreciation rates on tools and equipment vary from17.5% to 33% per year. Computer equipment is depreciated using adouble-declining rate method at 62.5% per year. The property, plantand equipment schedule (located in the Excel worksheet titledâPPE-Studentâ) provides the rates for each category of asset.
On December 5, 20X7, warehouse equipment with a cost of $85,600was delivered. The equipment was immediately put into service. Theuseful life is expected to be 11 years, with an expected salvagevalue of $10,500. This equipment is depreciated using the decliningbalance method at a rate of 17.5%. The invoice for this equipmenthas not been received and the purchase has not been recorded.
In October 20X7, the company disposed of several hand tools. Thecost of these tools was $21,300, and at the time of disposal,accumulated depreciation was $18,899. The equipment sold for totalproceeds of $6,500. The funds received were recorded by the companyas a gain on sale of property, plant and equipment of $6,500.
Depreciation for 20X7 has not yet been recorded for any of thePPE held by the company.
Prepare the journal entry/entries to record the property, plantand equipment transactions. Use the Excel worksheet titledâPPE-Studentâ: i. Update the Additions, Disposals, Revaluations /impairments and Depreciation columns in âPPE-Studentâ (columns Q,R, T and Y, respectively). ii. Record your journal entries in theâAJEs-Studentâ worksheet.
------------------------------------
please message me to see my spreadsheet. I have attempted thisbut to no avail
