E 11.10 – Mercury Inc.
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Find gain or loss on sale. Prepare journal entry.
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Find gain or loss on sale. Prepare journal entry.
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Given the purchase price of a truck, the useful life, the residual value, and the amount the truck was sold for… prepare journal entries for the depreciation and sale of the truck.
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Given the price of purchased equipment, the service life, the residual value, and the amount the equipment was sold for… prepare the journal entry for the transaction for depreciation using two different methods.
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Given the equipment cost, the service life, the residual value, and the price expected to be sold… calculate the book value for both months.
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Given the cost, residual value, and service life of three different appliances along with details of a purchase of new refrigerators… calculate the group depreciation rate, group life, and depreciation while also preparing a journal entry.
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Given the estimated life, residual value, purchase price, freight charge, and installation charge… calculate the depreciation for each year.
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Given the cost of preparation, the expected amount of coal extracted, and the actual amount of coal extracted… calculate the amount of depletion along with determining if depletion is part of product costs.
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Given the purchase price, the residual value, the road cost, the actual timber logged, and the expected timber logged… calculate the depletion and depreciation.
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Prepare the entries necessary to reflect the above information and a schedule showing the intangible asset section of the balance sheet.
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Given the amount a patent was purchased for, the legal life of the patent, the useful life of the patent, the legal fees of the patent… prepare numerous journal entries related to the patent.
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