Financial Accounting Depreciation Expenses Homework Help
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1.On January 1, 2012, Skandar Country Club purchased a new riding mower for $15,000. The mower is expected to have an 8-year life with a $1,000 salvage value. What journal entry would Skandar make at December 31, 2012, if it uses straight-line depreciation?
2.On January 1, 2010, Iron Mountain Ski Corporation purchased a new snow-grooming machine for $50,000.The machine is estimated to have a 10-year life with a $2,000 salvage value. What journal entry would Iron Mountain Ski Corporation make at December 31, 2010, if it uses the straight-line method of depreciation?
3.Tumnus Company purchased a delivery truck for $30,000 on January 1, 2012. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2012 and 12,000 in 2013.
(a) Compute depreciation expense for 2012 and 2013 using
(1) the straight-line method,
(2) the units-of-activity method, and
(3) the double-declining-balance method.
(b) Assume that Tumnus uses the straight-line method.
(1) Prepare the journal entry to record 2012 depreciation.
(2) Show how the truck would be reported in the December 31, 2012, balance sheet.
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4.You are the owner and operator of Grains Plus located at Bathurst NSW. The rain during the spring have been the best in a decade and you are expecting a bumper wheat crop. This has prompted you to rethink your current financing sources.
According to your past experience, you believe there is a need for additional $240,000 for the three months’ period ending with the close of the harvest season. After meeting with your business banker, you are bit puzzled over what the additional financing will actually cost. The banker has quoted you an annual interest rate of 1% over Reserve Bank of Australia cash rate (let’s assume it’s currently 3% p.a.) and has also requested that the firm increase its current bank balance of $4,000 up to 20% of the loan.
(a) If interest and principle are all repaid at the end of the three-month loan term, what is the annual percentage rate on the loan offer make by the bank?
(b) If the bank were to offer to lower the rate to the Reserve Bank of Australia cash rate if interest is discounted, should you accept this alternative?
5.DeeDee Double Entry has two loans outstanding as of 12/31/2017. Interest is paid annually on January 1st. The facts on each loan are as follows: Onstar Bank Loan – outstanding since January 1, 2017, with a 3.5% interest rate. This loan was taken out to finance the construction of the self-constructed Storage Building. Interest for the year and 15% of the principle will be paid to the bank on January 1, 2018. Except for recording the initial cash received and loan, no additional entries have been made. Coldstar Bank Loan – also outstanding all of 2017 with a 4.1% interest rate. Interest is due on January 1, 2018. The principle is due on January 1, 2023. Since interest will not be paid to the Bank until 2018, DeeDee’s office staff did not accrue any interest.
a) What would be the interest on the two bank loans?
b) What do we do with the 15% of the principle for the OnStar Bank Loan?
c) Is it necessary to accrue the interest on the two loans?
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