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An asset was purchased on January 1, 2020 for $150,000. The estimated useful life is 5...

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Accounting

  1. An asset was purchased on January 1, 2020 for $150,000. Theestimated useful life is 5 years and 31,250 units. With theresidual value being $25,000 prepare a schedule of depreciation foreach of the Straight-line method, Double Declining Method and theUnits of Production method. The units to be produced are asfollows: Year 1 5,000 units, Year 2 4,000 units, Year 3 6,000units, Year 4 10,000 units and Year 5 12,000 units. What is thedepreciation expense entry for the Double Declining Method for year4?
  2. The AB Partnership's capital balances are as follows: Partner A$175,000 and Partner B $125,000. The allocate any net income asfollows: Salaries Partner A $60,000 and Partner B $40,000, interestof their capital balances is 10% and they share ,all gains andlosses equally. Prepare a schedule to allocate their current netincome of $175,000.
  3. Partner A has a capital balance of $400,000 and Partner B has acapital balance of $162,500. Partner C wants to purchase 25% of thepartnership under the following scenarios: 1) Cash of $187,500, 2)Cash of $212,500 or 3) Cash of $162,500. Partners A and B shareslosses 80% and 20%. Prepare the general journal entries under eachof the scenarios

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