Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. *exercise 11-09 presented below is information rel

*Exercise 11-09 Presented below is information related to Oriole Manufacturing Corporation Estimated Life (in years)...

50.1K

Verified Solution

Question

Accounting

image

*Exercise 11-09 Presented below is information related to Oriole Manufacturing Corporation Estimated Life (in years) Estimated Salvage Asset Cost $40,100 $6,200 10 32,100 5,100 9 36,800 3,500 1,600 9 19,800 7 E 24,700 3,100 6 Compute the rate of depreciation per year to be applied to the plant assets under the composite method. (Round answer to 2 decimal place, e.g. 4.83%.) Composite rate Prepare the adjusting entry necessary at the end of the year to record depreciation for the year. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Use Plant Assets related account.) Account Titles and Explanation Debit Credit Prepare the entry to record the sale of asset D for cash of $5,300. It was used for 6 years, and depreciation was entered under the composite method. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Use Plant Assets related ount.) Account Titles and Explanation Debit Credit

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students