60.1K

Verified Solution

Link Copied!

The property, plant, and equipment section of the Jasper Company's December 31, 2020, balance sheet contained the following: $123,000 Property, plant, and equipment: Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Total property, plant, and equipment $ 903,000 (215,000) 188,325 688,000 The land and building were purchased at the beginning of 2016. Straight-line depreciation is used and a residual value of $43,000 for the building is anticipated. The equipment is comprised of the following three machines: Life (in Years) Machine 101 102 103 Cost Date Acquired $ 73,3001 /1/2018 82,7006/30/2019 32, 325 9/1/2020 Residual Value $ 7,300 8,300 3,300 The straight-line method is used to determine depreciation on the equipment. On March 31, 2021, Machine 102 was sold for $54,500. Early in 2021, the useful life of machine 101 was revised to seven years in total, and the residual value was revised to zero. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare the 2021 year-end journal entries to record depreciation on the building and remaining equipment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Transaction General Journal Debit Credit 43,000 Depreciation expense Accumulated depreciation building 43,000 22 16,675 % Depreciation expense Accumulated depreciation equipment 16,675 X ( Required 4 Required 5 )

Answer & Explanation Solved by verified expert

See Answer