the december 31 2014 adjusted trial balance of old maritime manufacturing showed the 4375213

The December 31, 2014, adjusted trial balance of Old Maritime Manufacturing showed the following information:Machinery…………………………………………………………………………………………….. $556,800Accumulated depreciation, machinery1 ……………………………………………………… 246,400Office furniture ………………………………………………………………………………………… 89,600Accumulated depreciation, office furniture 2………………………………………………… 49,6001 Remaining useful life four years; estimated residual $64,0002 Remaining useful life five years; estimated residual $11,200.Early in 2015, the company made a decision to stop making the items produced by the machinery and buy the items instead. As a result, the remaining useful life was decreased to two years and the residual value was increased to a total of $120,000. At the beginning of 2015, it was determined that the estimated life of the office furniture should be reduced by two years and the residual value decreased by $6,400. The company calculates depreciation using the straight-line method to the nearest month.Required Prepare the entries to record depreciation on the machinery and office furniture for the year ended December 31, 2015 (round calculations to the nearest whole dollar).View Solution:
The December 31 2014 adjusted trial balance of Old Maritime

Related Articles

armstrong helmet company 239138

Armstrong Helmet Company manufactures a unique model of bicycle helmet Question Case project Learning Objectives: Prepare practical applications of course concepts Develop analytical and critical thinking Develop decision-making capabilities Enhance professional...

read more
GET A FREE QUOTE





  
Open chat
Need help? We are Online 24/7
Hello 👋
Can we help you?