Scribd Logo
Upload

Welcome to Scribd!

  • On December 31 2008 Travis Tritt Inc Has A Machine

    Uploaded by

    M Bilal Saleem
    14 views1 page
    On December 31, 2008 Travis Tritt Inc. had a machine with a book value of $940,000. The original cost was $1,300,000 with accumulated depreciation of $360,000. Depreciation was $60,000 per year using straight-line depreciation. The machine was destroyed by fire on August 31, 2009 and an insurance settlement of $430,000 was received. On April 1, 2009 the machine was sold for $1,040,000. On July 31, 2009 the machine was donated to Mountain King City Council with an estimated fair market value of $1,100,000.

    Original Description:

    468

    Original Title

    On December 31 2008 Travis Tritt Inc Has a Machine

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    On December 31, 2008 Travis Tritt Inc. had a machine with a book value of $940,000. The original cost was $1,300,000 with accumulated depreciation of $360,000. Depreciation was $60,000 per year using straight-line depreciation. The machine was destroyed by fire on August 31, 2009 and an insurance settlement of $430,000 was received. On April 1, 2009 the machine was sold for $1,040,000. On July 31, 2009 the machine was donated to Mountain King City Council with an estimated fair market value of $1,100,000.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    14 views1 page

    On December 31 2008 Travis Tritt Inc Has A Machine

    Uploaded by

    M Bilal Saleem
    On December 31, 2008 Travis Tritt Inc. had a machine with a book value of $940,000. The original cost was $1,300,000 with accumulated depreciation of $360,000. Depreciation was $60,000 per year using straight-line depreciation. The machine was destroyed by fire on August 31, 2009 and an insurance settlement of $430,000 was received. On April 1, 2009 the machine was sold for $1,040,000. On July 31, 2009 the machine was donated to Mountain King City Council with an estimated fair market value of $1,100,000.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 1

    On December 31 2008 Travis Tritt Inc has a machine

    On December 31, 2008, Travis Tritt Inc. has a machine with a book value of $940,000. The
    original cost and related accumulated depreciation at this date are as follows.Machine ..........
    $1,300,000Accumulated depreciation ..... 360,000 $ 940,000Depreciation is computed at
    $60,000 per year on a straight-line basis.InstructionsPresented below is a set of independent
    situations. For each independent situation, indicate the journal entry to be made to record the
    transaction. Make sure that depreciation entries are made to update the book value of the
    machine prior to its disposal.(a) A fire completely destroys the machine on August 31, 2009. An
    insurance settlement of $430,000 was received for this casualty. Assume the settlement was
    received immediately.(b) On April 1, 2009, Tritt sold the machine for $1,040,000 to Dwight
    Yoakam Company.(c) On July 31, 2009, the company donated this machine to the Mountain
    King City Council. The fair market value of the machine at the time of the donation was
    estimated to be $1,100,000.View Solution:
    On December 31 2008 Travis Tritt Inc has a machine
    SOLUTION-- http://expertanswer.online/downloads/on-december-31-2008-travis-tritt-inc-has-a-
    machine/

    See Answer here expertanswer.online


    Powered by TCPDF (www.tcpdf.org)

    You might also like