Chapter 17 Problem 17-16
Retirement method
2008 Tools 120,000
Cash 120,000
Cash (300 x 50) 15,000
Depreciation 45,000
Tools (300 x 200) 60,000
2009 Tools 360,000
Cash 360,000
Cash (700 x 70) 49,000
Depreciation 111,000
Tools 160,000
500 x 200 100,000
200 x 300 60,000
Cost of tools retired 160,000
Replacement method
2008 Tools (100 x 300) 30,000
Depreciation (300 x 30) 90,000 Cash 120,000
Cash 15,000 Depreciation 15,000
2009 Tools (200 x 400) 80,000
Depreciation (700 x 400) 280,000
Cash 360,000
Cash 49,000
Depreciation 49,000
Inventory method
2008 Tools 120,000
Cash 120,000
Cash 15,000 Tools 15,000
Depreciation (265,000 – 200,000) 65,000
Tools 65,000
2009 Tools 360,000
Cash 360,000
Cash 49,000
Tools 49,000
Depreciation (511,000 - 350,000) 161,000
Tools 161,000
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