Bonita Company shows the following entries in its Equipment account for 2021. All amounts are based on historical cost.
Equipment
2021 2021
Jan. 1 Balance 148,190 June 30 Cost of equipment sold
Aug. 10 Purchases 30,770 (purchased prior to 2021) 25,100
12 Freight on equipment purchased 685
25 Installation costs 2,920
Nov. 10 Repairs 530
a. Prepare correcting entry if necessary. (If 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.)
b. Assuming that depreciation is to be charged for a full year on the ending balance in the asset account. Compute the proper depreciation charge for 2021 under each of the methods listed below. Assume an estimated life of 10 years, with no salvage value. The machinery included in the January 1, 2021, balance was purchased in 2019. (Round answers to 0 decimal places, 4.45,892)
Answers: 2
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Bonita Company shows the following entries in its Equipment account for 2021. All amounts are based...
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