Depreciation SYD Act SL and DDB the following data relate

to
Depreciation—SYD, Act., SL, and DDB the following data relate to the Plant Assets account of
Eshkol, Inc. at December 31, 2010. *In the year an asset is purchased, Eshkol, Inc. does not
record any depreciation expense on the asset. In the year an asset is retired or traded in,
Eshkol, Inc. takes a full year’s depreciation on the asset. The following transactions occurred
during 2011.(a) On May 5, Asset A was sold for $13,000 cash. The company’s bookkeeper
recorded this retirement in the following manner in the cash receipts journal.Cash 13,000Asset
A 13,000(b) On December 31, it was determined that Asset B had been used 2,100 hours
during 2011.(c) On December 31, before computing depreciation expense on Asset C, the
management of Eshkol, Inc. decided the useful life remaining from January 1, 2011, was 10
years.(d) On December 31, it was discovered that a plant asset purchased in 2010 had been
expensed completely in that year. This asset cost $28,000 and has a useful life of 10 years and
no salvage value. Management has decided to use the double-declining-balance method for
this asset, which can be referred to as “Asset E.” Prepare the necessary correcting entries for
the year 2011. Record the appropriate depreciation expense on the above-
mentionedassets.View Solution:
Depreciation SYD Act SL and DDB the following data relate to
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