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question problems set b ch p9 8b walker co to useful life of five purchased furnitur 4292209


Problems: Set B CH P9-8B Walker Co. to useful life of five purchased furniture on February 4, 2015, for $70,000 on account. At that time it was expected Record and have a years and a $1,000 residual valueThe furniture was disposed of on January 26, 2018, when depreciatic the company moved to new premises. Walker Co. uses the diminishing-balance method of depreciation with a 20% furniture. rate and calculates depreciation for partial periods to the nearest month. The company has a September 30 year end. Instructions (a) Record the acquisition of the furniture on February 4, 2015. (b) Record depreciation for each of 2015, 2016, and 2017. (c) Record the disposal on January 26, 2018, under the following assumptions: 1. It was scrapped and has no residual value. 2. It was sold for $30000. 3. It was sold for $40,000. 4. It was traded for new furniture with a catalogue price of $100000. Walker Co. was given a tradeallow -in of furniture and paid the balance in cash. Walker Co. determined that the old ance $45,000 on the old furnitures fair value was $30000 at the date of the exchange.

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