Answered

Looking for reliable answers? Westonci.ca is the ultimate Q&A platform where experts share their knowledge on various topics. Discover a wealth of knowledge from experts across different disciplines on our comprehensive Q&A platform. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.

On January 1, 2021, the Dayton Auto Parts Company acquired nine identical assembly robots for a total of $594,000 cash. The robots had an expected useful life of 10 years and an expected residual value of $54,000 in total. Dayton uses straight-line depreciation.1. What is the journal entry for the acquisition

Sagot :

Zviko

Answer:

the journal entry for the acquisition

Debit : Assembly Robots $594,000

Credit:  Cash $594,000

Explanation:

First, identify if the item is an asset, liability, equity or income. The assembly robots represents Assets as economic benefits will flow into the entity as a result of their use.

Next, assets are initially measured at their cost which is purchase price plus any costs directly related to placing the asset in the location and condition intended for use by management.

Cost of the Assembly Robots is $594,000

We appreciate your visit. Hopefully, the answers you found were beneficial. Don't hesitate to come back for more information. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Keep exploring Westonci.ca for more insightful answers to your questions. We're here to help.