accounting

posted by .

I continue getting the wrong totals can you please help me solve this problem and give me the correct formula and Journal entries.

On Jan 1 2004 Brown Airways purchased an airplane for 34,450,000. Brown airways expect the plane to remain useful for 6 years and have a residual value of 2,650,000. Brown Airways uses the straight line method to depreciate its airplanes. Brown Airways flew the plane for 3 years and sold it on Jan 1, 2007 for 8,400,000.

Compute accumulated depreciation on the airplane at Jan 1, 2007 (same as Dec 31, 2006) and record sale of the plane on Jan 1, 2007.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Accounting

    How would I record this on the "Journal Entry" and at what amount?
  2. accounting

    Joe Brown invests $10,000 into his new business. How would the journal entry for this transaction be entered in the journal?
  3. accounting

    On February 3, Ron Brown was billed for an office visit. What action should the medical office professional take upon aging accounts receivable on March 1 of the same year?
  4. accounting 101

    Preparing A Journal Entry. I need help telling whether it's accounts receivable, rent expense, etc. Also determining whether it's debit or credit. I understand everything else like the T-account and Trial Balance, just determining …
  5. accounting please help urgent

    pls.hep me to solve tjis problem.. is anyone willing to solve please. PROBLEM 1: On Jan 1, 2011, the Rhiri, Brit & Keisha partnership is formed. Rhiri and Brit contribute cash of $30,000 and $20,000 respectively, while Keisha contributes …
  6. Financial Accounting

    1. Post the following transactions of a restaurant to prepare the journal ledger and trial balance. Jan - 2011 Transaction Amount 5 Started the business with cash 2,50,000 10 Deposited in the bank 50,000 15 Purchased tables …
  7. Financial Accounting

    Prepare the general journal entries for the following transactions: Jan 2, 2011 -- Purchased land with a building on it for $750,000. The land is worth $300,000. Paid $150,000 cash down and signed a mortgage payable for the balance. …
  8. accounting

    Analyze and record, in the form of T Accounts, Mr. James' transactions: Jan 1: Amount invested in the business $10,000 Jan 7: Bought equipment for $500 Jan 9: Bought office furniture with $2,000 cash Jan 10: Bought materials with $2,000 …
  9. Comm Tech

    Name Age Gender Eye Color Hair C. 1.)Bob 40 M Brown Blonde 3.)Cathy 37 F Brown Blonde 4.)Samantha 51 F Brown Brown 5.)Robin 46 F Brown Black 3.)What is the frequency of brown-haired people in the sample ?
  10. math

    US Airways has a net income of $60,000 before taxes. It's expected that 45% of the net income will go federal and state taxes. How much will US Airways have left?

More Similar Questions