Ch. 8 - Long Lived AssetsWorksheetSee all chapters
All Chapters
Ch. 1 - Introduction to Accounting
Ch. 2 - Transaction Analysis
Ch. 3 - Accrual Accounting Concepts
Ch. 4 - Merchandising Operations
Ch. 5 - Inventory
Ch. 6 - Internal Controls and Reporting Cash
Ch. 7 - Receivables and Investments
Ch. 8 - Long Lived Assets
Ch. 9 - Current Liabilities
Ch. 10 - Time Value of Money
Ch. 11 - Long Term Liabilities
Ch. 12 - Stockholders' Equity
Ch. 13 - Statement of Cash Flows
Ch. 14 - Financial Statement Analysis
Ch. 15 - GAAP vs IFRS
Sections
Initial Cost of Long Lived Assets
Basket (Lump-sum) Purchases
Ordinary Repairs vs. Capital Improvements
Depreciation: Straight Line
Depreciation: Declining Balance
Depreciation: Units-of-Activity
Depreciation: Summary of Main Methods
Depreciation for Partial Years
Retirement of Plant Assets (No Proceeds)
Sale of Plant Assets
Change in Estimate: Depreciation
Intangible Assets and Amortization
Natural Resources and Depletion
Asset Impairments
Exchange for Similar Assets

Concept #1: Retirement of Fixed Assets (No Salvage Value)

Concept #2: Retirement of Fixed Assets (with Salvage Value)

Practice: A company using the double-declining-balance method for recording depreciation has a fully depreciated asset with a salvage value of $8,000. The asset originally cost the company $62,000. If the company retires the asset in the current year for no proceeds, the journal entry to record the disposal would include: