Page 80 - Account for Ag - 2019
P. 80
12-18 Accounting for Agriculture CH 12]
Illustration 12-7 Continued
Machinery & Equipment Ledger
FIXED ASSET RECORD
ITEM Tractor GENERAL LEDGER ACCOUNT Machinery & Equipment
SERIAL NO. —— DESCRIPTION J.D. - # 3775
FROM WHOM PURCHASED McCormick Equipment Center
ESTIMATE LIFE 20 years ESTIMATED SCRAP OR TRADE-IN VALUE —— DEPRECIATION PER YEAR $1500.00
DATE ASSET DEPRECIATION ALLOWANCE BOOK
MO. DAY YR. EXPLANATION DR. CR. BAL DR. CR. BAL VALUE
1 4 xx 1500.00 1500.00 1500.00
12 31 xx 1500.00 1500.00 13500.00
12 31 x1 1500.00 3000.00 12000.00
FIXED ASSET RECORD
ITEM Utility Vehicle GENERAL LEDGER ACCOUNT Machinery & Equipment
SERIAL NO. 762NC45 DESCRIPTION 2 ton Ford 7600
FROM WHOM PURCHASED Williamson Ford
ESTIMATE LIFE 10 years ESTIMATED SCRAP OR TRADE-IN VALUE 1200.00 DEPRECIATION PER YEAR $1508.00
DATE ASSET DEPRECIATION ALLOWANCE BOOK
MO. DAY YR. EXPLANATION DR. CR. BAL DR. CR. BAL VALUE
1 4 xx 1200.00 1200.00 1200.00
12 31 xx 1080.00 1080.00 10920.00
12 31 x1 1080.00 2160.00 9840.00
FIXED ASSET RECORD
ITEM Tillage Equipment GENERAL LEDGER ACCOUNT Machinery & Equipment
SERIAL NO. 38-6241 DESCRIPTION 12 Foot
FROM WHOM PURCHASED McCormick Equipment Center
ESTIMATE LIFE 15 years ESTIMATED SCRAP OR TRADE-IN VALUE $875.00 DEPRECIATION PER YEAR $150.00
DATE ASSET DEPRECIATION ALLOWANCE BOOK
MO. DAY YR. EXPLANATION DR. CR. BAL DR. CR. BAL VALUE
4 18 xx 3075.00 3075.00 3075.00
12 31 xx 100.00 100.00 2975.00
12 31 x1 100.00 250.00 2825.00
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