Double-Declining-Balance Depreciation A building acquired at the beginning of the year at a cost of $114,800 has an estimated residual value of $4,600 and an estimated useful life of four years. Determine the following. % (a) The double-declining-balance rate (b) The double-declining-balance depreciation for the first year Feedback

Double-Declining-Balance Depreciation A building acquired at the beginning of the year at a cost of $114,800 has an estimated residual value of $4,600 and an estimated useful life of four years. Determine the following. % (a) The double-declining-balance rate (b) The double-declining-balance depreciation for the first year Feedback

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter8: Operating Assets: Property, Plant, And Equipment, And Intangibles

Section: Chapter Questions

Problem 8.6E

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B. D E G H. J K 3. Create the fixed asset supporting schedule for the following purchases: Two fixed assets are purchased during the year: Computer server on 5/4/2014 for $2,214.55 Office furniture on 11/17/2014 for $1,234.54 MACRS 150% is going to be the depreciation method used and depreciation adjusting entries are made at the end of each month. (check figure: total depreciation expense = 107.63) What will be the depreciation general journal adjusting entry on 12/31/2014?
a fired aseet, uch ata computer, was purchaed un lanuary 1 for $1.419 wth an estimaned e aand a salvage or reiduv S11. e ouma ry tur the mat egenunder ti d OAcomlated Depredation Depredation Epene 212.57 212.57 Depredation Expense Accumulated Depreciation 1721 O Aocumulated Depredation 17.71 Deprecianion Expense 17.71 O Depredation Epense 212.57 Accumulatad Depredation 212.5
* CengageNOW2 | Online teachin x + ignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false 它 ☆ SU login O Digital University |.. Tenant Portal - Login 围 eBook Show Me How E Print Item Straight-Line Depreciation A building acquired at the beginning of the year at a cost of $93,600 has an estimated residual value of $3,600 and an estimated useful life of 10 years. Determine the following: a. The depreciable cost 90,000 10 b. The straight-line rate c. The annual straight-line depreciation 90,000 X Feedback V Check My Work ifference betwee the asset's initial cost and its residual value. The residual value is the estimated value at Depreciable cost is the the end of the useful life. Straight-line depreciation allocates the depreciable cost of the asset equally over the expected useful life. 10:22 PM 46% -2°F 12/16/2021 F11 F10 F8 F7 1%/ 6. 4. R. * CO 5
When depreciation is recorded each period, what account is debited? a. Depreciation Expense b. Cash c. Accumulated Depreciation d. The fixed asset account involved Use the following information for Multiple-Choice Questions 7-4 through 7-6: Cox Inc. acquired a machine for on January 1, 2019. The machine has a salvage value of $20,000 and a 5-year useful life. Cox expects the machine to run for 15,000 machine hours. The machine was actually used for 4,200 hours in 2019 and 3,450 hours in 2020.
takeAssign SessionLocator assign... A 合 Computer equipment was acquired at the beginning of the year at a cost of $50,800 that has an estimated residual value of $4,300 and an estimated useful life of 5 years. a. Determine the depreciable cost. b. Determine the straight-line rate. % c. Determine the annual straight-line depreciation. $ Previous Next>
Sepreciation Caict ssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false MSU login O Digital University .. O Tenant Portal - Login 国Reac eBook Show Me How E Print Item Units-of-Activity Depreciation A truck acquired at a cost of $250,000 has an estimated residual value of $15,000, has an estimated useful life of 47,000 miles, and was driven 3,800 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. a. The depreciable cost b. The depreciation rate per mile c. The units-of-activity depreciation for the year 5:39 AM 36% 4°F A @ O E O 12/17/2021 24 & 4. 6. 7. 81 近
y Home CengageNOWv2 | Online teachin x takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogressfalse eBook Show Me How Calculator Print Item Partial-Year Depreciation Equipment acquired at a cost of $105,000 has an estimated residual value of $12,000 and an estimated useful life of 10 years. It was placed into service on May 1 of the current fiscal year, which ends on December 31. a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method. Depreciation Year 1 %24 6,200 Year 2 b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double-declining-balance method. Depreciation Year 1 Year 2 Feedback TCheck My Work Asset cost minus residual value equals depreciable cost Book value is the asset cost minus accumulated depreciation. If an asset is used for only part of a year the depreciation is prorated based on the number of months the asset is in service.…
O Bookmarks < O 9.0 eBook Window Help ACCT-2010-DEM01 a. What was the depreciation fo e first year? $ Cash Show Me How Feedback v2.cengagenow.com Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $33,000. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of ten years and an estimated residual value of $640. b. Assuming the equipment was sold at the end of year 2 for $8,130, determine the gain or loss on the sale of the equipment. Loss Check My Work 7 more Check My Work uses remaining. APR 4 . G C CengageNOWv2 | Online teaching and learning resourc... ? O All work saved. Check My Work Be sure to record the selling price of the fixed asset. If the company no longer has the fixed asset what account(s) would need to be eliminated? Was or a loss on the sale? tv Ⓒệa 20 Tue Apr 4 Email Instructor Save and…
Question When computing depreciation expence of PE bo g toutle-decing e depreciation method produce the seme OA aual book vatue of the asset OR lotal depreciation expecse over the assets usetul e Oc amnua depreciation expense of the assat. OD. annual tax paid. MacBookk Pro
The following property and equipment section was obtained from a recent Abbott Laboratories 10-K. Property and equipment, at cost Land. $ 370,949 Buildings. Equipment.. Construction in progress.. 2,655,356 8,813,517 920,599 12,760,421 Less: accumulated depreciation and amortization.. Net property and equipment... 6,757,280 $ 6,003.141 Property and Equipment Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets. The following table shows estimated useful lives of property and equipment. Classification Estimated Useful Lives Buildings.. Equipment.. 10 to 50 years (average 27 years) 3 to 20 years (average 11 years) During the year, the company reported $868,808 for depreciation expense. What is Abbott Laboratories' estimated useful life of depreciable assets?
Equipment was acquired at the beginning of the year at a cost of $562,500. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $47,675. Question Content Area a. What was the depreciation for the first year? Round your answer to the nearest cent.$fill in the blank 0c4447fd4012faf_1 b. Using the rounded amount from Part a in your computation, determine the gain or loss on the sale of the equipment, assuming it was sold at the end of year eight for $98,318. Round your answer to the nearest cent. Enter your answer as a positive amount.$fill in the blank 0c4447fd4012faf_2 Question Content Area c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. Cash Accumulated Depreciation-Equipment Loss on Sale of Equipment Equipment
1. The total depreciation for the year ended December 31, 2020 isa. P237,000 c. P233,250b. P232,500 d. P236,250 2. The carrying amount of production machine as of December 31, 2020 isa. P1,024,500 c. P1,069,500b. P1,029,000 d. P 990,750