Required information [The following information applies to the questions displayed below.] On October 1, 2021, the...
Required information
[The following information applies to the questions
displayed below.]
On October 1, 2021, the Allegheny Corporation purchased equipment
for $323,000. The estimated service life of the equipment is 10
years and the estimated residual value is $4,000. The equipment is
expected to produce 550,000 units during its life.
Required:
Calculate depreciation for 2021 and 2022 using each of the
following methods. Partial-year depreciation is calculated based on
the number of months the asset is in service.
1. Straight line.
Homework Answers
Calculate depreciation
| 2021 | 2022 | |
| Depreciation expense | (323000-4000/10*3/12) = 7975 | (323000-4000/10) = 31900 |
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On October 1, 2021, the...
Required information [The following information applies to the questions displayed below.) On October 1, 2021, the...
Required information [The following information applies to the questions displayed below.) On October 1, 2021, the Allegheny Corporation purchased equipment for $224,000. The estimated service life of the equipment is 10 years and the estimated residual value is $4,000. The equipment is expected to produce 400,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service. 1. Straight...
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(The following information applies to the questions displayed below.) On October 1, 2021, the Allegheny Corporation...
(The following information applies to the questions displayed below.) On October 1, 2021, the Allegheny Corporation purchased equipment for $267,000. The estimated service life of the equipment is 10 years and the estimated residual value is $3,000. The equipment is expected to produce 480,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service. 1. Straight line Straight-Line...
Required information [The following information applies to the questions displayed below.] On January 1, 2021, the...
Required information
[The following information applies to the questions
displayed below.]
On January 1, 2021, the Allegheny Corporation purchased equipment
for $319,000. The estimated service life of the equipment is 10
years and the estimated residual value is $22,000. The equipment is
expected to produce 288,000 units during its life.
Required:
Calculate depreciation for 2021 and 2022 using each of the
following methods.
3. Assume instead the equipment was purchased
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Required information [The following information applies to the questions displayed below.] On January 1, 2021, the Allegheny Corporation purchased equipment for $235,000. The estimated service life of the equipment is 10 years and the estimated residual value is $15,000. The equipment is expected to produce 260,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. 3. Assume instead the equipment was purchased on October 1, 2021. Calculate depreciation for 2021 and 2022...
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! Required information [The following information applies to the questions displayed below.] On January 1, 2021, the Allegheny Corporation purchased equipment for $355,000. The estimated service life of the equipment is 10 years and the estimated residual value is $25,000. The equipment is expected to produce 300,000 units during its life Required: Calculate depreciation for 2021 and 2022 using each of the following methods. 3. Assume instead the equipment was purchased on October 1, 2021. Calculate depreciation for 2021 and...
Required information (The following information applies to the questions displayed below.) On October 1, 2021, the...
Required information (The following information applies to the questions displayed below.) On October 1, 2021, the Allegheny Corporation purchased equipment for $148,000. The estimated service life of the equipment is 10 years and the estimated residual value is $5,000. The equipment is expected to produce 260,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service. 2. Double-declining-balance....
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Required information [The following information applies to the questions displayed below.) On January 1, 2021, the Allegheny Corporation purchased equipment for $235,000. The estimated service life of the equipment is 10 years and the estimated residual value is $15,000. The equipment is expected to produce 260,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. 1. Sum-of-the-years’-digits (Do not round intermediate calculations. Round final answers to the nearest whole dollar amount.) Year...
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Required information [The following information applies to the questions displayed below.] On October 1, 2021, the Allegheny Corporation purchased equipment for $267,000. The estimated service life of the equipment is 10 years and the estimated residual value is $3,000. The equipment is expected to produce 480,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Partial- year depreciation is calculated based on the number of months the asset is in service. 1....
Required information (The following information applies to the questions displayed below.) On October 1, 2021, the Allegheny Corporation purchased equipment for $191,000. The estimated service life of the equipment is 10 years and the estimated residual value is $4,000. The equipment is expected to produce 340,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service. 1. Straight...
Required information The following information applies to the questions displayed below) On October 1, 2021, the Allegheny Corporation purchased equipment for $148,000. The estimated service life of the equipment is 10 years and the estimatecl residual value is $5,000. The equipment is expected to produce 260.000 units cluring its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service 2. Double-declining...
(The following information applies to the questions displayed below.) On October 1, 2021, the Allegheny Corporation purchased equipment for $267,000. The estimated service life of the equipment is 10 years and the estimated residual value is $3,000. The equipment is expected to produce 480,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service. 1. Straight line Straight-Line...
Required information
[The following information applies to the questions
displayed below.]
On January 1, 2021, the Allegheny Corporation purchased equipment
for $319,000. The estimated service life of the equipment is 10
years and the estimated residual value is $22,000. The equipment is
expected to produce 288,000 units during its life.
Required:
Calculate depreciation for 2021 and 2022 using each of the
following methods.
3. Assume instead the equipment was purchased
on October 1, 2021. Calculate depreciation for 2021 and 2022...
Required information [The following information applies to the questions displayed below.] On January 1, 2021, the Allegheny Corporation purchased equipment for $235,000. The estimated service life of the equipment is 10 years and the estimated residual value is $15,000. The equipment is expected to produce 260,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. 3. Assume instead the equipment was purchased on October 1, 2021. Calculate depreciation for 2021 and 2022...
! Required information [The following information applies to the questions displayed below.] On January 1, 2021, the Allegheny Corporation purchased equipment for $355,000. The estimated service life of the equipment is 10 years and the estimated residual value is $25,000. The equipment is expected to produce 300,000 units during its life Required: Calculate depreciation for 2021 and 2022 using each of the following methods. 3. Assume instead the equipment was purchased on October 1, 2021. Calculate depreciation for 2021 and...
Required information (The following information applies to the questions displayed below.) On October 1, 2021, the Allegheny Corporation purchased equipment for $148,000. The estimated service life of the equipment is 10 years and the estimated residual value is $5,000. The equipment is expected to produce 260,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service. 2. Double-declining-balance....
Required information [The following information applies to the questions displayed below.) On January 1, 2021, the Allegheny Corporation purchased equipment for $235,000. The estimated service life of the equipment is 10 years and the estimated residual value is $15,000. The equipment is expected to produce 260,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. 1. Sum-of-the-years’-digits (Do not round intermediate calculations. Round final answers to the nearest whole dollar amount.) Year...
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