Annual depreciation = (cost - salvage value)/life of assets
= (80500-6720)/7 = $10540
Depreciation expense for 2022 = 10540*3/12 = $2,635
Depreciation expense for 2023 = $10540
Question 3 --/1 View Policies Current Attempt in Progress Crane Company purchased a new machine on...
Question 3 --/1 View Policies Current Attempt in Progress Blossom Company purchased a new machine on October 1, 2022, at a cost of $66,000. The company estimated that the machine has a salvage value of $5,700. The machine is expected to be used for 46,000 working hours during its 6-year life. Compute the depreciation expense under the straight-line method for 2022 and 2023, assuming a December 31 year-end. (Round answers to 2 decimal places, e.g. 5,275.25.) 2022 2023 The depreciation...
View Policies Current Attempt in Progress Sarasota Corporation purchased machinery on January 1, 2022, at a cost of $280,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $33,000. The company is considering different depreciation methods that could be used for financial reporting purposes. Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining balance method using double the straight-line rate. STRAIGHT-LINE DEPRECIATION...
Cullumber Company purchased a new machine on October 1, 2022, at a cost of $66,000. The company estimated that the machine has a salvage value of $7,140. The machine is expected to be used for 72,000 working hours during its 6-year life. Compute the depreciation expense under the straight-line method for 2022 and 2023, assuming a December 31 year-end. (Round answers to 2 decimal places, e.g. 5,275.25.) Exercise 9-05 Cullumber Company purchased a new machine on October 1, 2022, at...
Sunland Company purchased a new machine on October 1, 2022, at a cost of $80,360. The company estimated that the machine has a salvage value of $7,010. The machine is expected to be used for 70,800 working hours during its 7-year life. Compute the depreciation expense under the straight-line method for 2022 and 2023, assuming a December 31 year-end. (Round answers to 2 decimal places, e.g. 5,275.25.) 2022 2023 The depreciation expense under the straight-line method
Gotham Company purchased a new machine on October 1, 2022, at a cost of $90,000. The company estimated that the machine has a salvage value of $8,100. The machine is expected to be used for 70,000 working hours during its 10-year life. Compute the depreciation expense under the straight-line method for 2022 and 2023, assuming a December 31 year-end. (Round answers to 2 decimal places, e.g. 5,275.25.) 2022 2023 The depreciation expense under the straight-line method $ $
Show Attempt History Current Attempt in Progress Your answer is partially correct. ction Blossom Company purchased a new machine on October 1, 2017, at a cost of $66,000. The company estimated that the machine has a salvage value of $5,700. The machine is expected to be used for 70,000 working hours during its 6-year life. Compute the depreciation expense under the straight-line method for 2017 and 2018, assuming a December 31 year-end. (Round answers to o decimal places, e.g. 5,275.)...
Carla Vista Co. purchased a new machine on October 1, 2022, at a cost of $79,240. The company estimated that the machine has a salvage value of $7.980. The machine is expected to be used for 71,500 working hours during its 7-year life. Compute the depreciation expense under the straight-line method for 2022 and 2023, assuming a December 31 year-end. (Round answers to 2 decimal places, e... 5,275.25.) 2022 2023 The depreciation expense under the straight-line method $
Carla Vista Co. purchased a new machine on October 1, 2022, at a cost of $79,310. The company estimated that the machine has a salvage value of $7,210. The machine is expected to be use for 70,600 working hours during its 7-year life. Compute the depreciation expense under the straight-line method for 2022 and 2023, assuming a December 31 year-end. (Round answers to 2 decimal places, e.g. 5,275.25.) 2022 The depreciation expense under the straight-line methods 2023
Current Attempt in Progress Marigold Corporation purchased machinery on January 1, 2022, at a cost of $266,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $31,600. The company is considering different depreciation methods that could be used for financial reporting purposes Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining-balance method using double the straight-line rate. STRAIGHT-LINE DEPRECIATION Computation End of...
Send to Gradetak Question 3 View Policies Show Attempt History Current Attempt in Progress x Your answer is incorrect Sand Chemicals Company acquires a delivery truck at a cost of $35.400 on January 1, 2022. The truck is expected to have a salvage value of $3.900 at the end of its 4-year useful Compute annual depreciation for the first and second years using the straight-line method. First Year Second Year Annual depreciation under straight-line method $ 21240 5 10620 eTextbook...