Need help with this question Bonita Company purchased Machine #201 on May 1, 2020. The following...
Buffalo Company purchased Machine #201 on May 1, 2017. The following information relating to Machine #201 was gathered at the end of May. Price $ 122,400 Credit terms 2/10, n/30 Freight-in $ 1,152 Preparation and installation costs $ 5,472 Labor costs during regular production operations $ 15,120 It is expected that the machine could be used for 10 years, after which the salvage value would be zero. Buffalo intends to use the machine for only 8 years, however, after which it expects to be...
Metlock Company purchased Machine 1201 on May 1, 2020. The following information relating to Machine #201 was gathered at the end of May. Price Credit terms Freight-in Preparation and installation costs Labor costs during regular production operations $102,000 2/10, 1/30 $ 960 $4,560 $12,600 It is expected that the machine could be used for 10 years after which the salvage value would be zero, Metlock intends to use the machine for only 8 years, however, after which it expects to...
Problem 11-1
Blossom Company purchased Machine #201 on May 1, 2017. The
following information relating to Machine #201 was gathered at the
end of May.
Price
$105,400
Credit terms
2/10, n/30
Freight-in
$ 992
Preparation and installation costs
$ 4,712
Labor costs during regular production operations
$13,020
It is expected that the machine could be used for 10 years, after
which the salvage value would be zero. Blossom intends to use the
machine for only 8 years, however, after which...
Problem 11-1 Metock Company purchased Machine #201 on May 1, 2017. The following information relating to Machine #201 was gathered at the end of May. Price Credit terms Freight-in Preparation and installation costs Labor costs during regular production operations $15,330 $124,100 2/10, n/30 $1,168 5,548 It is expected that the machine could be used for 10 years, after which the salvage value would be zero. Metlock intends to use the machine for Only 8 years, however, after which it expects...
P11-1 (Depreciation for Partial Period—SL, SYD, and DDB) Alladin Company purchased Machine #201 on May 1, 2014. The following information relating to Machine #201 was gathered at the end of May. Price $85,000 Credit terms 2/10, n/30 Freight-in $ 800 Preparation and installation costs $ 3,800 Labor costs during regular production operations $10,500 It is expected that the machine could be used for 10 years, after which the salvage value would be zero. Alladin intends to use the machine for...
Kingbird Company purchased Machine #201 on May 1, 2020. The following information relating to Machine #201 was gathered at the end of May.Price$120,700Credit terms2/10, n/30Freight-in$ 1,136Preparation and installation costs$ 5,396Labor costs during regular production operations$14,910It is expected that the machine could be used for 10 years, after which the salvage value would be zero. Kingbird intends to use the machine for only 8 years, however, after which it expects to be able to sell it for $2,130. The invoice for Machine #201 was paid May 5, 2020. Kingbird uses the calendar...
Alladin Company purchased Machine #201 on May 1, 2017. The following information relating to Machine '20 Price Credit terms Freight-in Preparation and installation costs Labor costs during regular production operations $10,500 was gathered at the end of May $85,000 2/10, n/30 800 3,800 s expected that the machine could be used or 10 years, ater which the salva va e would be r r Alldinntends to use the he e r w r i h e e, a e·th s...
Bonita Company purchased a new plant asset on April 1, 2020, at a cost of $738,000. It was estimated to have a service life of 20 years and a salvage value of $53,400. Bonita' accounting period is the calendar year. Compute the depreciation for this asset for 2020 and 2021 using the sum-of-the-years'-digits method. (Round answers to O decimal places, e.g. 45,892.) Depreciation for 2020 $ Depreciation for 2021 $ e Textbook and Media Compute the depreciation for this asset...
Exercise 11-06 Bonita Company purchased equipment for $264,000 on October 1, 2020. It is estimated that the equipment will have a useful life of 8 years and a salvage value of $12,000. Estimated production is 45,000 units and estimated working hours are 20,000. During 2020, Bonita uses the equipment for 500 hours and the equipment produces 1,000 units. Compute depreciation expense under each of the following methods. Bonita is on a calendar-year basis ending December 31. (Round rate per hour...
slotkin products purchased a machine for $65,000 on 1 July 2020. The company intends to depreciate it over 8 years using the double-declining balance method. Salvage value is $5,000. 1. Calculate depreciation expense for 2020. 2. Prepare journal entry to record the sale of the machine 31 December 2021 for $50,000.