On July 1, 2019, Crane Company purchased new equipment for $75,000. Its estimated useful life was...
On July 1, 2019, Crane Company purchased new equipment for $75,000. Its estimated useful life was 5 years with a $8,000 salvage value. On December 31, 2022, the company estimated that the equipment’s remaining useful life was 10 years, with a revised salvage value of $5,000.
Compute the revised annual depreciation on December 31,
2022.
| Revised annual depreciation | $ |
Homework Answers
Accumulated depreciation (July 1,2019 to Dec 31,2021) = (75000-8000/5*2.5) = 33500
Revised annual Depreciation = (75000-33500-5000)/10 = 3650 per year
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On July 1, 2019, Crane Company purchased new equipment for
$75,000. Its estimated useful life was...
On July 1, 2019, Crane Company purchased new equipment for $75,000. Its estimated useful life was...
On July 1, 2019, Crane Company purchased new equipment for
$75,000. Its estimated useful life was 5 years with a $8,000
salvage value. On December 31, 2022, the company estimated that the
equipment’s remaining useful life was 10 years, with a revised
salvage value of $5,000.
X Your answer is incorrect. Compute the revised annual depreciation on December 31, 2022. Revised annual depreciation $ 2310
On July 1, 2019, Crane Company purchased new equipment for $75,000. Its estimated useful life was 5 years with a $8,000...
On July 1, 2019, Crane Company purchased new equipment for
$75,000. Its estimated useful life was 5 years with a $8,000
salvage value. On December 31, 2022, the company estimated that the
equipment’s remaining useful life was 10 years, with a revised
salvage value of $5,000.
X Your answer is incorrect. Compute the revised annual depreciation on December 31, 2022. Revised annual depreciation $ 2310
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On July 1, 2019, Crane Company purchased new equipment for $75,000. Its estimated useful life was 5 years with a $8,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Your answer is partially correct. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is...
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On July 1, 2019, Crane Company purchased new equipment for
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salvage value. On December 31, 2022, the company estimated that the
equipment’s remaining useful life was 10 years, with a revised
salvage value of $5,000.
X Your answer is incorrect. Compute the revised annual depreciation on December 31, 2022. Revised annual depreciation $ 2310
On July 1, 2019, Crane Company purchased new equipment for
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salvage value. On December 31, 2022, the company estimated that the
equipment’s remaining useful life was 10 years, with a revised
salvage value of $5,000.
X Your answer is incorrect. Compute the revised annual depreciation on December 31, 2022. Revised annual depreciation $ 2310
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