Homework Answers
a.
| Year | Annual Depreciation | Accumulated Depreciation | Remaining Book Value |
| 1 | $ 6,167 | $ 6,167 | $ 48,833 |
| 2 | 6,167 | 12,334 | 42,666 |
| 3 | 6,167 | 18,501 | 36,499 |
| 4 | 6,167 | 24,668 | 30,332 |
| 5 | 6,166 | 30,834 | 24,166 |
| 6 | 6,166 | 37,000 | 18,000 |
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AGEC 3423 HWI Spring 2020 An asset is purchased for $55,000, expected to last 6 years,...
AGEC 3423 HWI Spring 2020 An asset is purchased for $55,000, expected to last 6 years,...
AGEC 3423 HWI Spring 2020 An asset is purchased for $55,000, expected to last 6 years, and have a $18,000 salvage value. a. Compute Straight Line Depreciation, Accumulated Depreciation, and Remaining Book Value for each year. (18 pts) b. Compute 125% Declining Balance Depreciation, Accumulated Depreciation, and Remaining Book Value for each year (36 pts) c. Compute Sum of Years' Digits Depreciation, Accumulated Depreciation, and Remaining Book Value for each year (36 pts) AGEC 3423 HWI Spring 2020 An asset...
b. Compute 125% Declining Balance Depreciation, Accumulated Depreciation, and Remaining Book Value for each year (36...
b. Compute 125% Declining Balance Depreciation, Accumulated Depreciation, and Remaining Book Value for each year (36 pts) An asset is purchased for $55,000, expected to last 6 years, and have a $18,000 salvage value. a. Compute Straight Line Depreciation, Accumulated Depreciation, and Remaining Book Value for each year. (18 pts) b. Compute 125% Declining Balance Depreciation, Accumulated Depreciation, and Remaining Book Value for each year (36 pts) c. Compute Sum of Years' Digits Depreciation, Accumulated Depreciation, and Remaining Book Value...
Hightower Company acquired an asset on January 2, 2019, at a cost of $154,000. The asset’s...
Hightower Company acquired an asset on January 2, 2019, at a cost of $154,000. The asset’s useful life is four years and its salvage value is $52,000. Compute the depreciation expense for each of the first two years, using the straight-line method, the double-declining-balance method, and the sum-of-the-years’-digits method. Compute the depreciation expense for the first two years, using the straight-line method. STRAIGHT-LINE METHOD Year Acquisition Cost Salvage Value Useful Life Depreciation Accumulated Depreciation 1 years 2 years DOUBLE-DECLINING-BALANCE METHOD...
On July 1, 2020, Swifty Company purchased for $6,120,000 snow-making equipment having an estimated useful life...
On July 1, 2020, Swifty Company purchased for $6,120,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $255,000. Depreciation is taken for the portion of the year the asset is used. Complete the form below by determining the depreciation expense and year-end book values for 2020 and 2021 using the 1. sum-of-the-years'-digits method. 2. double-declining balance method. 2020 2021 Sum-of-the-Years'-Digits Method Equipment Less: Accumulated Depreciation $6,120,000 $6,120,000 Year-End Book Value $6,120,000 $6,120,000...
On July 1, 2020, Blue Spruce Company purchased for $3,060,000 snow-making equipment having an estimated useful...
On July 1, 2020, Blue Spruce Company purchased for $3,060,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $127,500. Depreciation is taken for the portion of the year the asset is used. Complete the form below by determining the depreciation expense and year-end book values for 2020 and 2021 using the 1. sum-of-the-years'-digits method. 2. double-declining balance method. 2020 2021 Sum-of-the-Years'-Digits Method Equipment Less: Accumulated Depreciation $3,060,000 $3,060,000 Year-End Book Value Depreciation...
On July 1, 2020, Martinez Company purchased for $4,680,000 snow-making equipment having an estimated useful life...
On July 1, 2020, Martinez Company purchased for $4,680,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $195,000. Depreciation is taken for the portion of the year the asset is used Complete the form below by determining the depreciation expense and year-end book values for 2020 and 2021 using the 1. sum-of-the-years'-digits method 2. double-declining balance method 2020 2021 Sum-of-the-Years'-Digits Method Equipment $4,680,000 $4,680,000 Less: Accumulated Depreciation Year-End Book Value Depreciation Expense...
Testbank Problem 134 On July 1, 2020, Novak Company purchased for $5,040,000 snow-making equipment having an...
Testbank Problem 134
On July 1, 2020, Novak Company purchased for $5,040,000
snow-making equipment having an estimated useful life of 5 years
with an estimated salvage value of $210,000. Depreciation is taken
for the portion of the year the asset is used.
Complete the form below by determining the depreciation expense
and year-end book values for 2020 and 2021 using the
1.
sum-of-the-years'-digits method.
2.
double-declining balance method.
2020
2021
Sum-of-the-Years'-Digits Method
Equipment
$5,040,000
$5,040,000
Less: Accumulated Depreciation
$
$...
Testbank Problem 134 On July 1, 2020, Blue Spruce Company purchased for $6,660,000 snow-making equipment having...
Testbank Problem 134
On July 1, 2020, Blue Spruce Company purchased for $6,660,000
snow-making equipment having an estimated useful life of 5 years
with an estimated salvage value of $277,500. Depreciation is taken
for the portion of the year the asset is used.
Complete the form below by determining the depreciation expense
and year-end book values for 2020 and 2021 using the
1.
sum-of-the-years'-digits method.
2.
double-declining balance method.
2020
2021
Sum-of-the-Years'-Digits Method
Equipment
$6,660,000
$6,660,000
Less: Accumulated Depreciation
$...
Marigold Corp. purchased a truck for $66,000. The company expected the truck to last four years...
Marigold Corp. purchased a truck for $66,000. The company
expected the truck to last four years or 102,000 miles, with an
estimated residual value of $15,000 at the end of that time. During
the second year the truck was driven 47,000 miles. Compute the
depreciation for the second year under each of the methods below
and place your answers in the blanks provided.
Units-of-activity
$enter the depreciation for the second year under the
Units-of-activity method in dollars
Double-declining-balance
$enter the...
XYZ Company’s machine was purchased 5 years ago for $55,000. It had an expected life of...
XYZ Company’s machine was purchased 5 years ago for $55,000. It had an expected life of 10 years when it was bought, and its remaining depreciation is $5,500 per year for each year of its remaining life and can be sold for $20,000 at the end of its useful life. A new machine can be purchased for $120,000, including the installation costs. During its 5-year life, it will reduce cash operating expenses by $30,000 per year. Sales revenue will not...
AGEC 3423 HWI Spring 2020 An asset is purchased for $55,000, expected to last 6 years, and have a $18,000 salvage value. a. Compute Straight Line Depreciation, Accumulated Depreciation, and Remaining Book Value for each year. (18 pts) b. Compute 125% Declining Balance Depreciation, Accumulated Depreciation, and Remaining Book Value for each year (36 pts) c. Compute Sum of Years' Digits Depreciation, Accumulated Depreciation, and Remaining Book Value for each year (36 pts) AGEC 3423 HWI Spring 2020 An asset...
b. Compute 125% Declining Balance Depreciation, Accumulated Depreciation, and Remaining Book Value for each year (36 pts) An asset is purchased for $55,000, expected to last 6 years, and have a $18,000 salvage value. a. Compute Straight Line Depreciation, Accumulated Depreciation, and Remaining Book Value for each year. (18 pts) b. Compute 125% Declining Balance Depreciation, Accumulated Depreciation, and Remaining Book Value for each year (36 pts) c. Compute Sum of Years' Digits Depreciation, Accumulated Depreciation, and Remaining Book Value...
On July 1, 2020, Swifty Company purchased for $6,120,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $255,000. Depreciation is taken for the portion of the year the asset is used. Complete the form below by determining the depreciation expense and year-end book values for 2020 and 2021 using the 1. sum-of-the-years'-digits method. 2. double-declining balance method. 2020 2021 Sum-of-the-Years'-Digits Method Equipment Less: Accumulated Depreciation $6,120,000 $6,120,000 Year-End Book Value $6,120,000 $6,120,000...
On July 1, 2020, Blue Spruce Company purchased for $3,060,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $127,500. Depreciation is taken for the portion of the year the asset is used. Complete the form below by determining the depreciation expense and year-end book values for 2020 and 2021 using the 1. sum-of-the-years'-digits method. 2. double-declining balance method. 2020 2021 Sum-of-the-Years'-Digits Method Equipment Less: Accumulated Depreciation $3,060,000 $3,060,000 Year-End Book Value Depreciation...
On July 1, 2020, Martinez Company purchased for $4,680,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $195,000. Depreciation is taken for the portion of the year the asset is used Complete the form below by determining the depreciation expense and year-end book values for 2020 and 2021 using the 1. sum-of-the-years'-digits method 2. double-declining balance method 2020 2021 Sum-of-the-Years'-Digits Method Equipment $4,680,000 $4,680,000 Less: Accumulated Depreciation Year-End Book Value Depreciation Expense...
Testbank Problem 134
On July 1, 2020, Novak Company purchased for $5,040,000
snow-making equipment having an estimated useful life of 5 years
with an estimated salvage value of $210,000. Depreciation is taken
for the portion of the year the asset is used.
Complete the form below by determining the depreciation expense
and year-end book values for 2020 and 2021 using the
1.
sum-of-the-years'-digits method.
2.
double-declining balance method.
2020
2021
Sum-of-the-Years'-Digits Method
Equipment
$5,040,000
$5,040,000
Less: Accumulated Depreciation
$
$...
Testbank Problem 134
On July 1, 2020, Blue Spruce Company purchased for $6,660,000
snow-making equipment having an estimated useful life of 5 years
with an estimated salvage value of $277,500. Depreciation is taken
for the portion of the year the asset is used.
Complete the form below by determining the depreciation expense
and year-end book values for 2020 and 2021 using the
1.
sum-of-the-years'-digits method.
2.
double-declining balance method.
2020
2021
Sum-of-the-Years'-Digits Method
Equipment
$6,660,000
$6,660,000
Less: Accumulated Depreciation
$...
Marigold Corp. purchased a truck for $66,000. The company
expected the truck to last four years or 102,000 miles, with an
estimated residual value of $15,000 at the end of that time. During
the second year the truck was driven 47,000 miles. Compute the
depreciation for the second year under each of the methods below
and place your answers in the blanks provided.
Units-of-activity
$enter the depreciation for the second year under the
Units-of-activity method in dollars
Double-declining-balance
$enter the...
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