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A company paid $120,000 for equipment on April 1, 2012. The equipment was expected to...
A company paid $120,000 for equipment on April 1, 2012. The equipment was expected to have...
A company paid $120,000 for equipment on April 1, 2012. The equipment was expected to have a 10-year useful life and residual value of $20,000. Assume that the company uses DDB for income taxes and straight-line for financial reporting. For each method, calculate depreciation expense for the first two years. (Round your answers to the nearest whole dollar.) Depreciation for Year-end income taxes Straight-Line 24000|| 10000 December 31, 2012 December 31, 2013 19200 10.000 14000|| 9200 Total The extra depreciation...
A company paid $120,000 for equipment on April 1, 2012. The equipment was expected to have...
A company paid $120,000 for equipment on April 1, 2012. The equipment was expected to have a 10-year useful life and residual value of $20,000. Assume that the company uses DDB for income taxes and straight-line for financial reporting. For each method, calculate depreciation expense for the first two years. (Round your answers to the nearest whole dollar.) Depreciation for Year-end income taxes Straight-Line 24000 10000 December 31, 2012 19200 10,000 December 31, 2013 9200 14000 Total The extra depreciation...
not really sure 1. Cheap Banners pays $300,000 cash for a group purchase of land, building,...
not really sure
1. Cheap Banners pays $300,000 cash for a group purchase of land, building, and equipment. At the time of acquisition, the land has a market value of $93,000, the building $201,500, and the equipment $15,500. Journalize the lump-sum purchase. First, refer to the information provided and calculate the ratio of each asset's market value to the total for all assets combined. Then, complete the table and calculate the assigned cost for each asset. Percentage of Total Market...
this isn't right but i don't know why A company paid $120,000 for equipment on April...
this isn't right but i don't know why
A company paid $120,000 for equipment on April 1, 2012. The equipment was expected to have a 10-year useful life and residual value of $20,000. Assume that the company uses DDB for income taxes and straight-line for financial reporting. For each method, calculate depreciation expense for the first two years. (Round your answers to the nearest whole dollar.) Year-end Straight-Line Depreciation for income taxes 24000||| 19200 December 31, 2012 December 31, 2013...
1. Custom Banners pays $300,000 cash for a group purchase of land, building, and equipment. At...
1. Custom Banners pays $300,000 cash for a group purchase of land, building, and equipment. At the time of acquisition, the land has a market value of $119,000, the building $204,000, and the equipment $17.000. Journalize the lump-sum purchase. First, refer to the information provided and calculate the ratio of each asset's market value to the total for all assets combined. Then, complete the table and calculate the assigned cost for each asset. Total Percentage of Total Market Purchase Price...
Wholesale Banners pays $ 240,000 cash for a group purchase of land, building, and equipment. At...
Wholesale Banners pays $ 240,000 cash for a group purchase of land, building, and equipment. At the time of acquisition, the land has a market value of $ 78,000, the building $ 156,000, and the equipment $ 26,000. Journalize the lump-sum purchase. First, refer to the information provided and calculate the ratio of each asset's market value to the total for all assets combined. Then, complete the table and calculate the assigned cost for each asset. Asset Market value Percentage...
On January 2, 2018, Tucker Enterprises, Inc., paid $204,500 for equipment used in manufacturing automotive supplies....
On January 2, 2018, Tucker Enterprises, Inc., paid $204,500 for equipment used in manufacturing automotive supplies. In addition to the basic purchase price, the company paid $900 for transportation charges, $800 for insurance for the equipment while in transit, $11,600 sales tax, and $2,200 for a special platform on which to place the equipment in the plant. Management of Tucker Enterprises, Inc., estimates that the equipment will remain in service for five years and have a residual value of $20,000....
On January 2, 2018, Tucker Enterprises, Inc., paid $204,500 for equipment used in manufacturing automotive supplies....
On January 2, 2018, Tucker Enterprises, Inc., paid $204,500 for equipment used in manufacturing automotive supplies. In addition to the basic purchase price, the company paid $900 for transportation charges, $800 for insurance for the equipment while in transit, $11,600 sales tax, and $2,200 for a special platform on which to place the equipment in the plant. Management of Tucker Enterprises, Inc., estimates that the equipment will remain in service for five years and have a residual value of $20,000....
P9-2B In its first year of business, Solinger Company purchased land, a building, and equipment on...
P9-2B In its first year of business, Solinger Company purchased land, a building, and equipment on November 5, 2016, for $700,000 in total. The land was valued at $262,500, the building at $337,500, and the equipment at $150,000. Additional information on the depreciable assets follows: Asset Residual Value Useful Life in Years Depreciation Method Building $15,000 Straight-line Equipment 15,000 Double diminishing-balance 60 Instructions (a) Allocate the purchase cost of the land, building, and equipment to each of the assets. (b)...
April 1 for $270,000. The equipment was expected Obj. 2 Perdue Company purchased equipment on April...
April 1 for $270,000. The equipment was expected Obj. 2 Perdue Company purchased equipment on April 1 for $270,000. The eau to have a useful life of three years or 18,000 operating hours, and a residual value of $0 000 The equipment was used for 7,500 hours during Year 1, 5,500 hours in Year 24000 . Year 3, and 1,000 hours in Year 4. Instructions Determine the amount of depreciation expense for the years ended December 31. Year 1 Year...
A company paid $120,000 for equipment on April 1, 2012. The equipment was expected to have a 10-year useful life and residual value of $20,000. Assume that the company uses DDB for income taxes and straight-line for financial reporting. For each method, calculate depreciation expense for the first two years. (Round your answers to the nearest whole dollar.) Depreciation for Year-end income taxes Straight-Line 24000|| 10000 December 31, 2012 December 31, 2013 19200 10.000 14000|| 9200 Total The extra depreciation...
A company paid $120,000 for equipment on April 1, 2012. The equipment was expected to have a 10-year useful life and residual value of $20,000. Assume that the company uses DDB for income taxes and straight-line for financial reporting. For each method, calculate depreciation expense for the first two years. (Round your answers to the nearest whole dollar.) Depreciation for Year-end income taxes Straight-Line 24000 10000 December 31, 2012 19200 10,000 December 31, 2013 9200 14000 Total The extra depreciation...
not really sure
1. Cheap Banners pays $300,000 cash for a group purchase of land, building, and equipment. At the time of acquisition, the land has a market value of $93,000, the building $201,500, and the equipment $15,500. Journalize the lump-sum purchase. First, refer to the information provided and calculate the ratio of each asset's market value to the total for all assets combined. Then, complete the table and calculate the assigned cost for each asset. Percentage of Total Market...
this isn't right but i don't know why
A company paid $120,000 for equipment on April 1, 2012. The equipment was expected to have a 10-year useful life and residual value of $20,000. Assume that the company uses DDB for income taxes and straight-line for financial reporting. For each method, calculate depreciation expense for the first two years. (Round your answers to the nearest whole dollar.) Year-end Straight-Line Depreciation for income taxes 24000||| 19200 December 31, 2012 December 31, 2013...
1. Custom Banners pays $300,000 cash for a group purchase of land, building, and equipment. At the time of acquisition, the land has a market value of $119,000, the building $204,000, and the equipment $17.000. Journalize the lump-sum purchase. First, refer to the information provided and calculate the ratio of each asset's market value to the total for all assets combined. Then, complete the table and calculate the assigned cost for each asset. Total Percentage of Total Market Purchase Price...
On January 2, 2018, Tucker Enterprises, Inc., paid $204,500 for equipment used in manufacturing automotive supplies. In addition to the basic purchase price, the company paid $900 for transportation charges, $800 for insurance for the equipment while in transit, $11,600 sales tax, and $2,200 for a special platform on which to place the equipment in the plant. Management of Tucker Enterprises, Inc., estimates that the equipment will remain in service for five years and have a residual value of $20,000....
On January 2, 2018, Tucker Enterprises, Inc., paid $204,500 for equipment used in manufacturing automotive supplies. In addition to the basic purchase price, the company paid $900 for transportation charges, $800 for insurance for the equipment while in transit, $11,600 sales tax, and $2,200 for a special platform on which to place the equipment in the plant. Management of Tucker Enterprises, Inc., estimates that the equipment will remain in service for five years and have a residual value of $20,000....
P9-2B In its first year of business, Solinger Company purchased land, a building, and equipment on November 5, 2016, for $700,000 in total. The land was valued at $262,500, the building at $337,500, and the equipment at $150,000. Additional information on the depreciable assets follows: Asset Residual Value Useful Life in Years Depreciation Method Building $15,000 Straight-line Equipment 15,000 Double diminishing-balance 60 Instructions (a) Allocate the purchase cost of the land, building, and equipment to each of the assets. (b)...
April 1 for $270,000. The equipment was expected Obj. 2 Perdue Company purchased equipment on April 1 for $270,000. The eau to have a useful life of three years or 18,000 operating hours, and a residual value of $0 000 The equipment was used for 7,500 hours during Year 1, 5,500 hours in Year 24000 . Year 3, and 1,000 hours in Year 4. Instructions Determine the amount of depreciation expense for the years ended December 31. Year 1 Year...
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