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1) A new machine costs $35,000, and has a useful life of 10 years. Its estimated...
A new machine costs $120,000, has an estimated useful life of five years and an estimated...
A new machine costs $120,000, has an estimated useful life of five years and an estimated salvage value of $15,000 at the end of that time. It is expected that the machine can produce 210,000 widgets during its useful life. The New Times Company purchases this machine on January 1, 2019, and uses it for exactly three years. During these years the annual production of widgets has been 80,000, 50,000 and 30,000 units, respectively. On January 1 2022, the machine...
A new machine costs $120,000, has an estimated useful life of five years and an estimated...
A new machine costs $120,000, has an estimated useful life of five years and an estimated salvage value of $15,000 at the end of that time. It is expected that the machine can produce 210,000 widgets during its useful life. The New Times Company purchases this machine on January 1, 2017, and uses it for exactly three years. During these years the annual production of widgets has been 80,000, 50,000, and 30,000 units, respectively. On January 1, 2020, the machine...
You purchased a machine five years ago for $100,000. It has a useful life of 10...
You purchased a machine five years ago for $100,000. It has a useful life of 10 years and you depreciate it using straight line depreciation to an expected salvage value at the end of its life of $5,000. It currently has a salvage value of $20,000. You are considering purchasing a new machine for $175,000. The new machine is expected to have a salvage value of $35,000 at the end of its life. It will cost $8,000 to ship the...
machine 1: cost 76,000 salvage value 6,000 useful life 10 years purchased 7/1/16 machine 2: cost...
machine 1:
cost 76,000
salvage value 6,000
useful life 10 years
purchased 7/1/16
machine 2:
cost 80,000
salvage value 10,000
useful life 8 years
purchased 1/1/13
machine 3:
cost 78,000
salvage value 6,000
useful life 6 years = 24,000 hours
purchased 1/1/18
Problem: In recent years, Hrubeck Company purchased three machines. Because of heavy turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods were selected. Information concerning...
On June 1, a machine costing $660,000 with a 5-year life and an estimated $50,000 salvage...
On June 1, a machine costing $660,000 with a 5-year life and an
estimated $50,000 salvage value was purchased. It was also
estimated that the machine would produce 200,000 units during its
life. Actual production would be 40,000 units per year for all five
years.
Using the depreciation template provided, determine the amount
of depreciation expense for the third year under each of the
following assumption
The company uses the double-declining-balance method of
depreciation.
50 Cast Salvage value Depreciable cost...
A surface mount placement machine is being purchased for $1590000; it has an estimated useful life...
A surface mount placement machine is being purchased for $1590000; it has an estimated useful life of 8 years and a salvage value of $66900 at that time. Determine the depreciation allowance for the 5th year and the book value at the end of the 5th year using Double Declining Balance. what is the depreciation rate? 25 ds= $ 93224 B5= $ 241646
(20 Points) A machine costs 40,000. Its life for depreciation purposes is estimated at 10 years...
(20 Points) A machine costs 40,000. Its life for depreciation purposes is estimated at 10 years and its terminal book value is assumed to be 4000. Determine the Book value at the end of fifth year using 6. Straight line depreciation Double declining balance method a. b.
3(a) A machine has a life of 20 years, costs $200,000 and has an estimated salvage...
3(a) A machine has a life of 20 years, costs $200,000 and has an estimated salvage value of $10,000. (i) For the Straight Line method of depreciation, what is the depreciation rate and what is the book value at the end of year 10? (ii) If the declining balance method is to be used, at what depreciation rate (i.e. the capital cost allowance CCA rate), the book value at the end of year 10 will be the same as for...
Problem 7 On June 30, 2017 Bass Company purchased a machine for $1,100,000. The machine has useful life 10 years or 2,0...
Problem 7 On June 30, 2017 Bass Company purchased a machine for $1,100,000. The machine has useful life 10 years or 2,000,000 units with $100,000 salvage value. Bass uses 48,000 units in 2017 and 116,000 units in 2018. Compute depreciation expense for 2017 and 2018 and prepare the necessary JOURNAL ENTRIES at year end December 31 using the following methods: 1. Straight-line (16 pts) 2. Units of activity (16 pts) 3. Double-Declining Balance (10 pts)
On January 1, 2014, a machine was purchased for $120,000. The machine has an estimated salvage...
On January 1, 2014, a machine was purchased for $120,000. The machine has an estimated salvage value of $6,000 and an estimated useful life of 6 years. The machine can operate for 200,000 hours before it needs to be replaced. The company closed its books on December 31 and operates the machine as follows: 2014, 35,000 hrs; 2015, 45,000 hrs; 2016, 55,000 hrs; 2017, 30,000 hrs; 2018, 20,000 hrs; 2019, 15,000 hrs. (a) Compute the annual depreciation charges over the...
A new machine costs $120,000, has an estimated useful life of five years and an estimated salvage value of $15,000 at the end of that time. It is expected that the machine can produce 210,000 widgets during its useful life. The New Times Company purchases this machine on January 1, 2017, and uses it for exactly three years. During these years the annual production of widgets has been 80,000, 50,000, and 30,000 units, respectively. On January 1, 2020, the machine...
machine 1:
cost 76,000
salvage value 6,000
useful life 10 years
purchased 7/1/16
machine 2:
cost 80,000
salvage value 10,000
useful life 8 years
purchased 1/1/13
machine 3:
cost 78,000
salvage value 6,000
useful life 6 years = 24,000 hours
purchased 1/1/18
Problem: In recent years, Hrubeck Company purchased three machines. Because of heavy turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods were selected. Information concerning...
On June 1, a machine costing $660,000 with a 5-year life and an
estimated $50,000 salvage value was purchased. It was also
estimated that the machine would produce 200,000 units during its
life. Actual production would be 40,000 units per year for all five
years.
Using the depreciation template provided, determine the amount
of depreciation expense for the third year under each of the
following assumption
The company uses the double-declining-balance method of
depreciation.
50 Cast Salvage value Depreciable cost...
A surface mount placement machine is being purchased for $1590000; it has an estimated useful life of 8 years and a salvage value of $66900 at that time. Determine the depreciation allowance for the 5th year and the book value at the end of the 5th year using Double Declining Balance. what is the depreciation rate? 25 ds= $ 93224 B5= $ 241646
(20 Points) A machine costs 40,000. Its life for depreciation purposes is estimated at 10 years and its terminal book value is assumed to be 4000. Determine the Book value at the end of fifth year using 6. Straight line depreciation Double declining balance method a. b.
3(a) A machine has a life of 20 years, costs $200,000 and has an estimated salvage value of $10,000. (i) For the Straight Line method of depreciation, what is the depreciation rate and what is the book value at the end of year 10? (ii) If the declining balance method is to be used, at what depreciation rate (i.e. the capital cost allowance CCA rate), the book value at the end of year 10 will be the same as for...
Problem 7 On June 30, 2017 Bass Company purchased a machine for $1,100,000. The machine has useful life 10 years or 2,000,000 units with $100,000 salvage value. Bass uses 48,000 units in 2017 and 116,000 units in 2018. Compute depreciation expense for 2017 and 2018 and prepare the necessary JOURNAL ENTRIES at year end December 31 using the following methods: 1. Straight-line (16 pts) 2. Units of activity (16 pts) 3. Double-Declining Balance (10 pts)
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