Homework Answers
Double decline rate = 100/10*2 = 20%
Journal entry
| Date | account name | Dr | Cr |
| Dec 31,2021 | Depreciation expense | 7680 | |
| Accumulated depreciation | 7680 |
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Recording Depreciation with a Change in Depreciation Method Pier Exports purchases equipment on January 1, 2018,...
Recording Depreciation with a Change in Depreciation Method Pier Exports purchases equipment on January 1, 2018, at a c...
Recording Depreciation with a Change in Depreciation Method Pier Exports purchases equipment on January 1, 2018, at a cost of $82,500. The company estimates that there will be no salvage value and that the equipment will have a useful life of 10 years. The company elects to use the double-declining-balance method until 2021, at which time the company changes to the straight-line method of depreciation for the equipment. Required Prepare the depreciation entry for 2021. Note: Round your final answer...
Recording Entry for a change in Estimate Exon Company purchased equipment for $160,000 on January 1,...
Recording Entry for a change in Estimate Exon Company purchased equipment for $160,000 on January 1, 2018. The equipment has an estimated residual value of $4,800 and an estimated useful life of 8 years. The company depreciates the equipment using the straight-line method. On January 1, 2021, the company determines that the total useful life is 6 years and the estimated residual value is $1,600. Required Prepare the entry to record depreciation expense for 2021. Date Account Name Dec 31,...
Preparing Depreciation Schedules Using Various Depreciation Methods Frito Inc. acquired equipment on January 1, 2020, at...
Preparing Depreciation Schedules Using Various Depreciation Methods Frito Inc. acquired equipment on January 1, 2020, at a cost of $12,000 that is estimated to have a useful life of five years and a residual value of $3,000. Required Prepare a depreciation schedule showing annual depreciation expense and year-end accumulated depreciation and book value over the life of the asset using the following methods. a. Straight-line method. b. Sum-of-the-years'-digits method. C. Double-declining-balance method. Straight-line Sum-of-the-years'-digits Double-declining balance c. Double-Declining-Balance Depreciation Method...
Preparing Depreciation Schedules Using Various Depreciation Methods Frito Inc. acquired equipment on January 1, 2020, at...
Preparing Depreciation Schedules Using Various Depreciation Methods Frito Inc. acquired equipment on January 1, 2020, at a cost of $12,000 that is estimated to have a useful life of five years and a residual value of $3,000. Required Prepare a depreciation schedule showing annual depreciation expense and year-end accumulated depreciation and book value over the life of the asset using the following methods. a. Straight-line method. b. Sum-of-the-years'-digits method. c. Double-declining-balance method. Straight-line Sum-of-the-years'-digits Double-declining balance a. Straight-Line Depreciation Method...
Preparing Depreciation Schedules Using Various Depreciation Methods Frito Inc. acquired equipment on January 1, 2020, a...
Preparing Depreciation Schedules Using Various Depreciation Methods Frito Inc. acquired equipment on January 1, 2020, at a cost of $12,000 that is estimated to have a useful life of five years and a residual value of $3,000 Required Prepare a depreciation schedule showing annual depreciation expense and year-end accumulated depreciation and book value over the life of the asset using the following methods. a. Straight-line method. b. Sum-of-the-years'-digits method. c. Double-declining-balance method. Straight-line Sum-of-the-years'-digits Double-declining balance b. Sum-of-the-Years'-Digits Depreciation Method...
Hearty Fried Chicken bought equipment on January 2, 2018, for $21,000. The equipment was expected to...
Hearty Fried Chicken bought equipment on January 2, 2018, for $21,000. The equipment was expected to remain in service for four years and to operate for 6,000 hours. At the end of the equipment's useful life, Hearty estimates that its residual value will be $3,000. The equipment operated for 600 hours the first year, 1,800 hours the second year, 2,400 hours the third year, and 1,200 hours the fourth year. Read the requirements. Requirement 1. Prepare a schedule of depreciation...
Seconds Fried Chicken bought equipment on January 2, 2018, for $27,000. The equipment was expected to...
Seconds Fried Chicken bought equipment on January 2, 2018, for $27,000. The equipment was expected to remain in service for four years and to operate for 5,250 hours. At the end of the equipment's useful life, Seconds estimates that its residual value will be $6,000. The equipment operated for 525 hours the first year, 1,575 hours the second year, 2,100 hours the third year, and 1,050 hours the fourth year. Read the requirements. Requirement 1. Prepare a schedule of depreciation...
Southern Fried Chicken bought equipment on January 2, 2018, for $30,000. The equipment was expected to...
Southern Fried Chicken bought equipment on January 2, 2018, for $30,000. The equipment was expected to remain in service for four years and to operate for 6,000 hours. At the end of the equipments useful life, Southern estimates that its residual value will be $6,000. The equipment operated for 600 hours the first year, 1,800 hours the second year, 2,400 hours the third year, and 1,200 hours the fourth year. Read the requirements Requirement 1. Prepare a schedule of depreciation...
Double-declining-balance depreciation In early January 2016, NewTech purchases computer equipment for $154,000 to use in operating...
Double-declining-balance depreciation
In early January 2016, NewTech purchases computer equipment for $154,000 to use in operating activities for the next four years. It estimates the equipment's salvage value at $25,000. Prepare a table showing depreciation and book value for each of the four years assuming double- declining-balance depreciation. Double-declining-balance depreciation Depreciation for the Period End of Period Accumulated Depreciation Depreciation Book Value Beginning-Year Depreciation Annual Year-End Year Book Value Rate 2016 2017 2018 2019 Total 50% 50% 50% 50%
Golden Fried Chicken bought equipment on January 2, 2018, for $21,000. The equipment was expected to...
Golden Fried Chicken bought equipment on January 2, 2018, for $21,000. The equipment was expected to remain in service for four years and to operate for 6,000 hours. At the end of the equipment's useful life, Golden estimates that its residual value will be $3,000. The equipment operated for 600 hours the first year, 1,800 hours the second year, 2,400 hours the third year, and 1,200 hours the fourth year. Read the requirements. Requirement 1. Prepare a schedule of depreciation...
Recording Depreciation with a Change in Depreciation Method Pier Exports purchases equipment on January 1, 2018, at a cost of $82,500. The company estimates that there will be no salvage value and that the equipment will have a useful life of 10 years. The company elects to use the double-declining-balance method until 2021, at which time the company changes to the straight-line method of depreciation for the equipment. Required Prepare the depreciation entry for 2021. Note: Round your final answer...
Recording Entry for a change in Estimate Exon Company purchased equipment for $160,000 on January 1, 2018. The equipment has an estimated residual value of $4,800 and an estimated useful life of 8 years. The company depreciates the equipment using the straight-line method. On January 1, 2021, the company determines that the total useful life is 6 years and the estimated residual value is $1,600. Required Prepare the entry to record depreciation expense for 2021. Date Account Name Dec 31,...
Preparing Depreciation Schedules Using Various Depreciation Methods Frito Inc. acquired equipment on January 1, 2020, at a cost of $12,000 that is estimated to have a useful life of five years and a residual value of $3,000. Required Prepare a depreciation schedule showing annual depreciation expense and year-end accumulated depreciation and book value over the life of the asset using the following methods. a. Straight-line method. b. Sum-of-the-years'-digits method. C. Double-declining-balance method. Straight-line Sum-of-the-years'-digits Double-declining balance c. Double-Declining-Balance Depreciation Method...
Preparing Depreciation Schedules Using Various Depreciation Methods Frito Inc. acquired equipment on January 1, 2020, at a cost of $12,000 that is estimated to have a useful life of five years and a residual value of $3,000. Required Prepare a depreciation schedule showing annual depreciation expense and year-end accumulated depreciation and book value over the life of the asset using the following methods. a. Straight-line method. b. Sum-of-the-years'-digits method. c. Double-declining-balance method. Straight-line Sum-of-the-years'-digits Double-declining balance a. Straight-Line Depreciation Method...
Preparing Depreciation Schedules Using Various Depreciation Methods Frito Inc. acquired equipment on January 1, 2020, at a cost of $12,000 that is estimated to have a useful life of five years and a residual value of $3,000 Required Prepare a depreciation schedule showing annual depreciation expense and year-end accumulated depreciation and book value over the life of the asset using the following methods. a. Straight-line method. b. Sum-of-the-years'-digits method. c. Double-declining-balance method. Straight-line Sum-of-the-years'-digits Double-declining balance b. Sum-of-the-Years'-Digits Depreciation Method...
Hearty Fried Chicken bought equipment on January 2, 2018, for $21,000. The equipment was expected to remain in service for four years and to operate for 6,000 hours. At the end of the equipment's useful life, Hearty estimates that its residual value will be $3,000. The equipment operated for 600 hours the first year, 1,800 hours the second year, 2,400 hours the third year, and 1,200 hours the fourth year. Read the requirements. Requirement 1. Prepare a schedule of depreciation...
Seconds Fried Chicken bought equipment on January 2, 2018, for $27,000. The equipment was expected to remain in service for four years and to operate for 5,250 hours. At the end of the equipment's useful life, Seconds estimates that its residual value will be $6,000. The equipment operated for 525 hours the first year, 1,575 hours the second year, 2,100 hours the third year, and 1,050 hours the fourth year. Read the requirements. Requirement 1. Prepare a schedule of depreciation...
Southern Fried Chicken bought equipment on January 2, 2018, for $30,000. The equipment was expected to remain in service for four years and to operate for 6,000 hours. At the end of the equipments useful life, Southern estimates that its residual value will be $6,000. The equipment operated for 600 hours the first year, 1,800 hours the second year, 2,400 hours the third year, and 1,200 hours the fourth year. Read the requirements Requirement 1. Prepare a schedule of depreciation...
Double-declining-balance depreciation
In early January 2016, NewTech purchases computer equipment for $154,000 to use in operating activities for the next four years. It estimates the equipment's salvage value at $25,000. Prepare a table showing depreciation and book value for each of the four years assuming double- declining-balance depreciation. Double-declining-balance depreciation Depreciation for the Period End of Period Accumulated Depreciation Depreciation Book Value Beginning-Year Depreciation Annual Year-End Year Book Value Rate 2016 2017 2018 2019 Total 50% 50% 50% 50%
Golden Fried Chicken bought equipment on January 2, 2018, for $21,000. The equipment was expected to remain in service for four years and to operate for 6,000 hours. At the end of the equipment's useful life, Golden estimates that its residual value will be $3,000. The equipment operated for 600 hours the first year, 1,800 hours the second year, 2,400 hours the third year, and 1,200 hours the fourth year. Read the requirements. Requirement 1. Prepare a schedule of depreciation...
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