Homework Answers
Calculate following
| Asset | Cost | Residual value | Service life | Depreciation method | Depreciation (year 2) |
| A | X*60*.40 = 162500 | 32000 | 5 | DDB | 39000 |
| B | 41000 | (41000-36000) = 5000 | 8 | SYD | 7000 |
| C | 89000 | 9000 | (89000-9000/5000) = 16 | SL | 5000 |
| D | 254000 | 22000 | 10 | SL | 23200 |
| E | 212000 | 32000 | 8 | 150% DB | 212000*81.25%*18.75% = 32297 |
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For each of the following depreciable assets, determine the missing amount. Abbreviations for depreciation methods are...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! For each of the...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
For each of the following depreciable assets, determine the missing amount. Abbreviations for depreciation methods are SL for straight-line and DDB for double-declining-balance. (Do not round Intermediate calculations. Round your final answers to nearest whole dollar.) Asset Cost Residual Value $ 22,000 44,000 69.000 234,000 202.000 Service Life Depreciation Depreciation (Years) Method (Year 2) DDB $ 27,000 SL4,700 SL 6,000 10 22.200 8 DDBL 9.000 12.000 22.000
Exercise 12-29 Value of Accelerated Depreciation: Sum-of-Years'-Digits (SYD) and Double Declining. Balance (DDB) Methods (LO 12-3)...
Exercise 12-29 Value of Accelerated Depreciation: Sum-of-Years'-Digits (SYD) and Double Declining. Balance (DDB) Methods (LO 12-3) Freedom Corporation acquired a fixed asset for $100,000. Its estimated life at time of purchase was 4 years, with no estimated salvage value. Assume a discount rate of 8% and an income tax rate of 40%. (Use Exhibit 124. Appendix C. TABLE 1 and Appendix C. TABLE 2) Required: 1. What is the incremental present value of the tax benefits resulting from calculating depreciation...
For each of the following fixed assets, determine the depreciation expense for Year 3: Disposal date...
For each of the following fixed assets, determine the depreciation expense for Year 3: Disposal date is N/A if asset is still in use. Method: SL = Straight-Line; DDB = Double Declining Balance Assume the estimated life is 5 years for each asset. Item Cost Residual Value Purchase Date Disposal Date Depreciation Method Depreciation Expense Year 3 N/A A B C $40,000 $50,000 $60,000 $4,000 $5,000 $2,000 July 1, Year 3 Jan. 1, Year 1 Oct. 1, Year 3 Aug....
During 2019 and 2020, Faulkner Manufacturing used the sum-of-the-years-digits (SYD) method of depreciation for its depreciable...
During 2019 and 2020, Faulkner Manufacturing used the sum-of-the-years-digits (SYD) method of depreciation for its depreciable assets, for both financial reporting and tax purposes. At the beginning of 2021, Faulkner decided to change to the straight-line method for both financial reporting and tax purposes. A tax rate of 25% is in effect for all years. For an asset that cost $15,100 with an estimated residual value of $1100 and an estimated useful life of 10 years, the depreciation under different...
Depreciation Methods Gruman Company purchased a machine for $198,000 on January 2, 2016. It made the...
Depreciation Methods Gruman Company purchased a machine for $198,000 on January 2, 2016. It made the following estimates: Service life 5 years or 10,000 hours Production 180,000 units Residual value $ 18,000 In 2016, Gruman uses the machine for 1,700 hours and produces 45,000 units. In 2017, Gruman uses the machine for 1,400 hours and produces 32,000 units. If required, round your final answers to the nearest dollar. Required: 1. Compute the depreciation for 2016 and 2017 under each of...
Depreciation Methods Gruman Company purchased a machine for $198,000 on January 2, 2019. It made the...
Depreciation Methods Gruman Company purchased a machine for $198,000 on January 2, 2019. It made the following estimates: Service life 5 years or 10,000 hours Production 180,000 units Residual value $ 18,000 In 2019, Gruman uses the machine for 2,000 hours and produces 45,000 units. In 2020, Gruman uses the machine for 1,400 hours and produces 34,000 units. If required, round your final answers to the nearest dollar. Required: Compute the depreciation for 2019 and 2020 under each of the...
Depreciation Methods Gruman Company purchased a machine for $198,000 on January 2, 2016. It made the...
Depreciation Methods Gruman Company purchased a machine for $198,000 on January 2, 2016. It made the following estimates: Service Life 5 years or 10,000 hours Production 180,000 units Residual value $18,000 In 2016, Gruman uses the machine for 1,700 hours and produces 45,000 units. In 2017, Gruman uses the machine for 1,400 hours and produces 30,000 units. If required, round your final answers to the nearest dollar. Required: 1. Compute the depreciation for 2016 and 2017 under each of the...
Depreciation Methods Gruman Company purchased a machine for $198,000 on January 2, 2016. It made the...
Depreciation Methods
Gruman Company purchased a machine for $198,000 on January 2,
2016. It made the following estimates:
Service life
5 years or 10,000 hours
Production
180,000
Residual value
$18,000
In 2016, Gruman uses the machine for 1,700 hours and produces
45,000 units. In 2017, Gruman uses the machine for 1,400 hours and
produces 30,000 units. If required, round your final answers to the
nearest dollar.
Required: 1. Compute the depreciation for 2016 and 2017 under each of the following...
Straight-Line Depreciation Rates Convert each of the following estimates of useful life to a straight-line depreciation...
Straight-Line Depreciation Rates Convert each of the following estimates of useful life to a straight-line depreciation rate, stated as a percentage, assuming that the residual value of the fixed asset is to be ignored: (a) 4 years, (b) 8 years, (c) 10 years, (d) 16 years, (e) 25 years, (f) 40 years, (g) 50 years. If required, round your answers to two decimal places. Years Percentage 4 years 8 years 10 years 16 years 25 years 40 years 50 years...
P11-1 (Depreciation for Partial Period—SL, SYD, and DDB) Alladin Company purchased Machine #201 on May 1,...
P11-1 (Depreciation for Partial Period—SL, SYD, and DDB) Alladin Company purchased Machine #201 on May 1, 2014. The following information relating to Machine #201 was gathered at the end of May. Price $85,000 Credit terms 2/10, n/30 Freight-in $ 800 Preparation and installation costs $ 3,800 Labor costs during regular production operations $10,500 It is expected that the machine could be used for 10 years, after which the salvage value would be zero. Alladin intends to use the machine for...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
For each of the following depreciable assets, determine the missing amount. Abbreviations for depreciation methods are SL for straight-line and DDB for double-declining-balance. (Do not round Intermediate calculations. Round your final answers to nearest whole dollar.) Asset Cost Residual Value $ 22,000 44,000 69.000 234,000 202.000 Service Life Depreciation Depreciation (Years) Method (Year 2) DDB $ 27,000 SL4,700 SL 6,000 10 22.200 8 DDBL 9.000 12.000 22.000
Exercise 12-29 Value of Accelerated Depreciation: Sum-of-Years'-Digits (SYD) and Double Declining. Balance (DDB) Methods (LO 12-3) Freedom Corporation acquired a fixed asset for $100,000. Its estimated life at time of purchase was 4 years, with no estimated salvage value. Assume a discount rate of 8% and an income tax rate of 40%. (Use Exhibit 124. Appendix C. TABLE 1 and Appendix C. TABLE 2) Required: 1. What is the incremental present value of the tax benefits resulting from calculating depreciation...
For each of the following fixed assets, determine the depreciation expense for Year 3: Disposal date is N/A if asset is still in use. Method: SL = Straight-Line; DDB = Double Declining Balance Assume the estimated life is 5 years for each asset. Item Cost Residual Value Purchase Date Disposal Date Depreciation Method Depreciation Expense Year 3 N/A A B C $40,000 $50,000 $60,000 $4,000 $5,000 $2,000 July 1, Year 3 Jan. 1, Year 1 Oct. 1, Year 3 Aug....
During 2019 and 2020, Faulkner Manufacturing used the sum-of-the-years-digits (SYD) method of depreciation for its depreciable assets, for both financial reporting and tax purposes. At the beginning of 2021, Faulkner decided to change to the straight-line method for both financial reporting and tax purposes. A tax rate of 25% is in effect for all years. For an asset that cost $15,100 with an estimated residual value of $1100 and an estimated useful life of 10 years, the depreciation under different...
Depreciation Methods Gruman Company purchased a machine for $198,000 on January 2, 2016. It made the following estimates: Service life 5 years or 10,000 hours Production 180,000 units Residual value $ 18,000 In 2016, Gruman uses the machine for 1,700 hours and produces 45,000 units. In 2017, Gruman uses the machine for 1,400 hours and produces 32,000 units. If required, round your final answers to the nearest dollar. Required: 1. Compute the depreciation for 2016 and 2017 under each of...
Depreciation Methods
Gruman Company purchased a machine for $198,000 on January 2,
2016. It made the following estimates:
Service life
5 years or 10,000 hours
Production
180,000
Residual value
$18,000
In 2016, Gruman uses the machine for 1,700 hours and produces
45,000 units. In 2017, Gruman uses the machine for 1,400 hours and
produces 30,000 units. If required, round your final answers to the
nearest dollar.
Required: 1. Compute the depreciation for 2016 and 2017 under each of the following...
Straight-Line Depreciation Rates Convert each of the following estimates of useful life to a straight-line depreciation rate, stated as a percentage, assuming that the residual value of the fixed asset is to be ignored: (a) 4 years, (b) 8 years, (c) 10 years, (d) 16 years, (e) 25 years, (f) 40 years, (g) 50 years. If required, round your answers to two decimal places. Years Percentage 4 years 8 years 10 years 16 years 25 years 40 years 50 years...
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