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Mason Company purchased a new machine on January 1, 2018 for $54,000. A t the time...
10. Ecker Company purchased a new machine on May 1, 2009 for $528,000. At the time...
10. Ecker Company purchased a new machine on May 1, 2009 for $528,000. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of $24,000. The company has recorded monthly depreciation using the straight-line method. On March 1, 2018, the machine was sold for $72,000. What should be the loss recognized from the sale of the machine? A) $0. B) $10,800. C) $24,000. D) $34,800.
42. Booth Company purchased a new machine on May 1, 2008 for $38,000. At the time...
42. Booth Company purchased a new machine on May 1, 2008 for $38,000. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated residual value of $2,000. The company had recorded monthly depreciation using the straight-line method. On March 1, 2017, the machine was sold for $6,000. What should be the loss recognized from the sale of the machine? a. b. c. d. $0 $200 $2,000 $2,200
Bonita Industries purchased a new machine on May 1, 2012 for $561600. At the time of...
Bonita Industries purchased a new machine on May 1, 2012 for $561600. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of $30000. The company has recorded monthly depreciation using the straight-line method. On March 1, 2021, the machine was sold for $67800. What should be the loss recognized from the sale of the machine? $54220. $30000 $0. $24220.
2. January 2, 2018, Trey's Toy Company purchased and placed in service a machine with a...
2. January 2, 2018, Trey's Toy Company purchased and placed in service a machine with a cost of $350,0000, The company estimated the machine's useful life to be ten years or 200,000 units of ouiput with an estimated salvage value of $25,000. During 2018, the machine produced 30.000 units during 2019, the machine produced 40,000 units. Calculate the depreciation expense for 2018 and 2019 at year end under each depreciation method. The straight-line method of depreciation. a. b. The units-of-production...
2 pts Question 23 On January 1, 2018, the Transition Company purchased a machine for $150,000....
2 pts Question 23 On January 1, 2018, the Transition Company purchased a machine for $150,000. The machine had an estimated useful life of ten years! estimated salvage value of $12.000. The machine had $27.600 accumulated depreciation at December 31, 2019. In 2020, the company determined that due to technological changes, the machine will have six years estimated life remaining at January 1, 2020 and will not have a salvage value at the end of its estimated useful life. The...
On January 1, 2018, a machine was purchased for $120,000. The machine has an estimated salvage...
On January 1, 2018, a machine was purchased for $120,000. The
machine has an estimated salvage value of $9,600 and an estimated
useful life of 5 years. The machine can operate for 120,000 hours
before it needs to be replaced. The company closed its books on
December 31 and operates the machine as follows: 2018, 24,000 hrs;
2019, 30,000 hrs; 2020, 18,000 hrs; 2021, 36,000 hrs; and 2022,
12,000 hrs.
Compute the annual depreciation charges over the machine’s life
assuming...
Exhibit 22-2 On January 1, 2015, Nathan, Inc. purchased a machine for $56,000. Eight-year, straight-line depreciation...
Exhibit 22-2 On January 1, 2015, Nathan, Inc. purchased a machine for $56,000. Eight-year, straight-line depreciation with no salvage value was used through December 31, 2016. On January 1, 2017, it was estimated that the total useful life of the machine from acquisition date was ten years. Refer to Exhibit 22-2. The adjusting entry that should be made on January 1, 2017, will be in the amount of $6,000 $3,600 $2,400 $ 0
On July 1, 2018, the Darden Company purchased a machine that was invoiced at $20,000 (terms...
On July 1, 2018, the Darden Company purchased a machine that was invoiced at $20,000 (terms 2/10, n/30, FOB destination). The invoice was paid within the discount period. The freight company charged the seller $500 to ship the machine, and the Darden Company incurred $800 in installation costs. The estimated useful life is five years, after which it will have an estimated salvage value of $1,000. Straight-line depreciation for 2018 would be: A) $26,300 x 1/5 x 1/2 = $2,630....
On January 1, 2015, Zane Manufacturing Company purchased a machine for $40,000. The company expects to...
On January 1, 2015, Zane Manufacturing Company purchased a machine for $40,000. The company expects to use the machine a total of 24,000 hours over the next 6 years. The estimated sales price of the machine at the end of 6 years is $4,000. The company used the machine 8,000 hours in 2015 and 12,000 in 2016 9. What is the book value of the machine at the end of 2016 if the company uses the double- declining-balance amortization? A)...
On January 1, 2018, Dunbar Echo Co. sells a machine for $25,200. The machine was originally...
On January 1, 2018, Dunbar Echo Co. sells a machine for $25,200. The machine was originally purchased on January 1, 2016 for $45,200. The machine was estimated to have a useful life of 5 years and a residual value of $0. Dunbar Echo uses straight-line depreciation. In recording this transaction: A. a loss of $20,000 would be recorded B. a gain of $1,920 would be recorded. C. a loss of $1,920 would be recorded. D. a gain of $25,200 would...
10. Ecker Company purchased a new machine on May 1, 2009 for $528,000. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of $24,000. The company has recorded monthly depreciation using the straight-line method. On March 1, 2018, the machine was sold for $72,000. What should be the loss recognized from the sale of the machine? A) $0. B) $10,800. C) $24,000. D) $34,800.
42. Booth Company purchased a new machine on May 1, 2008 for $38,000. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated residual value of $2,000. The company had recorded monthly depreciation using the straight-line method. On March 1, 2017, the machine was sold for $6,000. What should be the loss recognized from the sale of the machine? a. b. c. d. $0 $200 $2,000 $2,200
Bonita Industries purchased a new machine on May 1, 2012 for $561600. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of $30000. The company has recorded monthly depreciation using the straight-line method. On March 1, 2021, the machine was sold for $67800. What should be the loss recognized from the sale of the machine? $54220. $30000 $0. $24220.
2. January 2, 2018, Trey's Toy Company purchased and placed in service a machine with a cost of $350,0000, The company estimated the machine's useful life to be ten years or 200,000 units of ouiput with an estimated salvage value of $25,000. During 2018, the machine produced 30.000 units during 2019, the machine produced 40,000 units. Calculate the depreciation expense for 2018 and 2019 at year end under each depreciation method. The straight-line method of depreciation. a. b. The units-of-production...
2 pts Question 23 On January 1, 2018, the Transition Company purchased a machine for $150,000. The machine had an estimated useful life of ten years! estimated salvage value of $12.000. The machine had $27.600 accumulated depreciation at December 31, 2019. In 2020, the company determined that due to technological changes, the machine will have six years estimated life remaining at January 1, 2020 and will not have a salvage value at the end of its estimated useful life. The...
On January 1, 2018, a machine was purchased for $120,000. The
machine has an estimated salvage value of $9,600 and an estimated
useful life of 5 years. The machine can operate for 120,000 hours
before it needs to be replaced. The company closed its books on
December 31 and operates the machine as follows: 2018, 24,000 hrs;
2019, 30,000 hrs; 2020, 18,000 hrs; 2021, 36,000 hrs; and 2022,
12,000 hrs.
Compute the annual depreciation charges over the machine’s life
assuming...
On January 1, 2015, Zane Manufacturing Company purchased a machine for $40,000. The company expects to use the machine a total of 24,000 hours over the next 6 years. The estimated sales price of the machine at the end of 6 years is $4,000. The company used the machine 8,000 hours in 2015 and 12,000 in 2016 9. What is the book value of the machine at the end of 2016 if the company uses the double- declining-balance amortization? A)...
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