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Chapter 11 - Investments in Noncurrent Operating Assets - Utilization and Retirement Problem 1 Turkey Enterprises...
P11-11. (Depreciation for Partial Periods—SL, Act., SYD, and DDB) (LO 1, 2) On January 1, 2015,...
P11-11. (Depreciation for Partial Periods—SL, Act., SYD, and DDB) (LO 1, 2) On January 1, 2015, a machine was purchased for $90,000. The machine has an estimated salvage value of $6,000 and an estimated useful life of 5 years. The machine can operate for 100,000 hours before it needs to be replaced. The company closed its books on December 31 and operates the machine as follows: 2015, 20,000 hours; 2016, 25,000 hours; 2017, 15,000 hours; 2018, 30,000 hours; and 2019,...
For each of the following depreciable assets, determine the missing amount. Abbreviations for depreciation methods are...
For each of the following depreciable assets, determine the missing amount. Abbreviations for depreciation methods are SL for straight line, SYD for sum-of-the-years' digits, and DDB for double-declining balance. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.) Asset Cost Residual Value $ 32,000 41,000 89,000 254,000 212,000 Service Life Depreciation Depreciation (Years) Method (Year 2) DDB $ 39,000 SYD 7,000 SL 5.000 10 23,200 8 150% DB 9,000 22.000 32,000
On January 2, 2020, Rachel, Inc. purchased a new machine for its factory. The new machine...
On January 2, 2020, Rachel, Inc. purchased a new machine for its factory. The new machine cost $55,000, has an expected useful life of 7 years and an estimated residual value of $5,000. Prepare a depreciation schedule for the new machine using the following depreciation methods: 1) Straight Line (SL) 2) Sum-of-the-Years-Digits (SYD) 3) Declining Balance using twice the straight line rate (DDB) 4) Modified Accelerated Cost Recovery System (MACRS) (5 year asset class)
On January 1, Year 1, Fukisan purchased a new piece of equipment for specialized-furniture manufacturing at...
On January 1, Year 1, Fukisan purchased a new piece of
equipment for specialized-furniture manufacturing at a cost of
$300,000, inclusive of shipping and installation. At the time of
purchase, the equipment had an estimated useful life of 15 years
and an expected salvage value of $10,000 at the end of the 15
years.
For future budgeting purposes, Eric Anderson, CFO of Fukisan
Inc. has asked you to perform the depreciation expense calculations
for Year 2, Year 3, and Year...
Problem 11-11 On January 1, 2015, a machine was purchased for $90,900. The machine has an...
Problem 11-11 On January 1, 2015, a machine was purchased for $90,900. The machine has an estimated salvage value of $6,060 and an estimated useful life of 5 years. The machine can operate for 101,000 hours before it needs to be replaced. The company closed its books on December 31 and operates the machine as follows: 2015, 20,200 hrs; 2016, 25,250 hrs; 2017, 15,150 hrs; 2018, 30,300 hrs; and 2019, 10,100 hrs. Compute the annual depreciation charges over the machine’s...
Problem 11-11 On January 1, 2015, a machine was purchased for $90,900. The machine has an...
Problem 11-11 On January 1, 2015, a machine was purchased for $90,900. The machine has an estimated salvage value of $6,060 and an estimated useful life of 5 years. The machine can operate for 101,000 hours before it needs to be replaced. The company closed its books on December 31 and operates the machine as follows: 2015, 20,200 hrs; 2016, 25,250 hrs; 2017, 15,150 hrs; 2018, 30,300 hrs; and 2019, 10,100 hrs. Compute the annual depreciation charges over the machine’s...
Razar Sharp Company purchased equipment on July 1, 2014, for $27,540. The equipment was expected to...
Razar Sharp Company purchased equipment on July 1, 2014, for $27,540. The equipment was expected to have a useful life of three years, or 5,940 operating hours, and a residual value of $810. The equipment was used for 1,100 hours during 2014, 2,100 hours in 2015, 1,800 hours in 2016, and 940 hours in 2017. Required: Determine the amount of depreciation expense for the years ended December 31, 2014, 2015, 2016, and 2017, by (a) the straight-line method, (b) units-of-output...
Razar Sharp Company purchased equipment on July 1, 2014, for $43,470. The equipment was expected to...
Razar Sharp Company purchased equipment on July 1, 2014, for $43,470. The equipment was expected to have a useful life of three years, or 6,480 operating hours, and a residual value of $1.350. The equipment was used for 1,200 hours during 2014, 2,300 hours in 201 s, i,900 hours in 2016, and ?,0b0 hours in 2017. Required Determine the amount of depreciation expense for the years ended December 31, 2014, 2015, 2016, and 2017, by (a) the straight-line method, (b)...
1) Kansas Enterprises purchased equipment for $79,000 on January 1, 2021. The equipment is expected to...
1) Kansas Enterprises purchased equipment for $79,000 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $6,900 at the end of five years. Using the straight-line method, depreciation expense for 2021 would be: 2) Kansas Enterprises purchased equipment for $80,500 on January 1, 2021. The equipment is expected to have a ten-year service life, with a residual value of $6,450 at the end of ten years. Using the straight-line method,...
Depreciation Handout Excel Company purchased a delivery van on January 1, 2012 for $33,000. Management has...
Depreciation Handout Excel Company purchased a delivery van on January 1, 2012 for $33,000. Management has estimated that equipment will have a useful life of five years or 100,000 hours. At the end of five years, management believes that equipment will be worth $3,000. The actual miles the van was driven is as follows: 2012 2013 2014 2015 2016 22,000 miles 24,000 miles 15,000 miles 20,000 miles 21,000 miles Straight line Depreciation Cost - Residual Value Years (Depreciable Cost) Year...
P11-11. (Depreciation for Partial Periods—SL, Act., SYD, and DDB) (LO 1, 2) On January 1, 2015, a machine was purchased for $90,000. The machine has an estimated salvage value of $6,000 and an estimated useful life of 5 years. The machine can operate for 100,000 hours before it needs to be replaced. The company closed its books on December 31 and operates the machine as follows: 2015, 20,000 hours; 2016, 25,000 hours; 2017, 15,000 hours; 2018, 30,000 hours; and 2019,...
For each of the following depreciable assets, determine the missing amount. Abbreviations for depreciation methods are SL for straight line, SYD for sum-of-the-years' digits, and DDB for double-declining balance. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.) Asset Cost Residual Value $ 32,000 41,000 89,000 254,000 212,000 Service Life Depreciation Depreciation (Years) Method (Year 2) DDB $ 39,000 SYD 7,000 SL 5.000 10 23,200 8 150% DB 9,000 22.000 32,000
On January 1, Year 1, Fukisan purchased a new piece of
equipment for specialized-furniture manufacturing at a cost of
$300,000, inclusive of shipping and installation. At the time of
purchase, the equipment had an estimated useful life of 15 years
and an expected salvage value of $10,000 at the end of the 15
years.
For future budgeting purposes, Eric Anderson, CFO of Fukisan
Inc. has asked you to perform the depreciation expense calculations
for Year 2, Year 3, and Year...
Razar Sharp Company purchased equipment on July 1, 2014, for $43,470. The equipment was expected to have a useful life of three years, or 6,480 operating hours, and a residual value of $1.350. The equipment was used for 1,200 hours during 2014, 2,300 hours in 201 s, i,900 hours in 2016, and ?,0b0 hours in 2017. Required Determine the amount of depreciation expense for the years ended December 31, 2014, 2015, 2016, and 2017, by (a) the straight-line method, (b)...
Depreciation Handout Excel Company purchased a delivery van on January 1, 2012 for $33,000. Management has estimated that equipment will have a useful life of five years or 100,000 hours. At the end of five years, management believes that equipment will be worth $3,000. The actual miles the van was driven is as follows: 2012 2013 2014 2015 2016 22,000 miles 24,000 miles 15,000 miles 20,000 miles 21,000 miles Straight line Depreciation Cost - Residual Value Years (Depreciable Cost) Year...
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