Required information (The following information applies to the questions displayed below) On January 1, 2021, the...
Required information [The following information applies to the questions displayed below.] On January 1, 2021, the Allegheny Corporation purchased equipment for $146,000. The estimated service life of the equipment is 10 years and the estimated residual value is $3,000. The equipment is expected to produce 220,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. 3. Units of production (units produced in 2021, 38,000; units produced in 2022, 33,000). (Round "Depreciation per...
Required information [The following information applies to the questions displayed below.] On January 1, 2021, the Allegheny Corporation purchased equipment for $146,000. The estimated service life of the equipment is 10 years and the estimated residual value is $3,000. The equipment is expected to produce 220,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. 2. Double-declining balance.
Required information [The following information applies to the questions displayed below.) On October 1, 2021, the Allegheny Corporation purchased equipment for $224,000. The estimated service life of the equipment is 10 years and the estimated residual value is $4,000. The equipment is expected to produce 400,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service. 1. Straight...
Required information [The following information applies to the questions displayed below.] On January 1, 2021, the Allegheny Corporation purchased equipment for $162,000. The estimated service life of the equipment is 10 years and the estimated residual value is $8,000. The equipment is expected to produce 350,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. 1. Straight line. Straight-Line Depreciation 1. Choose Denominator: Choose Numerator: = Annual Depreciation Expense = Depreciation Expense...
Required information The following information applies to the questions displayed below) On October 1, 2021, the Allegheny Corporation purchased equipment for $148,000. The estimated service life of the equipment is 10 years and the estimatecl residual value is $5,000. The equipment is expected to produce 260.000 units cluring its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service 2. Double-declining...
Required information (The following information applies to the questions displayed below.) On October 1, 2021, the Allegheny Corporation purchased equipment for $148,000. The estimated service life of the equipment is 10 years and the estimated residual value is $5,000. The equipment is expected to produce 260,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service. 2. Double-declining-balance....
Required information [The following information applies to the questions displayed below.] On January 1, 2021, the Allegheny Corporation purchased equipment for $319,000. The estimated service life of the equipment is 10 years and the estimated residual value is $22,000. The equipment is expected to produce 288,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. 3. Assume instead the equipment was purchased on October 1, 2021. Calculate depreciation for 2021 and 2022...
Required information (The following information applies to the questions displayed below.] On January 1, 2021, the Allegheny Corporation purchased equipment for $331,000. The estimated service life of the equipment is 10 years and the estimated residual value is $23,000. The equipment is expected to produce 292,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. 2. One hundred fifty percent declining balance. (Round final answers to the nearest whole dollar amount.) Depreciation...
Required information (The following information applies to the questions displayed below.) On January 1, 2021, the Allegheny Corporation purchased equipment for $355,000. The estimated service life of the equipment is 10 years and the estimated residual value is $25,000. The equipment is expected to produce 300,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods can com mune 1. Sum-of-the-years-digits (Do not round Intermediate calculations. Round final answers to the nearest whole...
Required information [The following information applies to the questions displayed below.] On January 1, 2021, the Allegheny Corporation purchased equipment for $162,000. The estimated service life of the equipment is 10 years and the estimated residual value is $8,000. The equipment is expected to produce 350,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. 1. Straight line. Straight-Line Depreciation 1 Choose Denominator: Choose Numerator: = - Annual Depreciation Expense = Depreciation...