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AP8-15B (Acquisition, change in estimates, depreciation, and disposal) Laurin Limited purchased equipment on October 8, 2017,...
The following are some transactions of Sheridan Company for 2021. Sheridan Company uses straight-line depreciation and...
The following are some transactions of Sheridan Company for
2021. Sheridan Company uses straight-line depreciation and has a
December 31 year end.
Apr. 1
Retired a piece of equipment that was purchased on January 1,
2012, for $48,000. The equipment had an expected useful life of 10
years with no residual value.
July 30
Sold equipment for $1,300 cash. The equipment was purchased on
January 3, 2019, for $14,040 and was depreciated over an expected
useful life of three years...
P9.3A (LO 1, 2) AP Payne Company purchased equipment on account on September 3, 2019, at...
P9.3A
(LO 1, 2) AP Payne Company
purchased equipment on account on September 3, 2019, at an invoice
price of $210,000. On September 4, 2019, it paid $4,400 for
delivery of the equipment. A one-year, $1,975 insurance policy on
the equipment was purchased on September 6, 2019. On September 20,
2019, Payne paid $5,600 for installation and testing of the
equipment. The equipment was ready for use on October 1, 2019.
Payne estimates that the equipment's useful life will be...
Sandhill Company acquires equipment at a cost of $41,700 on January 3, 2021. Management estimates the...
Sandhill Company acquires equipment at a cost of $41,700 on January 3, 2021. Management estimates the equipment will have a residual value of $4,800 at the end of its 3-year useful life. Assume the company uses the straight-line method of depreciation. Calculate the depreciation expense for each year of the equipment's life. Sandhill has a December 31 fiscal year end. Depreciation expense $
Application Problem 8-13B Kulle Optical Ltd. purchased optical lens coating equipment for $90,500 on January 1,...
Application Problem 8-13B Kulle Optical Ltd. purchased optical lens coating equipment for $90,500 on January 1, 2020. At that time, management determined that the equipment would have a useful life of five years and a residual value of $18,000. Kulle uses the straight-line depreciation method. On January 1, 2023, management revised its initial estimates and determined that the lens coating equipment would have a useful life of eight years, rather than five years, and that it would have a residual...
At the beginning of 2017, Blue Spruce Corp. acquired equipment costing $83,600. It was estimated that...
At the beginning of 2017, Blue Spruce Corp. acquired equipment costing $83,600. It was estimated that this equipment would have a useful life of 6 years and a salvage value of $8,360 at that time. The straight-line method of depreciation was considered the most appropriate to use with this type of equipment. Depreciation is to be recorded at the end of each year. During 2019 (the third year of the equipment's life), the company's engineers reconsidered their expectations and estimated...
Glans Company purchased equipment on account on April 6, 2019
IMG-2171.jpgGlans Company purchased equipment on account on April 6, 2019, at an invoice price of $442,000. On April 7, 2019, it paid $4,000 for delivery of the equipment. A one-year, $3,000 insurance policy on the equipment was purchased on April 9, 2019. On April 22, 2019, Glans paid $6,000 for installation and testing of the quipment. The equipment was ready for use on May 1, 2019.Glans estimates that the equipment's useful life will be four years, with the residual value...
Problem 11-9 (Algo) Straight-line depreciation; disposal; partial period; change in estimate [LO11-2, 11-5] The property, plant,...
Problem 11-9 (Algo) Straight-line depreciation; disposal; partial period; change in estimate [LO11-2, 11-5] The property, plant, and equipment section of the Jasper Company’s December 31, 2020, balance sheet contained the following: Property, plant, and equipment: Land $ 116,000 Building $ 936,000 Less: Accumulated depreciation (180,000 ) 756,000 Equipment 163,000 Less: Accumulated depreciation ? ? Total property, plant, and equipment ? The land and building were purchased at the beginning of 2016. Straight-line depreciation is used and a residual value of...
Healthlabs Ltd. purchased lab equipment for $18,300 on January 1, 2020. At that time, management determined...
Healthlabs Ltd. purchased lab equipment for $18,300 on January 1, 2020. At that time, management determined that the equipment would have a useful life of three years with no residual value and that the straight-line depreciation method would be used. On January 1, 2021, management revised its initial estimate and determined that the company would be able to use the lab equipment for a total of five years. Determine the depreciation expense for 2021. Depreciation expense for 2021 $Enter the...
Q2. (25 marks) Calculate depreciation and CCA On July 2, 2019, Vicuna Inc. purchased equipment for...
Q2. (25 marks) Calculate depreciation and CCA On July 2, 2019, Vicuna Inc. purchased equipment for $720,000. This equipment has an estimated useful life of six years and an estimated residual value of $30,000. Depreciation is taken for the portion of the year the asset is used. The asset is a Class 8 asset with a maximum CCA rate of 20%. Vicuna has a December year end. Instructions a) Complete the schedule below by determining the depreciation expense/CCA and year-end...
Crackling Fried Chicken bought equipment on January 2, 2018, for $42.000. The equipment was expected to...
Crackling Fried Chicken bought equipment on January 2, 2018, for $42.000. The equipment was expected to remain in service for four years and to operate for 12.000 hours. At the end of the equipment's useful life. Crackling estimates that is residual value will be $6.000. The equipment operated for 1,200 hours the first year, 3.600 hours the second year, 4800 hours the third year, and 2.400 hours the fourth year. Read the requirements Accumulated Depreciation Book Value Date Straight-Line Depreciation...
P9.3A
(LO 1, 2) AP Payne Company
purchased equipment on account on September 3, 2019, at an invoice
price of $210,000. On September 4, 2019, it paid $4,400 for
delivery of the equipment. A one-year, $1,975 insurance policy on
the equipment was purchased on September 6, 2019. On September 20,
2019, Payne paid $5,600 for installation and testing of the
equipment. The equipment was ready for use on October 1, 2019.
Payne estimates that the equipment's useful life will be...
Sandhill Company acquires equipment at a cost of $41,700 on January 3, 2021. Management estimates the equipment will have a residual value of $4,800 at the end of its 3-year useful life. Assume the company uses the straight-line method of depreciation. Calculate the depreciation expense for each year of the equipment's life. Sandhill has a December 31 fiscal year end. Depreciation expense $
Application Problem 8-13B Kulle Optical Ltd. purchased optical lens coating equipment for $90,500 on January 1, 2020. At that time, management determined that the equipment would have a useful life of five years and a residual value of $18,000. Kulle uses the straight-line depreciation method. On January 1, 2023, management revised its initial estimates and determined that the lens coating equipment would have a useful life of eight years, rather than five years, and that it would have a residual...
At the beginning of 2017, Blue Spruce Corp. acquired equipment costing $83,600. It was estimated that this equipment would have a useful life of 6 years and a salvage value of $8,360 at that time. The straight-line method of depreciation was considered the most appropriate to use with this type of equipment. Depreciation is to be recorded at the end of each year. During 2019 (the third year of the equipment's life), the company's engineers reconsidered their expectations and estimated...
Q2. (25 marks) Calculate depreciation and CCA On July 2, 2019, Vicuna Inc. purchased equipment for $720,000. This equipment has an estimated useful life of six years and an estimated residual value of $30,000. Depreciation is taken for the portion of the year the asset is used. The asset is a Class 8 asset with a maximum CCA rate of 20%. Vicuna has a December year end. Instructions a) Complete the schedule below by determining the depreciation expense/CCA and year-end...
Crackling Fried Chicken bought equipment on January 2, 2018, for $42.000. The equipment was expected to remain in service for four years and to operate for 12.000 hours. At the end of the equipment's useful life. Crackling estimates that is residual value will be $6.000. The equipment operated for 1,200 hours the first year, 3.600 hours the second year, 4800 hours the third year, and 2.400 hours the fourth year. Read the requirements Accumulated Depreciation Book Value Date Straight-Line Depreciation...
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