Homework Answers
| Sum-of-the-Years'-digits method: | ||
| Third year depreciation | 4850 | =(39300-10200)/6*1 |
| Option 1 Sum-of-the-Years'-digits is correct | ||
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A plant asset has a cost of $39300 and a salvage value of $10200. The asset...
Coronado Company acquired a plant asset at the beginning of Year 1. The asset has an...
Coronado Company acquired a plant asset at the beginning of Year 1. The asset has an estimated service life of 5 years. An employee has prepared depreciation schedules for this asset using three different methods to compare the results of using one method with the results of using other methods. You are to assume that the following schedules have been correctly prepared for this asset using (1) the straight-line method, (2) the sum-of-the-years'-digits method, and (3) the double-declining-balance method. Sum-of-the...
Monty Company acquired a plant asset at the beginning of Year 1. The asset has an...
Monty Company acquired a plant asset at the beginning of Year 1. The asset has an estimated service life of 5 years. An employee has prepared depreciation schedules for this asset using three different methods to compare the results of using one method with the results of using other methods. You are to assume that the following schedules have been correctly prepared for this asset using (1) the straight-line method, (2) the sum-of-the-years'-digits method, and (3) the double-declining-balance method. Year...
Exercise 11-2 (Part Level Submission) Buffalo Company acquired a plant asset at the beginning of Year...
Exercise 11-2 (Part Level Submission) Buffalo Company acquired a plant asset at the beginning of Year 1. The asset has an estimated service life of 5 years. An employee has prepared depreciation schedules for this asset using three different methods to compare the results of using one method with the results of using other methods. You are to assume that the following schedules have been correctly prepared for this asset using (1) the straight-line method, (2) the sum-of-the-years'-digits method, and...
Exercise 11-02 Marigold Company acquired a plant asset at the beginning of Year 1. The asset...
Exercise 11-02 Marigold Company acquired a plant asset at the beginning of Year 1. The asset has an estimated service life of 5 years. An employee has prepared depreciation schedules for this asset using three different methods to compare the results of using one method with the results of using other methods. You are to assume that the following schedules have been correctly prepared for this asset using (1) the straight-line method, (2) the sum-of-the-years'-digits method, and (3) the double-declining-balance...
Hightower Company acquired an asset on January 2, 2019, at a cost of $154,000. The asset’s...
Hightower Company acquired an asset on January 2, 2019, at a cost of $154,000. The asset’s useful life is four years and its salvage value is $52,000. Compute the depreciation expense for each of the first two years, using the straight-line method, the double-declining-balance method, and the sum-of-the-years’-digits method. Compute the depreciation expense for the first two years, using the straight-line method. STRAIGHT-LINE METHOD Year Acquisition Cost Salvage Value Useful Life Depreciation Accumulated Depreciation 1 years 2 years DOUBLE-DECLINING-BALANCE METHOD...
Sheffield Company acquired a plant asset at the beginning of Year 1. The asset has an...
Sheffield Company acquired a plant asset at the beginning of Year 1. The asset has an estimated service life of 5 years. An employee has prepared depreciation schedules for this asset using three different methods to compare the results of using one method with the results of using other methods. You are to assume that the following schedules have been correctly prepared for this asset using (1) the straight-line method, (2) the sum-of-the-years'-digits method, and (3) the double-declining-balance method. Year...
Answer each of the following questions. Assume the asset was purchased at the beginning of the...
Answer each of the following questions. Assume the asset was
purchased at the beginning of the year.
1.
A plant asset purchased for
$650,000 has an estimated life of 10 years and a residual value of
$32,500. Depreciation for the second year of use,
determined by the declining-balance method at twice the
straight-line rate is $
.
2.
A plant asset purchased for
$572,000 at the beginning of the year has an estimated life of 5
years and a residual...
Answer each of the following questions. Assume the asset was purchased at the beginning of the...
Answer each of the following questions. Assume the asset was purchased at the beginning of the year. 1. A plant asset purchased for $550,000 has an estimated life of 10 years and a residual value of $27,500. Depreciation for the second year of use, determined by the declining-balance method at twice the straight-line rate is $ 2. A plant asset purchased for $484,000 at the beginning of the year has an estimated life of 5 years and a residual value...
Answer each of the following questions. Assume the asset was purchased at the beginning of the...
Answer each of the following questions. Assume the asset was purchased at the beginning of the year. 1. A plant asset purchased for $925,000 has an estimated life of 10 years and a residual value of $46,250. Depreciation for the second year of use, determined by the declining-balance method at twice the straight-line rate is $ 2. A plant asset purchased for $814,000 at the beginning of the year has an estimated life of 5 years and a residual value...
On January 4, 2019, Columbus Company purchased new equipment for $693,000 that had a useful life...
On January 4, 2019, Columbus Company purchased new equipment for
$693,000 that had a useful life of four years and a salvage value
of $53,000.
Required:
Prepare a schedule showing the annual depreciation and end-of-year
accumulated depreciation for the first three years of the asset’s
life under the straight-line method, the sum-of-the-years’-digits
method, and the double-declining-balance method.
Analyze:
If the double-declining balance method is used to compute
depreciation, what would be the book value of the asset at the end...
Coronado Company acquired a plant asset at the beginning of Year 1. The asset has an estimated service life of 5 years. An employee has prepared depreciation schedules for this asset using three different methods to compare the results of using one method with the results of using other methods. You are to assume that the following schedules have been correctly prepared for this asset using (1) the straight-line method, (2) the sum-of-the-years'-digits method, and (3) the double-declining-balance method. Sum-of-the...
Exercise 11-02 Marigold Company acquired a plant asset at the beginning of Year 1. The asset has an estimated service life of 5 years. An employee has prepared depreciation schedules for this asset using three different methods to compare the results of using one method with the results of using other methods. You are to assume that the following schedules have been correctly prepared for this asset using (1) the straight-line method, (2) the sum-of-the-years'-digits method, and (3) the double-declining-balance...
Answer each of the following questions. Assume the asset was
purchased at the beginning of the year.
1.
A plant asset purchased for
$650,000 has an estimated life of 10 years and a residual value of
$32,500. Depreciation for the second year of use,
determined by the declining-balance method at twice the
straight-line rate is $
.
2.
A plant asset purchased for
$572,000 at the beginning of the year has an estimated life of 5
years and a residual...
Answer each of the following questions. Assume the asset was purchased at the beginning of the year. 1. A plant asset purchased for $550,000 has an estimated life of 10 years and a residual value of $27,500. Depreciation for the second year of use, determined by the declining-balance method at twice the straight-line rate is $ 2. A plant asset purchased for $484,000 at the beginning of the year has an estimated life of 5 years and a residual value...
Answer each of the following questions. Assume the asset was purchased at the beginning of the year. 1. A plant asset purchased for $925,000 has an estimated life of 10 years and a residual value of $46,250. Depreciation for the second year of use, determined by the declining-balance method at twice the straight-line rate is $ 2. A plant asset purchased for $814,000 at the beginning of the year has an estimated life of 5 years and a residual value...
On January 4, 2019, Columbus Company purchased new equipment for
$693,000 that had a useful life of four years and a salvage value
of $53,000.
Required:
Prepare a schedule showing the annual depreciation and end-of-year
accumulated depreciation for the first three years of the asset’s
life under the straight-line method, the sum-of-the-years’-digits
method, and the double-declining-balance method.
Analyze:
If the double-declining balance method is used to compute
depreciation, what would be the book value of the asset at the end...
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