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2. January 2, 2018, Trey's Toy Company purchased and placed in service a machine with a...
Short Answer 2012 service a machine wer 2 (10 Points) On April 1 of the current...
Short Answer 2012 service a machine wer 2 (10 Points) On April 1 of the current year, a company purchased and placed in machine with a cost of $240,000. The company estimated the machine's useful life to ser vears or 60,000 units of output with an estimated salvage value of $60,000. During the ent year, 12,000 units were produced. Prepare the necessary December 31 adjusting journal entry to record depreciation for the current year assuming the company uses: The straight-line...
Depreciation Methods Assignment Problem 1 On August 31, 2014, a company acquired and placed in service...
Depreciation Methods Assignment Problem 1 On August 31, 2014, a company acquired and placed in service a machine at a cost of $60,000. It is estimated that the machine has a useful life of four years or 100,000 units of production. Salvage value is estimated to be $5,000. The company year-end is December 31. Using Excel, prepare depreciation schedules similar to the depreciation lecture and the Laulima Lesson examples showing columns for: year-ended; annual depreciation amounts; accumulated depreciation; and remaining...
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...
Problem 2 On January 7, 2014 a company purchased a machine for $75,000 that was expected...
Problem 2 On January 7, 2014 a company purchased a machine for $75,000 that was expected to last 5 years and to have a salvage value of $5,000. At the beginning of the machine's third year the company decided that the machine's estimated useful life should be revised to a total of 7 years instead of the original 5 years. Also, the salvage value was re-estimated to be $2,000. Straight-line depreciation will be used throughout the machine's life. 2a. Prepare...
Duluth Ranch, Inc. purchased a machine on January 1, 2018. The cost of the machine was...
Duluth Ranch, Inc. purchased a machine on January 1, 2018. The cost of the machine was $30,500. Its estimated residual value was $9,500 at the end of an estimated 5-year life. The company expects to produce a total of 10,000 units. The company produced 1,150 units in 2018 and 1,600 units in 2019. Required: a. Calculate depreciation expense for 2018 and 2019 using the straight-line method. b. Calculate the depreciation expense for 2018 and 2019 using the units-of-production method. c....
On January 1, 2014, a machine was purchased for $120,000. The machine has an estimated salvage...
On January 1, 2014, a machine was purchased for $120,000. The machine has an estimated salvage value of $6,000 and an estimated useful life of 6 years. The machine can operate for 200,000 hours before it needs to be replaced. The company closed its books on December 31 and operates the machine as follows: 2014, 35,000 hrs; 2015, 45,000 hrs; 2016, 55,000 hrs; 2017, 30,000 hrs; 2018, 20,000 hrs; 2019, 15,000 hrs. (a) Compute the annual depreciation charges over the...
Williams company purchased a machine on January 1, 2014 by paying cash of $300,000. The machine...
Williams company purchased a machine on January 1, 2014 by paying cash of $300,000. The machine has an estimated useful life of six years is expected to produce 400,000 units and has an estimated residual value of $40,000. a. Calculate depreciation expense to the nearest whole dollar for each year of the machine's useful life under 1. straight-line depreciation method 2. double declining - balance method b. What is the book value of the machine after three years using the...
On January 1,2018, a machine was purchased for $100,000. The machine has an estimated salvage value...
On January 1,2018, a machine was purchased for $100,000. The machine has an estimated salvage value of $5,920 and an estimated useful life of 5 years. The machine can operate for 112,000 hours before it needs to be replaced. The company closed its books on December 31 and operates the machine as follows: 2018, 22,400 hrs; 2019, 28,000 hrs; 2020, 16,800 hrs; 202 1, 33,600 hrs; and 2022, 11,200 hrs. (a) Compute the annual depreciation charges over the machine's life...
Mason Company purchased a new machine on January 1, 2018 for $54,000. A t the time...
Mason Company purchased a new machine on January 1, 2018 for $54,000. A t the time of acquisition, the machine was estimated to have a useful life of ten years and a salvage value of $6,000. The company uses the straight-line depreciat ion method of calculating depreciation. On July 31, 2023, the machine was sold for $13,000 cash. Calculate the amount of the loss recorded on the sale. Do not put a min us sign in front of your answer.
On January 1, 2018, the Allegheny Corporation purchased machinery for $156,000. The estimated service life of...
On January 1, 2018, the Allegheny Corporation purchased machinery for $156,000. The estimated service life of the machinery is 10 years and the estimated residual value is $13,000. The machine is expected to produce 220,000 units during its life. Required: Calculate depreciation for 2018 and 2019 using each of the following methods. 1. Straight line. 2. Sum-of-the-years'-digits. 3. Double-declining balance. 4. One hundred fifty percent declining balance. 5. Units of production (units produced in 2018, 46,000; units produced in 2019,...
Short Answer 2012 service a machine wer 2 (10 Points) On April 1 of the current year, a company purchased and placed in machine with a cost of $240,000. The company estimated the machine's useful life to ser vears or 60,000 units of output with an estimated salvage value of $60,000. During the ent year, 12,000 units were produced. Prepare the necessary December 31 adjusting journal entry to record depreciation for the current year assuming the company uses: The straight-line...
Depreciation Methods Assignment Problem 1 On August 31, 2014, a company acquired and placed in service a machine at a cost of $60,000. It is estimated that the machine has a useful life of four years or 100,000 units of production. Salvage value is estimated to be $5,000. The company year-end is December 31. Using Excel, prepare depreciation schedules similar to the depreciation lecture and the Laulima Lesson examples showing columns for: year-ended; annual depreciation amounts; accumulated depreciation; and remaining...
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...
Problem 2 On January 7, 2014 a company purchased a machine for $75,000 that was expected to last 5 years and to have a salvage value of $5,000. At the beginning of the machine's third year the company decided that the machine's estimated useful life should be revised to a total of 7 years instead of the original 5 years. Also, the salvage value was re-estimated to be $2,000. Straight-line depreciation will be used throughout the machine's life. 2a. Prepare...
Duluth Ranch, Inc. purchased a machine on January 1, 2018. The cost of the machine was $30,500. Its estimated residual value was $9,500 at the end of an estimated 5-year life. The company expects to produce a total of 10,000 units. The company produced 1,150 units in 2018 and 1,600 units in 2019. Required: a. Calculate depreciation expense for 2018 and 2019 using the straight-line method. b. Calculate the depreciation expense for 2018 and 2019 using the units-of-production method. c....
On January 1,2018, a machine was purchased for $100,000. The machine has an estimated salvage value of $5,920 and an estimated useful life of 5 years. The machine can operate for 112,000 hours before it needs to be replaced. The company closed its books on December 31 and operates the machine as follows: 2018, 22,400 hrs; 2019, 28,000 hrs; 2020, 16,800 hrs; 202 1, 33,600 hrs; and 2022, 11,200 hrs. (a) Compute the annual depreciation charges over the machine's life...
Mason Company purchased a new machine on January 1, 2018 for $54,000. A t the time of acquisition, the machine was estimated to have a useful life of ten years and a salvage value of $6,000. The company uses the straight-line depreciat ion method of calculating depreciation. On July 31, 2023, the machine was sold for $13,000 cash. Calculate the amount of the loss recorded on the sale. Do not put a min us sign in front of your answer.
On January 1, 2018, the Allegheny Corporation purchased machinery for $156,000. The estimated service life of the machinery is 10 years and the estimated residual value is $13,000. The machine is expected to produce 220,000 units during its life. Required: Calculate depreciation for 2018 and 2019 using each of the following methods. 1. Straight line. 2. Sum-of-the-years'-digits. 3. Double-declining balance. 4. One hundred fifty percent declining balance. 5. Units of production (units produced in 2018, 46,000; units produced in 2019,...
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