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Units of Production a) Prepare a depreciation schedule for the following scenario....
Fill in the blanks. $ Inputs: Machine Cost Estimated Salvage Value Estimated Useful Life in Years...
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$ Inputs: Machine Cost Estimated Salvage Value Estimated Useful Life in Years 50,000 5,000 $ Depreciation Rate Annual Depreciation Expense Accumulated Depreciation Year Carrying Value 50,000 30,000 18,000 10,800 40% 40% 40% 40% 40% $20,000 $12,000 $7,200 $20,000 32,000 39,200 b) Prepare a depreciation schedule for the following scenario if the company uses the 150% declin linnut b) Prepare a depreciation schedule for the following scenario if the company uses the 150% declining balance method. Inputs:...
b) Prepare a depreciation schedule for the following scenario if the company uses the 150% declining...
b) Prepare a depreciation schedule for the following scenario if the company uses the 150% declining balance method. A Inputs: Machine Cost Estimated Salvage Value Estimated Useful Life in Years 50,000 10,000 Depreciation Rate Annual Depreciation Expense Accumulated Depreciation Year Carrying Value 50,000 50,000 $18,750 own- 37.5% 37.5% 37.5% 37.5%
machine 1: cost 76,000 salvage value 6,000 useful life 10 years purchased 7/1/16 machine 2: cost...
machine 1:
cost 76,000
salvage value 6,000
useful life 10 years
purchased 7/1/16
machine 2:
cost 80,000
salvage value 10,000
useful life 8 years
purchased 1/1/13
machine 3:
cost 78,000
salvage value 6,000
useful life 6 years = 24,000 hours
purchased 1/1/18
Problem: In recent years, Hrubeck Company purchased three machines. Because of heavy turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods were selected. Information concerning...
5. Younger Bus Lines uses the units-of-activity method in depreciating its buses. One bus was purchased...
5. Younger Bus Lines uses the units-of-activity method in depreciating its buses. One bus was purchased on January 1, 2010, at a cost of $168,000.Over its 4-year useful life, the bus is expected to be driven 100,000 miles. Salvage value is expected to be $8,000. Instructions: (a) Compute the depreciation cost per unit. () Prepare a depreciation schedule assuming actual mileage Computation End of Year Annual Units of Depreciation Depreciation Accumulated Book Year Activity X Cost/Unit - Expense Depreciation Value...
Depreciation Question: A company purchased a machine on January 1 of the current year for $50,000....
Depreciation Question: A company purchased a machine on January 1 of the current year for $50,000. Calculate the annual depreciation expense for each year of the machine's life (estimated at 5 years or 25,000 hours with a salvage value of $5,000). During the machine's 5-year life its hourly usage was: 4,500; 4,000; 6,000; 6,000; and 4,500 hours respectively. Need help filling out this chart please: Year: Straight-line: Units of Production: Double-declining balance Year 1: $______ $_______ $________ Year 2: _______...
use the following information to complete the depreciation schedule below using the units of production method...
use the following information to complete the depreciation
schedule below using the units of production method of
depreciation.
A machine was purchased on Jan. 1, 2017 for a cost of $60,000. It
has a salvage value of $4,000 and is expected to produce 130,000
units during its useful life.
Year 1 - a machine produced 12,000 units.
Year 2 - a machine produced 16,000 units.
Year 3 - a machine produced 11,000 units.
Round you depreciable rate to the nearest...
Compute revised depreciation and record entries U. Tilpailut City to Ches) Lulu Depreciation on the building...
Compute revised depreciation and record entries U. Tilpailut City to Ches) Lulu Depreciation on the building in 2022. EO SIILO 2). AP On July 1, 2019, April Company purchased new equipment for $80,000. Its estimated useful life was 7 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Instructions a. Prepare the journal entry to record depreciation on December 31,...
Assume Organic Ice Cream Company, Inc., bought a new ice cream production kit (pasteurizer/homogenizer, cooler, aging...
Assume Organic Ice Cream Company, Inc., bought a new ice cream production kit (pasteurizer/homogenizer, cooler, aging vat, freezer, and filling machine) at the beginning of the year at a cost of $20,000. The estimated useful life was four years, and the residual value was $2.180. Assume that the estimated productive life of the machine was 9,900 hours. Actual annual usage was 3,960 hours in Year 1; 2,970 hours in Year 2; 1,980 hours in Year 3; and 990 hours in...
Assume Organic Ice Cream Company, Inc., bought a new ice cream production kit (pasteurizer/homogenizer, cooler, aging...
Assume Organic Ice Cream Company, Inc., bought a new ice cream production kit (pasteurizer/homogenizer, cooler, aging vat, freezer, and filling machine) at the beginning of the year at a cost of $12,000. The estimated useful life was four years, and the residual value was $960. Assume that the estimated productive life of the machine was 9,200 hours. Actual annual usage was 3,680 hours in Year 1; 2,760 hours in Year 2; 1,840 hours in Year 3, and 920 hours in...
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...
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in the blanks.
$ Inputs: Machine Cost Estimated Salvage Value Estimated Useful Life in Years 50,000 5,000 $ Depreciation Rate Annual Depreciation Expense Accumulated Depreciation Year Carrying Value 50,000 30,000 18,000 10,800 40% 40% 40% 40% 40% $20,000 $12,000 $7,200 $20,000 32,000 39,200 b) Prepare a depreciation schedule for the following scenario if the company uses the 150% declin linnut b) Prepare a depreciation schedule for the following scenario if the company uses the 150% declining balance method. Inputs:...
b) Prepare a depreciation schedule for the following scenario if the company uses the 150% declining balance method. A Inputs: Machine Cost Estimated Salvage Value Estimated Useful Life in Years 50,000 10,000 Depreciation Rate Annual Depreciation Expense Accumulated Depreciation Year Carrying Value 50,000 50,000 $18,750 own- 37.5% 37.5% 37.5% 37.5%
machine 1:
cost 76,000
salvage value 6,000
useful life 10 years
purchased 7/1/16
machine 2:
cost 80,000
salvage value 10,000
useful life 8 years
purchased 1/1/13
machine 3:
cost 78,000
salvage value 6,000
useful life 6 years = 24,000 hours
purchased 1/1/18
Problem: In recent years, Hrubeck Company purchased three machines. Because of heavy turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods were selected. Information concerning...
5. Younger Bus Lines uses the units-of-activity method in depreciating its buses. One bus was purchased on January 1, 2010, at a cost of $168,000.Over its 4-year useful life, the bus is expected to be driven 100,000 miles. Salvage value is expected to be $8,000. Instructions: (a) Compute the depreciation cost per unit. () Prepare a depreciation schedule assuming actual mileage Computation End of Year Annual Units of Depreciation Depreciation Accumulated Book Year Activity X Cost/Unit - Expense Depreciation Value...
use the following information to complete the depreciation
schedule below using the units of production method of
depreciation.
A machine was purchased on Jan. 1, 2017 for a cost of $60,000. It
has a salvage value of $4,000 and is expected to produce 130,000
units during its useful life.
Year 1 - a machine produced 12,000 units.
Year 2 - a machine produced 16,000 units.
Year 3 - a machine produced 11,000 units.
Round you depreciable rate to the nearest...
Compute revised depreciation and record entries U. Tilpailut City to Ches) Lulu Depreciation on the building in 2022. EO SIILO 2). AP On July 1, 2019, April Company purchased new equipment for $80,000. Its estimated useful life was 7 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Instructions a. Prepare the journal entry to record depreciation on December 31,...
Assume Organic Ice Cream Company, Inc., bought a new ice cream production kit (pasteurizer/homogenizer, cooler, aging vat, freezer, and filling machine) at the beginning of the year at a cost of $20,000. The estimated useful life was four years, and the residual value was $2.180. Assume that the estimated productive life of the machine was 9,900 hours. Actual annual usage was 3,960 hours in Year 1; 2,970 hours in Year 2; 1,980 hours in Year 3; and 990 hours in...
Assume Organic Ice Cream Company, Inc., bought a new ice cream production kit (pasteurizer/homogenizer, cooler, aging vat, freezer, and filling machine) at the beginning of the year at a cost of $12,000. The estimated useful life was four years, and the residual value was $960. Assume that the estimated productive life of the machine was 9,200 hours. Actual annual usage was 3,680 hours in Year 1; 2,760 hours in Year 2; 1,840 hours in Year 3, and 920 hours in...
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...
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