Homework Answers
Solution 18:
Annual depreciation using SLM = (Cost - Salvage value) / useful life = ($440,000 - $40,000) / 8 = $50,000
Net book value at the end of 2017 = Cost - Accumulated depreciation = $440,000 - ($50,000*2) = $340,000
Hence option c is correct.
Solution 19:
Accounting title to be debited by $30,000 is "Equipment"
Add Answer to:
umassd.umassonline.net Blackboard Content - Blackboard Learn QuickLaunch - mums Take Test: Final Exam - ACT 211-710....
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On January 1, 2015, Swift Corporation, a small manufacturer of
machine tools, acquired new industrial equipment for $1,320,000.
The new equipment had a useful life of five years and the residual
value was estimated to be $60,000. Swift estimates that the new
equipment can produce 14,500 machine tools in its first year. It
estimates that production will decline by 1,000 units per year over
the equipment’s remaining useful life.
The following depreciation methods may be used: (1) straight-line,
(2) double-declining-balance,...
I need help with the 2016 depreciation expense. To get the Net
income of 2016
Sunland Company is in the process of preparing its financial statements for 2017. Assume that no entries for depreciation have been recorded in 2017 The following information related to depreciation of fixed assets is provided to you. 1. Sunland purchased equipment on January 2, 2014, for $89,100. At that time, the equipment had an estimated useful life of 10 years with a $5,100 salvage value....
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