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Option - B loss- $2,000.
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ABC company purchased a piece of equipment 3 years ago with the cost of 8000. At...
Question 3 On January 1, 2021, ABC Company purchased a piece of machinery for $80,000. The...
Question 3 On January 1, 2021, ABC Company purchased a piece of machinery for $80,000. The machine had an estimated useful life of 10 years and a $5,000 residual value. On January 1, 2025, ABC Company determined the life of the machine should be revised from 10 years to 20 years and the residual value adjusted to $1,000 at the end of the twenty years. Assume ABC Company depreciates its assets using the double declining balance method of depreciation. Calculate...
ABC Company purchased $45,051 of equipment 4 years ago. The equipment is 7-year MACRS property. The...
ABC Company purchased $45,051 of equipment 4 years ago. The equipment is 7-year MACRS property. The firm is selling this equipment today for $4,789. What is the After-tax Salvage Value if the tax rate is 29%?
ABC Company purchased $50701 of equipment 4 years ago. The equipment is 7-year MACRS property. The...
ABC Company purchased $50701 of equipment 4 years ago. The equipment is 7-year MACRS property. The firm is selling this equipment today for $4916. What is the After-tax Salvage Value if the tax rate is 20%? The MACRS allowance percentages are as follows, commencing with year one: 14.29, 24.49, 17.49, 12.49, 8.93, 8.92, 8.93, and 4.46 percent.
The Darlington Equipment Company purchased a machine 5 years ago at a cost of $90,000. The...
The Darlington Equipment Company purchased a machine 5 years ago at a cost of $90,000. The machine had an expected life of 10 years at the time of purchase, and it is being depreciated by the straight-line method by $9,000 per year. If the machine is not replaced, it can be sold for $5,000 at the end of its useful life. A new machine can be purchased for $180,000, including installation costs. During its 5-year life, it will reduce cash...
Solve without excel: 9.17 A piece of imaging equipment was purchased two years ago for $50,000...
Solve without excel:
9.17 A piece of imaging equipment was purchased two years ago for $50,000 with an expected useful life of 5 years and a $5000 salvage value. Since its in- stallation performance was poor, it was upgraded for $20,000 one year ago. Increased demand now requires another upgrade for an additional $22,000 so that it can be used for 3 more years. Its new an- nual operating cost will be $27.000 with a $12,000 salvage after the 3...
pina 1. ABC Lad had a piece of equipment with a cost of $ 150000 and...
pina 1. ABC Lad had a piece of equipment with a cost of $ 150000 and en depreciation of $ 50000. The equipment has a useful life of 5 years da state of $15000. The equipment was sold on July 1 for $ 160000. De tre pain or loss on disposal. If the amount is a gain, enter the answer as a mout below ſile 20000). I the amount is a loss, enter the answer as must below le-20000).
ABC Company bought a piece of equipment on January 1, 2017. The original price was $30,000....
ABC Company bought a piece of equipment on January 1, 2017. The original price was $30,000. Because ABC paid in cash, they received a 20% discount on the original price. To prepare the equipment for its intended use, ABC incurred $100 installation costs and $1,000 shipping costs. They hired an employee to operate the equipment for an annual salary of $20,000. Finally, the company paid an insurance premium of $400 in advance. The company estimated the equipment’s useful life to...
On 1/1/2011, ABC Company purchased a piece of equipment costing $65,000. The equipment is expected to...
On 1/1/2011, ABC Company purchased a piece of equipment costing $65,000. The equipment is expected to have a useful life equal to 5 years and a salvage value equal to $5,000. Calculate the first two years’ depreciation expense using the following methods respectively. 1) the straight-line method 2011: 2012: 2) the double-declining method and 2011: 2012: 3) the sum-of-years’-digits’ method. 2011: 2012:
On September 1, 2018, Speaker Company purchased equipment for $66,000, and installation costs totaled $5,000. The equipm...
On September 1, 2018, Speaker Company purchased equipment for $66,000, and installation costs totaled $5,000. The equipment has an estimated useful life of 8 years and an estimated salvage value of $3,000. If the company uses the straight line method, the depreciation expense for 2018 would be: Select one: a. $2,625 b. $8,500 c. $2,833.33 d. $4,250 Bren Company purchased a patent for $36,000. The patent is expected to have a finite life of 10 years even though its legal...
QUESTION 2 10 points Save Answer Wright Company purchased a new piece of equipment to use...
QUESTION 2 10 points Save Answer Wright Company purchased a new piece of equipment to use in its business. The details of the purchase and related costs are as follows: 1. Purchase price of equipment $140,000 2. Installation of equipment 12,000 3. Freight costs (FOB shipping point) 2,000 4. Annual salary of new employee hired to operate the equipment 40,000 5. Increase in the annual cost of the fire and theft insurance policy 1,000 to cover the new equipment Determine...
Question 3 On January 1, 2021, ABC Company purchased a piece of machinery for $80,000. The machine had an estimated useful life of 10 years and a $5,000 residual value. On January 1, 2025, ABC Company determined the life of the machine should be revised from 10 years to 20 years and the residual value adjusted to $1,000 at the end of the twenty years. Assume ABC Company depreciates its assets using the double declining balance method of depreciation. Calculate...
The Darlington Equipment Company purchased a machine 5 years ago at a cost of $90,000. The machine had an expected life of 10 years at the time of purchase, and it is being depreciated by the straight-line method by $9,000 per year. If the machine is not replaced, it can be sold for $5,000 at the end of its useful life. A new machine can be purchased for $180,000, including installation costs. During its 5-year life, it will reduce cash...
Solve without excel:
9.17 A piece of imaging equipment was purchased two years ago for $50,000 with an expected useful life of 5 years and a $5000 salvage value. Since its in- stallation performance was poor, it was upgraded for $20,000 one year ago. Increased demand now requires another upgrade for an additional $22,000 so that it can be used for 3 more years. Its new an- nual operating cost will be $27.000 with a $12,000 salvage after the 3...
pina 1. ABC Lad had a piece of equipment with a cost of $ 150000 and en depreciation of $ 50000. The equipment has a useful life of 5 years da state of $15000. The equipment was sold on July 1 for $ 160000. De tre pain or loss on disposal. If the amount is a gain, enter the answer as a mout below ſile 20000). I the amount is a loss, enter the answer as must below le-20000).
QUESTION 2 10 points Save Answer Wright Company purchased a new piece of equipment to use in its business. The details of the purchase and related costs are as follows: 1. Purchase price of equipment $140,000 2. Installation of equipment 12,000 3. Freight costs (FOB shipping point) 2,000 4. Annual salary of new employee hired to operate the equipment 40,000 5. Increase in the annual cost of the fire and theft insurance policy 1,000 to cover the new equipment Determine...
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