A large corporation bought a machine last year on January 1, 2018 at a cost of...
A large corporation bought a machine last year on January 1, 2018 at a cost of $100. Corp. estimates that the machine has a useful life of 5 years and a $20 residual value. Prepare the journal entry to record depreciation expense for the current year (2019) using the double-declining balance method.
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A large corporation bought a machine last year on January 1,
2018 at a cost of...
Wolverines Corporation purchased a large piece of equipment for $500,000 and placed in in service on...
Wolverines Corporation purchased a large piece of equipment for $500,000 and placed in in service on January 1, 2018. The machinery has a useful life of 5 years or 37,500 hours of operation. Its estimated residual value is $50,000 Please give me the following (while clearly showing your calculations): 1. Journal entry for Depreciation Expense in 2020 using the Straight-Line Method 2. Journal entry for Depreciation Expense in 2020 using the Production method with depreciation being based on estimated machine...
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....
SHOW ALL WORK, NO WRITTEN WORK Noa Company purchased a machine on 1 January, 2014, for...
SHOW ALL WORK, NO WRITTEN WORK
Noa Company purchased a machine on 1 January, 2014, for $180,000 and estimates its useful life and residual value at 10 years and $30,000, respectively. On 1 January, 2020, the company added 6 years to the original useful-life estimate. What is the depreciation expense amount for year ended on 31 December, 2020, assuming that Noa uses the straight-line method. Ori Company borrows $5,000 from Liat Corp. on Sep/30/2018, by signing a note to Liat....
Hearty Fried Chicken bought equipment on January 2, 2018, for $15,000. The equipment was expected to...
Hearty Fried Chicken bought equipment on January 2, 2018, for $15,000. The equipment was expected to remain in service for four years and to operate for 2,400 hours. At the end of the equipment's useful life, Hearty estimates that its residual value will be $3,000. The equipment operated for 240 hours the first year, 720 hours the second year, 960 hours the third year, and 480 hours the fourth year. Read the requirements. Prepare a depreciation schedule using the double-declining-balance...
Plastic Works Corporation bought a machine at the beginning of the year at a cost of...
Plastic Works Corporation bought a machine at the beginning of the year at a cost of $16,550. The estimated useful life was five years, and the residual value was $2,650. Assume that the estimated productive life of the machine is 13,900 units. Expected annual production was: year 1, 4,300 units; year 2, 4,300 units; year 3, 2,650 units; year 4, 1,390 units, and year 5, 1,260 units. Required: 1. Complete a depreciation schedule for each of the alternative methods. (Enter...
On January 2, 2018, Jatson Corporation acquired a new machine with an estimated useful life of...
On January 2, 2018, Jatson Corporation acquired a new machine with an estimated useful life of five years. The cost of the equipment was $50,000 with an estimated residual value of $5,000. a-1. Prepare a complete depreciation table under the straight-line method. Assume that a full year of depreciation was taken in 2018. -a-2. Prepare a complete depreciation table under the 200 percent declining balance method. Assume that a full year of depreciation w taken in 2018. a-3. Prepare a...
Question 2 (20 marks) Sunshine Corporation purchased a new machine on Jan 4, 2018 for $190,000...
Question 2 (20 marks) Sunshine Corporation purchased a new machine on Jan 4, 2018 for $190,000 cash. The machine has a useful life of 10 years or of 25,000 hours. After the useful life the machine will have a residual value of $2,000. The machine was used for 2,500 hours in 2018 and 3,500 hours in 2019. Required: Calculate the depreciation expense for 2018 and 2019 under each of the following methods: Straight-line (3 marks) Double diminishing-balance (5 marks) Units-of...
Question 2 (20 marks) Sunshine Corporation purchased a new machine on Jan 4, 2018 for $185,000...
Question 2 (20 marks) Sunshine Corporation purchased a new machine on Jan 4, 2018 for $185,000 cash. The machine has a useful life of five years or of 26,000 hours. After the useful life the machine will have a residual value of $3,000. The machine was used for 3,600 hours in 2018 and 4,500 hours in 2019. Required: Calculate the depreciation expense for 2018 and 2019 under each of the following methods: Straight-line (3 marks) Double diminishing-balance (5 marks) Units-of...
Solar Innovations Corporation bought a machine at the beginning of the year at a cost of...
Solar Innovations Corporation bought a machine at the beginning of the year at a cost of $22,000. The estimated useful life was five years and the residual value was $2,000. Assume that the estimated productive life of the machine is 10,000 units. Expected annual production was year 1, 2,000 units; year 2, 3,000 units; year 3, 2,000 units; year 4, 2,000 units, and year 5, 1,000 units. 0.49 points Required: 1. Complete a depreciation schedule for each of the alternative...
Easy Espresso purchased a coffee drink machine on January 1, 2018, for $13,500. Expected useful life...
Easy Espresso purchased a coffee drink machine on January 1, 2018, for $13,500. Expected useful life is 5 years or 50,000 drinks. In 2018, 5,000 drinks were sold, and in 2019, 13,000 drinks were sold. Residual value is $1,000. Read the requirements. Requirement 1. Determine the depreciation expense for 2018 and 2019 using the following methods: (a) Straight-line (SL). (b) Units of production (UOP), and (c) Double-declining-balance (DDB) For each method (starting with (a) the straight-line method), select the appropriate...
Wolverines Corporation purchased a large piece of equipment for $500,000 and placed in in service on January 1, 2018. The machinery has a useful life of 5 years or 37,500 hours of operation. Its estimated residual value is $50,000 Please give me the following (while clearly showing your calculations): 1. Journal entry for Depreciation Expense in 2020 using the Straight-Line Method 2. Journal entry for Depreciation Expense in 2020 using the Production method with depreciation being based on estimated machine...
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....
SHOW ALL WORK, NO WRITTEN WORK
Noa Company purchased a machine on 1 January, 2014, for $180,000 and estimates its useful life and residual value at 10 years and $30,000, respectively. On 1 January, 2020, the company added 6 years to the original useful-life estimate. What is the depreciation expense amount for year ended on 31 December, 2020, assuming that Noa uses the straight-line method. Ori Company borrows $5,000 from Liat Corp. on Sep/30/2018, by signing a note to Liat....
Hearty Fried Chicken bought equipment on January 2, 2018, for $15,000. The equipment was expected to remain in service for four years and to operate for 2,400 hours. At the end of the equipment's useful life, Hearty estimates that its residual value will be $3,000. The equipment operated for 240 hours the first year, 720 hours the second year, 960 hours the third year, and 480 hours the fourth year. Read the requirements. Prepare a depreciation schedule using the double-declining-balance...
Plastic Works Corporation bought a machine at the beginning of the year at a cost of $16,550. The estimated useful life was five years, and the residual value was $2,650. Assume that the estimated productive life of the machine is 13,900 units. Expected annual production was: year 1, 4,300 units; year 2, 4,300 units; year 3, 2,650 units; year 4, 1,390 units, and year 5, 1,260 units. Required: 1. Complete a depreciation schedule for each of the alternative methods. (Enter...
On January 2, 2018, Jatson Corporation acquired a new machine with an estimated useful life of five years. The cost of the equipment was $50,000 with an estimated residual value of $5,000. a-1. Prepare a complete depreciation table under the straight-line method. Assume that a full year of depreciation was taken in 2018. -a-2. Prepare a complete depreciation table under the 200 percent declining balance method. Assume that a full year of depreciation w taken in 2018. a-3. Prepare a...
Solar Innovations Corporation bought a machine at the beginning of the year at a cost of $22,000. The estimated useful life was five years and the residual value was $2,000. Assume that the estimated productive life of the machine is 10,000 units. Expected annual production was year 1, 2,000 units; year 2, 3,000 units; year 3, 2,000 units; year 4, 2,000 units, and year 5, 1,000 units. 0.49 points Required: 1. Complete a depreciation schedule for each of the alternative...
Easy Espresso purchased a coffee drink machine on January 1, 2018, for $13,500. Expected useful life is 5 years or 50,000 drinks. In 2018, 5,000 drinks were sold, and in 2019, 13,000 drinks were sold. Residual value is $1,000. Read the requirements. Requirement 1. Determine the depreciation expense for 2018 and 2019 using the following methods: (a) Straight-line (SL). (b) Units of production (UOP), and (c) Double-declining-balance (DDB) For each method (starting with (a) the straight-line method), select the appropriate...
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