Homework Answers
The Depreciation Rate is equal to annual depreciation / initial value Cost
Cost $ 495,000
Residual Value $ 47,000
Valie to Depreiciated $ 448,000
Rate 15%
Annual depriciation
(495,000*15%) $ 74,250.
The Annual Depriciation= $74,250
Gain and loss Of The Company
Equipment Cost $49,000
Annual Depreciation 15%
Total Depreciation (49,000*15%) $ 7350
Depreciation of Year end
($49,000-$7350) $41,650
Total Value of Sold $42,000
Total loss Or Gain
(Sold Value- Depreciation Value)
(42,000-41,650) $350
Total Gain value 350
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Mondale Winery depreciates its equipment using the group method. The cost of equipment purchased in 2016...
Mondale Winery depreciates its equipment using the group method. The cost of equipment purchased in 2016...
Mondale Winery depreciates its equipment using the group method. The cost of equipment purchased in 2016 totaled $495,000. The estimated residual value of the equipment was $47,000 and the group depreciation rate was determined to be 15%. Annual depreciation 74,250 If equipment that cost $49,000 is sold in 2017 for $42,000, what amount of gain or loss will the company recognize for the sale? Gain $ 350 *Red text indicates no response was expected in a cell or a formula-based...
If equipment that cost $49,000 is sold in 2017 for $42,000, what amount of gain or...
If equipment that cost $49,000 is sold in 2017 for $42,000, what
amount of gain or loss will the company recognize for the sale?
Mondale Winery depreciates its equipment using the group method. The cost of equipment purchased in 2016 totaled $495,000. The estimated residual value of the equipment was $47,000 and the group depreciation rate was determined to be 15%.
On March 31, 2021, Canseco Plumbing Fixtures purchased equipment for $52,000. Residual value at the end...
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Mercury Inc. purchased equipment in 2016 at a cost of $165,000. The equipment was expected to...
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Collins Corporation purchased office equipment at the beginning of 2016 and capitalized a cost of $1,902,000....
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2 Problem 20-11 Error correction; change in depreciation method [LO020-6] The Colins Corporation purchased office equipment at the beginning of 2016 and capitalized a cost of $2,195,000. This cos...
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6. Mercury Inc. purchased equipment in 2016 at a cost of $110,000. The equipment was expected...
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On January 1, 2016, Sheridan Corporation acquired equipment costing $72,320. It was estimated at that time that the equ...
On January 1, 2016, Sheridan Corporation acquired equipment costing $72,320. It was estimated at that time that the equipment would have a useful life of eight years and no residual value. The company uses the straight-line method of depreciation for its equipment, and its year end is December 31. ✓ Your answer is correct. Calculate the equipment's accumulated depreciation and carrying amount at the beginning of 2018. Equipment's accumulated depreciation $ 18080 Carrying amount 54240 Attempts: 1 of 3 used...
Mondale Winery depreciates its equipment using the group method. The cost of equipment purchased in 2016 totaled $495,000. The estimated residual value of the equipment was $47,000 and the group depreciation rate was determined to be 15%. Annual depreciation 74,250 If equipment that cost $49,000 is sold in 2017 for $42,000, what amount of gain or loss will the company recognize for the sale? Gain $ 350 *Red text indicates no response was expected in a cell or a formula-based...
If equipment that cost $49,000 is sold in 2017 for $42,000, what
amount of gain or loss will the company recognize for the sale?
Mondale Winery depreciates its equipment using the group method. The cost of equipment purchased in 2016 totaled $495,000. The estimated residual value of the equipment was $47,000 and the group depreciation rate was determined to be 15%.
Mercury Inc. purchased equipment in 2019 at a cost of $183,000. The equipment was expected to produce 340,000 units over the next five years and have a residual value of $47,000. The equipment was sold for $97,600 part way through 2021. Actual production in each year was: 2019 = 49,000 units; 2020 = 78,000 units; 2021 = 39,000 units. Mercury uses units-of-production depreciation, and all depreciation has been recorded through the disposal date. Required: 1. Calculate the gain or loss...
Mercury Inc. purchased equipment in 2016 at a cost of $165,000. The equipment was expected to produce 300,000 units over the next five years and have a residual value of $45,000. The equipment was sold for $96,800 part way through 2018. Actual production in each year was: 2016 = 42,000 units, 2017 = 67,000 units, 2018 = 34,000 units. Mercury uses units-of-production depreciation, and all depreciation has been recorded through the disposal date. Required 1. Prepare the journal entry to...
Collins Corporation purchased office equipment at the beginning of 2016 and capitalized a cost of $1,902,000. This cost figure included the following expenditures: Purchase price Freight charges Installation charges Annual maintenance charge Total $1,760,000 21,000 11,000 110,000 $1,902,000 The company estimated an eight-year useful life for the equipment. No residual value is anticipated. The double-declining-balance method was used to determine depreciation expense for 2016 and 2017. In 2018, after the 2017 financial statements were issued, the company decided to switch...
2 Problem 20-11 Error correction; change in depreciation method [LO020-6] The Colins Corporation purchased office equipment at the beginning of 2016 and capitalized a cost of $2,195,000. This cost included the following expenditures ints $1,988,8ee 43,080 33,080 Annual maintenance charge 139,80 $2,195,000 Purchase price Freight charges Installation charges Total dThe company estimated an ten-year useful ife for the equipment No residual value is anticipated. The double-declining-balance method was used to determine depreciation expense for 2016 and 2017 In 2018, after...
On January 1, 2016, Sheridan Corporation acquired equipment costing $72,320. It was estimated at that time that the equipment would have a useful life of eight years and no residual value. The company uses the straight-line method of depreciation for its equipment, and its year end is December 31. ✓ Your answer is correct. Calculate the equipment's accumulated depreciation and carrying amount at the beginning of 2018. Equipment's accumulated depreciation $ 18080 Carrying amount 54240 Attempts: 1 of 3 used...
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