Homework Answers
The answer for the above problem is given below
a) Straight line Method
b) Units of production
C) Double decline balance
d)The journal entry under double decline balance method for the year 2006 is
Depreciation expenses A/C Debit ($)3,02,400 ToAccumulated deprecation A/C credit($)3,02,400
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Financial Aceounting 4A Test 3 (Ch. 9, 10, 11, 17) - Problems Portion Name Problems. There...
Brenan, Inc. purchased equipment at the beginning of 2004 for $2,100,000. Brenan. The equipment has an...
Brenan, Inc. purchased equipment at the beginning of 2004 for $2,100,000. Brenan. The equipment has an estimated residual value (salvage value) of $100,000 and an estimated life of 5 years or 100,000 hours of operation. The machinery was operated for 15,000 hours in 2004, 20,000 hours in 2005, 35,000 hours in 2006, 20,000 hours in 2007, and 10,000 hours in 2008.....Create a depreciation schedule for Straight-line depreciation method ....Cost ..Book Value (beginning) ..Depreciation Expense ..Accumulated Depreciation ..Book Value (ending), Units...
Brenan, Inc. purchased equipment at the beginning of 2004 for $2,100,000. Brenan. The equipment has an...
Brenan, Inc. purchased equipment at the beginning of 2004 for $2,100,000. Brenan. The equipment has an estimated residual value (salvage value) of $100,000 and an estimated life of 5 years or 100,000 hours of operation. The machinery was operated for 15,000 hours in 2004, 20,000 hours in 2005, 35,000 hours in 2006, 20,000 hours in 2007, and 10,000 hours in 2008 Record the depreciation journal entry using the DOUBLE-DECLINING METHOD for 2006
Problems: Series A Problem 1: Barclays Coating Factory purchased waterproofing machinery on January 15 for $640,000....
Problems: Series A Problem 1: Barclays Coating Factory purchased waterproofing machinery on January 15 for $640,000. The machinery is expected to have a useful life of 4 years or 40.000 operating hours, and a resil years, or 40,000 operating hours, and a residual value of $70,000. The machinery was used for 14.400 hours durine vear 1.12.800 hours in year 2, 8,800 hours year 3, and 4,000 hours in year 4. 1. Determine the amount of depreciation expense for the years...
1. (12 points) Robert Parish Corporation purchased a new machine for its assembly process on January...
1. (12 points) Robert Parish Corporation purchased a new machine for its assembly process on January 1, 2014. The cost of this machine was $117,900. The company estimated that the machine would have a salvage value of $17,900 at the end of its service life. Its life is estimated at 4 years, and its working hours are estimated at 10,000 hours. Year-end is December 31. Instructions Compute the depreciation expense under the following methods and complete the depreciation schedules below....
1. (12 points) Robert Parish Corporation purchased a new machine for its assembly process on January...
1. (12 points) Robert Parish
Corporation purchased a new machine for its assembly process on
January 1, 2014. The cost of this machine was $117,900. The company
estimated that the machine would have a salvage value of $17,900 at
the end of its service life. Its life is estimated at 4 years, and
its working hours are estimated at 10,000 hours. Year-end is
December 31. Instructions Compute the depreciation expense under
the following methods and complete the depreciation schedules
below....
1. (12 points) Robert Parish Corporation purchased a new machine for its assembly process on January...
1. (12 points) Robert Parish
Corporation purchased a new machine for its assembly process on
January 1, 2014. The cost of this machine was $117,900. The company
estimated that the machine would have a salvage value of $17,900 at
the end of its service life. Its life is estimated at 4 years, and
its working hours are estimated at 10,000 hours. Year-end is
December 31. Instructions Compute the depreciation expense under
the following methods and complete the depreciation schedules
below....
Problem 9-09A Culver Corporation purchased machinery on January 1, 2022, at a cost of $288,000. The...
Problem 9-09A Culver Corporation purchased machinery on January 1, 2022, at a cost of $288,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $33,800. The company is considering different depreciation met Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining-balance method using double the straight-line rate. STRAIGHT-LINE DEPRECIATION Computation Years Depreciable Cost x Depreciation Rate = Annual Depreciation Expense 2022 End...
Problem 9-09A Ayayai Corporation purchased machinery on January 1, 2022, at a cost of $252,000. The...
Problem 9-09A Ayayai Corporation purchased machinery on January 1, 2022, at a cost of $252,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $30,200. The company is considering different depreciation methods that could be used for financial reporting purposes. Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining-balance method using double the straight-line rate. STRAIGHT-LINE DEPRECIATION Computation End of Year Depreciable...
Problem 9-9A Ayayai Corporation purchased machinery on January 1, 2017, at a cost of $250,000. The...
Problem 9-9A Ayayai Corporation purchased machinery on January 1, 2017, at a cost of $250,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $24,000. The company is considering different depreciatian methods that could be used for financial reporting purposes Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining-balance method using double the straight-line rate. STRAIGHT-LINE DEPRECIATION Computation End of Year Years...
PR 10-4A Depreciation by two methods; sale of fixed asset OBJ. 2, 3 New lithographic equipment,...
PR 10-4A Depreciation by two methods; sale of fixed asset OBJ. 2, 3 New lithographic equipment, acquired at a cost of $800,000 on March 1 of Year 1 (begin. ning of the fiscal year), has an estimated useful life of five years and an estimated residual value of $90,000. The manager requested information regarding the effect of alternative methods on the amount of depreciation expense each year. On March 4 of Year 5, the equipment was sold for $135,000. Chapter...
Problems: Series A Problem 1: Barclays Coating Factory purchased waterproofing machinery on January 15 for $640,000. The machinery is expected to have a useful life of 4 years or 40.000 operating hours, and a resil years, or 40,000 operating hours, and a residual value of $70,000. The machinery was used for 14.400 hours durine vear 1.12.800 hours in year 2, 8,800 hours year 3, and 4,000 hours in year 4. 1. Determine the amount of depreciation expense for the years...
1. (12 points) Robert Parish Corporation purchased a new machine for its assembly process on January 1, 2014. The cost of this machine was $117,900. The company estimated that the machine would have a salvage value of $17,900 at the end of its service life. Its life is estimated at 4 years, and its working hours are estimated at 10,000 hours. Year-end is December 31. Instructions Compute the depreciation expense under the following methods and complete the depreciation schedules below....
1. (12 points) Robert Parish
Corporation purchased a new machine for its assembly process on
January 1, 2014. The cost of this machine was $117,900. The company
estimated that the machine would have a salvage value of $17,900 at
the end of its service life. Its life is estimated at 4 years, and
its working hours are estimated at 10,000 hours. Year-end is
December 31. Instructions Compute the depreciation expense under
the following methods and complete the depreciation schedules
below....
1. (12 points) Robert Parish
Corporation purchased a new machine for its assembly process on
January 1, 2014. The cost of this machine was $117,900. The company
estimated that the machine would have a salvage value of $17,900 at
the end of its service life. Its life is estimated at 4 years, and
its working hours are estimated at 10,000 hours. Year-end is
December 31. Instructions Compute the depreciation expense under
the following methods and complete the depreciation schedules
below....
Problem 9-09A Culver Corporation purchased machinery on January 1, 2022, at a cost of $288,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $33,800. The company is considering different depreciation met Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining-balance method using double the straight-line rate. STRAIGHT-LINE DEPRECIATION Computation Years Depreciable Cost x Depreciation Rate = Annual Depreciation Expense 2022 End...
Problem 9-09A Ayayai Corporation purchased machinery on January 1, 2022, at a cost of $252,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $30,200. The company is considering different depreciation methods that could be used for financial reporting purposes. Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining-balance method using double the straight-line rate. STRAIGHT-LINE DEPRECIATION Computation End of Year Depreciable...
Problem 9-9A Ayayai Corporation purchased machinery on January 1, 2017, at a cost of $250,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $24,000. The company is considering different depreciatian methods that could be used for financial reporting purposes Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining-balance method using double the straight-line rate. STRAIGHT-LINE DEPRECIATION Computation End of Year Years...
PR 10-4A Depreciation by two methods; sale of fixed asset OBJ. 2, 3 New lithographic equipment, acquired at a cost of $800,000 on March 1 of Year 1 (begin. ning of the fiscal year), has an estimated useful life of five years and an estimated residual value of $90,000. The manager requested information regarding the effect of alternative methods on the amount of depreciation expense each year. On March 4 of Year 5, the equipment was sold for $135,000. Chapter...
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