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Comprehensive Question 2 h adamachine costing $45,000 and is depreciating it over e of 000 is...
Comprehensive Question 1 On January 1, 2013, Boston Company purchased a heavy duty machine having an invoice price...
Comprehensive Question 1 On January 1, 2013, Boston Company purchased a heavy duty machine having an invoice price of $16,000. The machine is estimated to have a 4-year useful life and a $1.400 residual value. It is estimated to produce 58.400 units over its useful life. 1. Show the journal entry for December 31, 2015 If the company uses the straight-line method 2. Show the journal entry for December 31, 2015, if the company produced 17,000 units in 2015, and...
12-68 Petty Corporation has been depreciating equipment over a 10-year life on which costs $24,000, was...
12-68
Petty Corporation has been depreciating equipment over a 10-year life on which costs $24,000, was purchased on January 1, 2016. The equi $6,000. On the basis of experience since acquisition, management has decided to a total life of 14 years instead of 10, with no change in the estimated residual al tive on January 1, 2020. The annual financial statements are prepared on a c presented). 2019 income and 2020 income before depreciation for 2019 and 2020 wer respectively....
Ayman Company purchased equipment on January 1, 2017 for $90,000. It is estimated that the equipment...
Ayman Company purchased equipment on January 1, 2017 for $90,000. It is estimated that the equipment will have a $5,000 salvage value at the end of its 5-year useful life. It is also estimated that the equipment will produce 100,000 units over its 5-year life. Instructions Answer the following independent questions. 1. Compute the amount of depreciation expense for the year ended December 31, 2018, using the straight-line method of depreciation. 2. If 16,000 units of product are produced in...
Short Answer 2012 service a machine wer 2 (10 Points) On April 1 of the current...
Short Answer 2012 service a machine wer 2 (10 Points) On April 1 of the current year, a company purchased and placed in machine with a cost of $240,000. The company estimated the machine's useful life to ser vears or 60,000 units of output with an estimated salvage value of $60,000. During the ent year, 12,000 units were produced. Prepare the necessary December 31 adjusting journal entry to record depreciation for the current year assuming the company uses: The straight-line...
On January 1,2018, a machine was purchased for $100,000. The machine has an estimated salvage value...
On January 1,2018, a machine was purchased for $100,000. The machine has an estimated salvage value of $5,920 and an estimated useful life of 5 years. The machine can operate for 112,000 hours before it needs to be replaced. The company closed its books on December 31 and operates the machine as follows: 2018, 22,400 hrs; 2019, 28,000 hrs; 2020, 16,800 hrs; 202 1, 33,600 hrs; and 2022, 11,200 hrs. (a) Compute the annual depreciation charges over the machine's life...
A new machine costs $120,000, has an estimated useful life of five years and an estimated...
A new machine costs $120,000, has an estimated useful life of five years and an estimated salvage value of $15,000 at the end of that time. It is expected that the machine can produce 210,000 widgets during its useful life. The New Times Company purchases this machine on January 1, 2019, and uses it for exactly three years. During these years the annual production of widgets has been 80,000, 50,000 and 30,000 units, respectively. On January 1 2022, the machine...
Problem 10-03A a-c On January 1, 2020, Flint Company purchased the following two machines for use...
Problem 10-03A a-c
On January 1, 2020, Flint Company purchased the following two
machines for use in its production process.
Machine A:
The cash price of this machine was $46,000. Related
expenditures included: sales tax $3,250, shipping costs $200,
insurance during shipping $110, installation and testing costs $90,
and $100 of oil and lubricants to be used with the machinery during
its first year of operations. Flint estimates that the useful life
of the machine is 5 years with a...
Capital Assets - Amortiration QUESTION #4 2022 for cash Tulo Company purchased equipment in the amount...
Capital Assets - Amortiration QUESTION #4 2022 for cash Tulo Company purchased equipment in the amount of $400,000 on January 1, 2022 Estimated Salvage is $10,000 Estimated Useful Service) Life is 10 years. Estimated Units of Production over its Estimate Useful Life: 450,000 REQUIRED Calculate the Amortization Expense for the year 2024 using the Straight line Method Prepare the journal entry to record the amortization expense for 2024 Date Account PR Debit Credit How would the equipment be presented on...
Question 2 Grouper Company purchased a delivery truck for R$34,700 on January 1, 2017. The truck...
Question 2
Grouper Company purchased a delivery truck for R$34,700 on
January 1, 2017. The truck has an expected residual value of
R$5,300, and is expected to be driven 100,600 miles over its
estimated useful life of 9 years. Actual miles driven were 15,000
in 2017 and 12,200 in 2018.
Calculate depreciable cost per unit. (Round answers
to 2 decimal places, e.g. 0.50.)
Depreciable cost per unit
R$
per mile
Compute depreciation expense for 2017 and 2018 using the
straight-line...
On January 1, 2014, Borstad Company purchased equipment for $1,150,000. It is depreciating the equipment over...
On January 1, 2014, Borstad Company purchased equipment for $1,150,000. It is depreciating the equipment over 25 years using the straight-line method and a zero residual value. Late in 2019, because of technological changes in the industry and reduced selling prices for its products, Borstad believes that its equipment may be impaired and will have a remaining useful life of 8 years. Borstad estimates that the equipment will produce cash inflows of $450,000 and will incur cash outflows of $341,000...
Comprehensive Question 1 On January 1, 2013, Boston Company purchased a heavy duty machine having an invoice price of $16,000. The machine is estimated to have a 4-year useful life and a $1.400 residual value. It is estimated to produce 58.400 units over its useful life. 1. Show the journal entry for December 31, 2015 If the company uses the straight-line method 2. Show the journal entry for December 31, 2015, if the company produced 17,000 units in 2015, and...
12-68
Petty Corporation has been depreciating equipment over a 10-year life on which costs $24,000, was purchased on January 1, 2016. The equi $6,000. On the basis of experience since acquisition, management has decided to a total life of 14 years instead of 10, with no change in the estimated residual al tive on January 1, 2020. The annual financial statements are prepared on a c presented). 2019 income and 2020 income before depreciation for 2019 and 2020 wer respectively....
Short Answer 2012 service a machine wer 2 (10 Points) On April 1 of the current year, a company purchased and placed in machine with a cost of $240,000. The company estimated the machine's useful life to ser vears or 60,000 units of output with an estimated salvage value of $60,000. During the ent year, 12,000 units were produced. Prepare the necessary December 31 adjusting journal entry to record depreciation for the current year assuming the company uses: The straight-line...
On January 1,2018, a machine was purchased for $100,000. The machine has an estimated salvage value of $5,920 and an estimated useful life of 5 years. The machine can operate for 112,000 hours before it needs to be replaced. The company closed its books on December 31 and operates the machine as follows: 2018, 22,400 hrs; 2019, 28,000 hrs; 2020, 16,800 hrs; 202 1, 33,600 hrs; and 2022, 11,200 hrs. (a) Compute the annual depreciation charges over the machine's life...
Problem 10-03A a-c
On January 1, 2020, Flint Company purchased the following two
machines for use in its production process.
Machine A:
The cash price of this machine was $46,000. Related
expenditures included: sales tax $3,250, shipping costs $200,
insurance during shipping $110, installation and testing costs $90,
and $100 of oil and lubricants to be used with the machinery during
its first year of operations. Flint estimates that the useful life
of the machine is 5 years with a...
Capital Assets - Amortiration QUESTION #4 2022 for cash Tulo Company purchased equipment in the amount of $400,000 on January 1, 2022 Estimated Salvage is $10,000 Estimated Useful Service) Life is 10 years. Estimated Units of Production over its Estimate Useful Life: 450,000 REQUIRED Calculate the Amortization Expense for the year 2024 using the Straight line Method Prepare the journal entry to record the amortization expense for 2024 Date Account PR Debit Credit How would the equipment be presented on...
Question 2
Grouper Company purchased a delivery truck for R$34,700 on
January 1, 2017. The truck has an expected residual value of
R$5,300, and is expected to be driven 100,600 miles over its
estimated useful life of 9 years. Actual miles driven were 15,000
in 2017 and 12,200 in 2018.
Calculate depreciable cost per unit. (Round answers
to 2 decimal places, e.g. 0.50.)
Depreciable cost per unit
R$
per mile
Compute depreciation expense for 2017 and 2018 using the
straight-line...
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