Sheridan Company owns the following assets: Asset Cost Salvage Estimated Useful Life $480000 $44000 10 years...
Sheffield Corp. owns the following assets: Asset Cost Salvage Estimated Useful Life A $417000 $44000 10 years B 222000 23000 5 years C 495000 21000 12 years What is the composite depreciation rate of Sheffield's assets? 11.2% 10.3% 12.9% 14.0%
Waterway Inc. owns the following assets. Estimated Useful Salvage Asset Cost Life $72,100 $7,210 10 years 5 years 53,200 5,320 4,840 12 years C 99,220 Compute the composite depreciation rate and the composite life of Waterway's assets. (Ro place, e.g. 4.8% or 4.8 years.) Composite depreciation rate years Composite life Sheridan Corporation acquires a coal mine at a cost of $428,000. Intangible development costs total $107,000. After extraction has occurred, Sheridan must restore the property (estimated fair value of the...
Pearl Inc. owns the following assets. Estimated Useful Life salvager 10 years 5 years 12 years Asset Cost $72,200 $7,220 53,300 ,330 C 100,0404,880 A Compute the composite depreciation rate and the composite life of Pearl's assets. (Round answers to i Composite depreciation rate Composite life years
Sheridan Company purchased a depreciable asset for $554000. The estimated salvage value is $29000, and the estimated useful life is 8000 hours. Carson used the asset for 1600 hours in the current year. The activity method will be used for depreciation. What is the depreciation expense on this asset? $116600 $525000 $105000 $52500
A machine with a cost of $260,000 has an estimated salvage value of $20,000 and an estimated useful life of 5 years or 12000 hours. It is to be depreciated using the units-of-activity method of depreciation. What is amount of depreciation for the second full year, during which the machine was used 4000 hours? Multiple Choice Question 209 A machine with a cost of $260000 has an estimated salvage value of $20000 and depreciation for the second full year, during...
Presented below is information related to Waterway Manufacturing Corporation. Asset Cost Estimated Salvage Estimated Life (in years) A $53,800 $6,100 10 B 32,200 5,200 9 C 36,500 4,100 9 D 19,000 1,500 7 E 24,000 3,300 6 (A) Compute the rate of depreciation per year to be applied to the plant assets under the composite method. (Round answer to 2 decimal place, e.g. 4.83%.) (B) Prepare the adjusting entry necessary at the end of the year to record depreciation for...
A schedule of machinery owned by Sheridan Company is presented below: Estimated Estimated Machine X Machine Y Machine Z Total Cost $620000 750000 380000 $46000 62000 86000 14 10 Sheridan computes depreciation by the composite method The composite life (in years) for these assets is О 9.8. o 15.4. 0 8.4. 8.7
Presented below is information related to Concord Manufacturing Corporation. Estimated Salvage Estimated Life (in years) Asset Cost $44,700 $5,500 32,400 4,500 35,000 3,500 20,000 1,800 23,900 2,900 Compute the rate of depreciation per year to be applied to the plant assets under the composite method. (Round answer to 2 decimal place, e.g. 4.83%.) Composite rate e Textbook and Media Prepare the adjusting entry necessary at the end of the year to record depreciation for the year. (If no entry is...
Fill in the blanks. $ Inputs: Machine Cost Estimated Salvage Value Estimated Useful Life in Years 50,000 5,000 $ Depreciation Rate Annual Depreciation Expense Accumulated Depreciation Year Carrying Value 50,000 30,000 18,000 10,800 40% 40% 40% 40% 40% $20,000 $12,000 $7,200 $20,000 32,000 39,200 b) Prepare a depreciation schedule for the following scenario if the company uses the 150% declin linnut b) Prepare a depreciation schedule for the following scenario if the company uses the 150% declining balance method. Inputs:...
27. A plant asset originally cost $64,000 and was estimated to have a $4,000 salvage value at the end of its 5-year useful life. If at the end of three years, the asset was sold for $12,000, and had accumulated depreciation recorded of $36,000, the company should recognize a ______________ on disposal in the amount of $____________. 28. The cost of a patent should be amortized over its __________________ life or its _______________ life, whichever is shorter. 29. In recording...