Homework Answers
Depreciation per year = (Cost - Salvage value)/Useful life
= (55,000 - 5,000)/4 years
= 12,500
Depreciation per year under straight line method remains same throughout life.
Options are incorrect. $12,500 should be the answer.
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27. On January 1, a machine with a useful life of four years and a residual...
On January 1, a machine with a useful life of five years and a residual value...
On January 1, a machine with a useful life of five years and a residual value of $30,000 was purchased for $90,000. What is the depreciation expense for year 1 under the double-declining-balance method of depreciation?
31. On June 30, a machine with a useful life of ten years and a residual...
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QUESTION 2 A machine with a four-year estimated useful life and an estimated residual value of...
QUESTION 2 A machine with a four-year estimated useful life and an estimated residual value of $10,000 was acquired on January 1, 2011 for $40,000. Would depreciation expense using sum-of-the-years-digits be higher or lower than depreciation expense using double-declining balance in the first year? Higher Lower Cannot answer based on only this information QUESTION 3 On January 1, 2011, New Company purchased a new copier for $22.000. The asset has an estimated life of four years and an estimated residual...
On a machine that cost $60,000 and has a useful life of 10 years, $10,000 residual...
On a machine that cost $60,000 and has a useful life of 10 years, $10,000 residual value and was purchased at the beginning of the year, what amount of depreciation should be recorded in year 1 using the straight-line method with no half year convention? $6,000 $5,000 $3,000 $10,000
8. A company purchased a machine for $190.000. The machine has a useful life of 8...
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Uusch B 10 > >> Question 8 0.6 points Save Answer On January 1, a machine...
Uusch B 10 > >> Question 8 0.6 points Save Answer On January 1, a machine with a useful life of four years and a salvage value of $15,000 was purchased for $95.000. What is the depreciation expense for year 2 under straight-line depreciation? $10,000 $20,000 $40,000 $23,750
Machinery acquired new on January 1 at a cost of $80,000 was estimated to have a useful life of 10 years and a residual...
Machinery acquired new on January 1 at a cost of $80,000 was estimated to have a useful life of 10 years and a residual salvage value of $20,000. Straight-line depreciation was used. On January 1, following six full years of use of the machinery, management decided that the estimate of useful life had been too long and that the machinery would have to be retired after three years, that is, at the end of the ninth year of service. Under...
machine 1: cost 76,000 salvage value 6,000 useful life 10 years purchased 7/1/16 machine 2: cost...
machine 1:
cost 76,000
salvage value 6,000
useful life 10 years
purchased 7/1/16
machine 2:
cost 80,000
salvage value 10,000
useful life 8 years
purchased 1/1/13
machine 3:
cost 78,000
salvage value 6,000
useful life 6 years = 24,000 hours
purchased 1/1/18
Problem: In recent years, Hrubeck Company purchased three machines. Because of heavy turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods were selected. Information concerning...
Cost of machine $100,000 $ 5,000 Residual value Useful life 5 years Estimated units machine will...
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0.). Howard Inc. acquired a new machine on January 1 at a cost of $80,000. It was estimated to have a useful life of 10...
0.). Howard Inc. acquired a new machine on January 1 at a cost of $80,000. It was estimated to have a useful life of 10 years and a residual salvage value of $20,000. Straight-line depreciation was used. On January 1, following six full years of use of the machinery, management decided that the estimate of useful life had been too long and that the machinery would have to be retired after three years, that is, at the end of the...
31. On June 30, a machine with a useful life of ten years and a residual value of $10,000 was purchased for $75,000. What is the depreciation expense for year 2 under straight-zine depreciation 75,000 - 10.000 65.000 a. $6,500 6. $13,000 c. $3,250 d. $23,000 11. attente av tre
QUESTION 2 A machine with a four-year estimated useful life and an estimated residual value of $10,000 was acquired on January 1, 2011 for $40,000. Would depreciation expense using sum-of-the-years-digits be higher or lower than depreciation expense using double-declining balance in the first year? Higher Lower Cannot answer based on only this information QUESTION 3 On January 1, 2011, New Company purchased a new copier for $22.000. The asset has an estimated life of four years and an estimated residual...
On a machine that cost $60,000 and has a useful life of 10 years, $10,000 residual value and was purchased at the beginning of the year, what amount of depreciation should be recorded in year 1 using the straight-line method with no half year convention? $6,000 $5,000 $3,000 $10,000
8. A company purchased a machine for $190.000. The machine has a useful life of 8 produce 750,000 units over its useful life. Determine depreciation expense when output is 109,000 units A. $25,200. 8. $26,160 С. $ 26,660. D. $27,613. E. $53,160 years, a residual value of $10,000, and can deprecilation method in which a plant asset's depreciation depreciation rate to the asset's beginning-of-period book value is called A. Book value depreciation B. Declining-balance depreciation. C. Straight-ine depreciation. D. Units-of-production...
Uusch B 10 > >> Question 8 0.6 points Save Answer On January 1, a machine with a useful life of four years and a salvage value of $15,000 was purchased for $95.000. What is the depreciation expense for year 2 under straight-line depreciation? $10,000 $20,000 $40,000 $23,750
machine 1:
cost 76,000
salvage value 6,000
useful life 10 years
purchased 7/1/16
machine 2:
cost 80,000
salvage value 10,000
useful life 8 years
purchased 1/1/13
machine 3:
cost 78,000
salvage value 6,000
useful life 6 years = 24,000 hours
purchased 1/1/18
Problem: In recent years, Hrubeck Company purchased three machines. Because of heavy turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods were selected. Information concerning...
Cost of machine $100,000 $ 5,000 Residual value Useful life 5 years Estimated units machine will 100,000 produce Actual production: Year 1 Year 2 70,000 20,500 Use MACRS table Depreciation Expense Method Year 1 Year 2 Straight line Units of production Declining balance MACRS (5-year class)
0.). Howard Inc. acquired a new machine on January 1 at a cost of $80,000. It was estimated to have a useful life of 10 years and a residual salvage value of $20,000. Straight-line depreciation was used. On January 1, following six full years of use of the machinery, management decided that the estimate of useful life had been too long and that the machinery would have to be retired after three years, that is, at the end of the...
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