Homework Answers
| Book value as at end of Year 2 =$126,000 | |
| Remaining useful life =2 years | |
| Depreciation as per SLM for Year 3 =$126,000 / 2 years =$63,000 | |
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Knowledge Check 01 Rhonda Company purchased equipment on January 1, Year 1, for $420,000, estimating a...
Rhonda Company purchased equipment on January 1, Year 1, for $420,000, estimating a four-year useful life...
Rhonda Company purchased equipment on January 1, Year 1, for $420,000, estimating a four-year useful life and no residual value. In Year 1 and 2, Rhonda depreciated the asset using the sum-of-years'-digits method and the book value at the end of Year 2 was $126,000. At the beginning of Year 3, Rhonda changed to straight-line depreciation for this equipment. What depreciation would Rhonda record for the Year 3 on this equipment? (Round your answer to the nearest whole dollar.)
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Question 6 (1 point) Archie Co. purchased a framing machine for $45,000 on January 1, 2018....
Question 6 (1 point) Archie Co. purchased a framing machine for $45,000 on January 1, 2018. The machine is expected to have a four-year life, with a residual value of $5,000 at the end of four years. Using the straight-line method, depreciation for 2019 and book value at December 31. 2019, would be: $10,000 and $20,000. $10,000 and $25,000. $11,250 and $17.500. $11.250 and $22.500. Question 7 (1 point) In testing for recoverability of property, plant, and equipment, an impairment...
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nowledge Check 01 On January 1, Year 1, the Starshina Company paid $25.000 for a photocopier...
nowledge Check 01 On January 1, Year 1, the Starshina Company paid $25.000 for a photocopier with an estimated useful life of 4 years, and an estimated esidual value of $5.000. The company uses the straight-line method. What is the amount of depreciation expense for Year 2? Depreciation expense nowledge Check 01 On January 1, Year 1, the Starshina Company paid $25,000 for a photocopier. The company estimates that the photocopies will produce 1,000,000 copies and will have an estimated...
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Wardell Company purchased a minicomputer on January 1, 2016, at a cost of $49,000. The computer...
Wardell Company purchased a minicomputer on January 1, 2016, at a cost of $49,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $7,000. On January 1, 2018, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $400. Required: 1. Prepare the year-end journal entry for depreciation in 2018. No depreciation was recorded during the year. 2....
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