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![Old Life Revised Life 6 years $34,000 $34,000 $4,000 $30,000$30,000 years Cost of the asset Less: Residual value Depreciable cost Estimated useful life Annual Depreciation $4,000 $6,000 $5,000 [S30,000 5 years; $30,000 6 years] Old Life Revised Life Description Cost of the asset Less: Depreciation Expense Book value at the end-2020 Less: Depreciation Expense Book value at the end-2021 Less: Depreciation Expense Book value at the end-2022 Year 2020 2020 5 years $34,000 $34,000 $3,000 $31,000$31,500 $6,000 $25,000$26,500 $6,000 $19,000$21,500 6 years $2,500 [$6,000 x 6/12 -$3,000; $5,000 x 6/12 -$2,500] $5,000 [As calculated above for full yearl $5,000 [As calculated above for full yearl 2021 2022 $2,500 [$19,000 $21,500 (Difference in book value at the end of 2022] Excess depreciation charged under old life Remaining life of the asset as per new life Additional depreciation over remaining life [6 years-2.5 years] $714.29 -$2,500/3.5 years] 3.5](http://img.homeworklib.com/questions/5c6666c0-7416-11ea-b8e7-d9815dfe6bf1.png?x-oss-process=image/resize,w_560)
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12-32
cpeise for 2020 Brief Exercise 12-32 Whitney Company purchases equipment on July 1, 2020, for...
12-36 ,Phelps . lt is depreciation expense for 2020 Method LOS Brief Exercise 12-36 Whitney Company...
12-36
,Phelps . lt is depreciation expense for 2020 Method LOS Brief Exercise 12-36 Whitney Company purchased equipment on January 1, 2020, for $90,000. This equipment has a and a residual value of $5,000. The company uses the straight-line depreciation method. In 2021. the usefaul life of tea pany discovered that it had incorrectly recorded depreciation for 2020 as S580·Igor the correcting entry on January 1, 2021. し06 ing income taxes, record e Error Correction LO6
Whitney Company purchased equipment on January 1, 2020, for $144,000. This equipment has a useful life...
Whitney Company purchased equipment on January 1, 2020, for $144,000. This equipment has a useful life of ten years and a residual value of $8,000. The company uses the straight-line depreciation method. In 2021, the company discovered that it had incorrectly recorded depreciation for 2020 as $9,280. Ignoring income taxes, record the correcting entry on January 1, 2021. Date Account Name Dr. Cr. Jan. 1, 2021 Answer Answer Answer Answer Answer Answer
12-35 a useful lide of ine method. Compute depreciation anuary 1,2019, for $36,000 which will be...
12-35
a useful lide of ine method. Compute depreciation anuary 1,2019, for $36,000 which will be depreciated using the sum-. ue of 6,000 and a useful life of three years, In 202. quipment has a residual val hine has an original total useful life of four years and $3,000 salage value Wha 20, DIEciation expense for 2020? Phelps Company purchases years'-digits method. The eq equipment on January 1, 2019,for S uipment has a residual $6 36,000 which will be depreciated...
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....
On July 1, 2020, Yorkton Company purchased for $640,000 equipment having an estimated useful life of...
On July 1, 2020, Yorkton Company purchased for $640,000 equipment having an estimated useful life of eight years with an estimated residual value of $30,000. Depreciation is calculated to the nearest month. The company has a December 31 year-end. Required: Complete the following schedules: (Amount to be deducted should be indicated by a minus sign.) 2020 2021 2022 1. Double-declining-balance method: Equipment Less: Accumulated depreciation Year-end book value Depreciation expense for the year 2. Straight-line method: Equipment Less: Accumulated depreciation...
On July 1, 2020, Yorkton Company purchased for $438,000 equipment having an estimated useful life of...
On July 1, 2020, Yorkton Company purchased for $438,000 equipment having an estimated useful life of five years with an estimated residual value of $22,000. Depreciation is calculated to the nearest month. The company has a December 31 year-end. Required: Complete the following schedules: (Amount to be deducted should be indicated by a minus sign.) 2020 2021 2022 1. Double-declining balance method: Equipment Less: Accumulated depreciation Year-end book value Depreciation expense for the year $ 0 $ 0 $ 0...
On July 1, 2020, Swifty Company purchased for $6,120,000 snow-making equipment having an estimated useful life...
On July 1, 2020, Swifty Company purchased for $6,120,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $255,000. Depreciation is taken for the portion of the year the asset is used. Complete the form below by determining the depreciation expense and year-end book values for 2020 and 2021 using the 1. sum-of-the-years'-digits method. 2. double-declining balance method. 2020 2021 Sum-of-the-Years'-Digits Method Equipment Less: Accumulated Depreciation $6,120,000 $6,120,000 Year-End Book Value $6,120,000 $6,120,000...
On July 1, 2020, Blue Spruce Company purchased for $3,060,000 snow-making equipment having an estimated useful...
On July 1, 2020, Blue Spruce Company purchased for $3,060,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $127,500. Depreciation is taken for the portion of the year the asset is used. Complete the form below by determining the depreciation expense and year-end book values for 2020 and 2021 using the 1. sum-of-the-years'-digits method. 2. double-declining balance method. 2020 2021 Sum-of-the-Years'-Digits Method Equipment Less: Accumulated Depreciation $3,060,000 $3,060,000 Year-End Book Value Depreciation...
On July 1, 2020, Martinez Company purchased for $4,680,000 snow-making equipment having an estimated useful life...
On July 1, 2020, Martinez Company purchased for $4,680,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $195,000. Depreciation is taken for the portion of the year the asset is used Complete the form below by determining the depreciation expense and year-end book values for 2020 and 2021 using the 1. sum-of-the-years'-digits method 2. double-declining balance method 2020 2021 Sum-of-the-Years'-Digits Method Equipment $4,680,000 $4,680,000 Less: Accumulated Depreciation Year-End Book Value Depreciation Expense...
Testbank Problem 134 On July 1, 2020, Novak Company purchased for $5,040,000 snow-making equipment having an...
Testbank Problem 134
On July 1, 2020, Novak Company purchased for $5,040,000
snow-making equipment having an estimated useful life of 5 years
with an estimated salvage value of $210,000. Depreciation is taken
for the portion of the year the asset is used.
Complete the form below by determining the depreciation expense
and year-end book values for 2020 and 2021 using the
1.
sum-of-the-years'-digits method.
2.
double-declining balance method.
2020
2021
Sum-of-the-Years'-Digits Method
Equipment
$5,040,000
$5,040,000
Less: Accumulated Depreciation
$
$...
12-36
,Phelps . lt is depreciation expense for 2020 Method LOS Brief Exercise 12-36 Whitney Company purchased equipment on January 1, 2020, for $90,000. This equipment has a and a residual value of $5,000. The company uses the straight-line depreciation method. In 2021. the usefaul life of tea pany discovered that it had incorrectly recorded depreciation for 2020 as S580·Igor the correcting entry on January 1, 2021. し06 ing income taxes, record e Error Correction LO6
12-35
a useful lide of ine method. Compute depreciation anuary 1,2019, for $36,000 which will be depreciated using the sum-. ue of 6,000 and a useful life of three years, In 202. quipment has a residual val hine has an original total useful life of four years and $3,000 salage value Wha 20, DIEciation expense for 2020? Phelps Company purchases years'-digits method. The eq equipment on January 1, 2019,for S uipment has a residual $6 36,000 which will be depreciated...
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....
On July 1, 2020, Yorkton Company purchased for $640,000 equipment having an estimated useful life of eight years with an estimated residual value of $30,000. Depreciation is calculated to the nearest month. The company has a December 31 year-end. Required: Complete the following schedules: (Amount to be deducted should be indicated by a minus sign.) 2020 2021 2022 1. Double-declining-balance method: Equipment Less: Accumulated depreciation Year-end book value Depreciation expense for the year 2. Straight-line method: Equipment Less: Accumulated depreciation...
On July 1, 2020, Yorkton Company purchased for $438,000 equipment having an estimated useful life of five years with an estimated residual value of $22,000. Depreciation is calculated to the nearest month. The company has a December 31 year-end. Required: Complete the following schedules: (Amount to be deducted should be indicated by a minus sign.) 2020 2021 2022 1. Double-declining balance method: Equipment Less: Accumulated depreciation Year-end book value Depreciation expense for the year $ 0 $ 0 $ 0...
On July 1, 2020, Swifty Company purchased for $6,120,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $255,000. Depreciation is taken for the portion of the year the asset is used. Complete the form below by determining the depreciation expense and year-end book values for 2020 and 2021 using the 1. sum-of-the-years'-digits method. 2. double-declining balance method. 2020 2021 Sum-of-the-Years'-Digits Method Equipment Less: Accumulated Depreciation $6,120,000 $6,120,000 Year-End Book Value $6,120,000 $6,120,000...
On July 1, 2020, Blue Spruce Company purchased for $3,060,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $127,500. Depreciation is taken for the portion of the year the asset is used. Complete the form below by determining the depreciation expense and year-end book values for 2020 and 2021 using the 1. sum-of-the-years'-digits method. 2. double-declining balance method. 2020 2021 Sum-of-the-Years'-Digits Method Equipment Less: Accumulated Depreciation $3,060,000 $3,060,000 Year-End Book Value Depreciation...
On July 1, 2020, Martinez Company purchased for $4,680,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $195,000. Depreciation is taken for the portion of the year the asset is used Complete the form below by determining the depreciation expense and year-end book values for 2020 and 2021 using the 1. sum-of-the-years'-digits method 2. double-declining balance method 2020 2021 Sum-of-the-Years'-Digits Method Equipment $4,680,000 $4,680,000 Less: Accumulated Depreciation Year-End Book Value Depreciation Expense...
Testbank Problem 134
On July 1, 2020, Novak Company purchased for $5,040,000
snow-making equipment having an estimated useful life of 5 years
with an estimated salvage value of $210,000. Depreciation is taken
for the portion of the year the asset is used.
Complete the form below by determining the depreciation expense
and year-end book values for 2020 and 2021 using the
1.
sum-of-the-years'-digits method.
2.
double-declining balance method.
2020
2021
Sum-of-the-Years'-Digits Method
Equipment
$5,040,000
$5,040,000
Less: Accumulated Depreciation
$
$...
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