Homework Answers
Solution 1:
Annual depreciation as per initial estimates = (Cost - Salvage value) / useful life
= ($23,860 - $2,400) / 4 = $5,365
Book value at the end of 2nd year = Cost - Accumulated depreciation = $23,860 - ($5,365*2) = $13,130
Solution 2:
book value at the point of revision = $13,130
Revised salvage value = $2,000
Remaining depreciable costs = $13,130 - $2,000 = $11,130
Years of life remaining= 3 years
Revised annual depreciation for year 3-5 = $11,130 / 3 = $3,710
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This window shows your responses and what was marked correct and incorrect from your previous attempt....
This window shows your responses and what was marked correct and incorrect from your previous attempt. Exercise 8-13 Revising depreciation LO C2 Apex Fitness Club uses straight-line depreciation for a machine costing $25,400, with an estimated four-year life and a $2,650 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $2,200 salvage value. Required: 1. Compute the machine's book value...
Exercise 8-13 Revising depreciation LO C2 Apex Fitness Club uses straight-line depreciation for a machine costing...
Exercise 8-13 Revising depreciation LO C2 Apex Fitness Club uses straight-line depreciation for a machine costing $25,300, with an estimated four year life and a $2,150 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $1,700 salvage value. Required: 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation for each...
Exercise 8-13 Revising depreciation LO C2 Apex Fitness Club uses straight-line depreciation for a machine costing $27,0...
Exercise 8-13 Revising depreciation LO C2 Apex Fitness Club uses straight-line depreciation for a machine costing $27,050, with an estimated four-year life and a $2,900 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $2,450 salvage value. Required: 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation for each of...
gnment Saved Help Apex Fitness Club uses straight-line depreciation for a machine costing $30,200, with an...
gnment Saved Help Apex Fitness Club uses straight-line depreciation for a machine costing $30,200, with an estimated four-year life and a $2,400 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $1,950 salvage value. Required: 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation for each of the final three...
not exactly sure Exercise 8-13 Revising depreciation Lo C2 Apex Fitness Club uses straight-line depreciation for...
not exactly sure
Exercise 8-13 Revising depreciation Lo C2 Apex Fitness Club uses straight-line depreciation for a machine costing $23,860, with an estimated four year life and a $2.400 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which will have an estimated $2,000 salvage value. Required: 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation...
Apex Fitness Club uses straight-line depreciation for a machine costing $20,300, with an estimated four-year life...
Apex Fitness Club uses straight-line depreciation for a machine costing $20,300, with an estimated four-year life and a $1,900 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $1,450 salvage value, Required: 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation for each of the final three years given the...
Apex Fitness Club uses straight-line depreciation for a machine costing $27,850, with an estimated four-year life and a...
Apex Fitness Club uses straight-line depreciation for a machine costing $27,850, with an estimated four-year life and a $2,850 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $2,400 salvage value. Required: 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation for each of the final three years given the...
second. Required information Use the following information for the Exercises below. [The following information applies to...
second.
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below. On April 1, Cyclone's Co. purchases a trencher for $310,000. The machine is expected to last five years and have a salvage value of $55,000. Exercise 8-12 Double-declining-balance, partial-year depreciation LO C2 Compute depreciation expense at December 31 for both the first year and second year assuming the company uses the double- declining-balance method. (Enter all amounts as positive values.)...
Apex Fitness Club uses straight-line depreciation for a machine costing $23,860, with an estimated four-year life...
Apex Fitness Club uses straight-line depreciation for a machine costing $23,860, with an estimated four-year life and a $2,400 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $2,000 salvage value. Required: 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation for each of the final three years given the...
Apex Fitness Club uses straight-line depreciation for a machine costing $28,300, with an estimated four-year life...
Apex Fitness Club uses straight-line depreciation for a machine costing $28,300, with an estimated four-year life and a $3.000 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $2,550 salvage value. Required: 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation for each of the final three years given the...
This window shows your responses and what was marked correct and incorrect from your previous attempt. Exercise 8-13 Revising depreciation LO C2 Apex Fitness Club uses straight-line depreciation for a machine costing $25,400, with an estimated four-year life and a $2,650 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $2,200 salvage value. Required: 1. Compute the machine's book value...
Exercise 8-13 Revising depreciation LO C2 Apex Fitness Club uses straight-line depreciation for a machine costing $25,300, with an estimated four year life and a $2,150 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $1,700 salvage value. Required: 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation for each...
Exercise 8-13 Revising depreciation LO C2 Apex Fitness Club uses straight-line depreciation for a machine costing $27,050, with an estimated four-year life and a $2,900 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $2,450 salvage value. Required: 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation for each of...
gnment Saved Help Apex Fitness Club uses straight-line depreciation for a machine costing $30,200, with an estimated four-year life and a $2,400 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $1,950 salvage value. Required: 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation for each of the final three...
not exactly sure
Exercise 8-13 Revising depreciation Lo C2 Apex Fitness Club uses straight-line depreciation for a machine costing $23,860, with an estimated four year life and a $2.400 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which will have an estimated $2,000 salvage value. Required: 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation...
Apex Fitness Club uses straight-line depreciation for a machine costing $20,300, with an estimated four-year life and a $1,900 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $1,450 salvage value, Required: 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation for each of the final three years given the...
Apex Fitness Club uses straight-line depreciation for a machine costing $27,850, with an estimated four-year life and a $2,850 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $2,400 salvage value. Required: 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation for each of the final three years given the...
second.
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below. On April 1, Cyclone's Co. purchases a trencher for $310,000. The machine is expected to last five years and have a salvage value of $55,000. Exercise 8-12 Double-declining-balance, partial-year depreciation LO C2 Compute depreciation expense at December 31 for both the first year and second year assuming the company uses the double- declining-balance method. (Enter all amounts as positive values.)...
Apex Fitness Club uses straight-line depreciation for a machine costing $23,860, with an estimated four-year life and a $2,400 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $2,000 salvage value. Required: 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation for each of the final three years given the...
Apex Fitness Club uses straight-line depreciation for a machine costing $28,300, with an estimated four-year life and a $3.000 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $2,550 salvage value. Required: 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation for each of the final three years given the...
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