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Cost of machine $100,000 $ 5,000 Residual value Useful life 5 years Estimated units machine will...
$ 144,000 $ 36,000 Original Cost Estimated Residual Value Estimated Useful Years Estimated Units 50,000 Actual...
$ 144,000 $ 36,000 Original Cost Estimated Residual Value Estimated Useful Years Estimated Units 50,000 Actual Units: Year 1 5,000 Year 2 9,000 Year 3 11,000 Year 4 12,000 Year 5 10,000 Year 6 8,000 55,000 We were unable to transcribe this image2. Prepare the journal entry to record depreciation in Year 6 for each of the methods. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal...
Torge Company bought a machine for $99,000 cash. The estimated useful life was five years and...
Torge Company bought a machine for $99,000 cash. The estimated useful life was five years and the estimated residual value was $6,000. Assume that the estimated useful life in productive units is 201,000. Units actually produced were 53,600 in year 1 and 60,300 in year 2 Required: 1. Determine the appropriate amounts to complete the following schedule. (Do not round intermediate calculations.) Depreciation Expense for Book Value at the End of Method of Depreciation Year 2 Year 2 Year 1...
A three-year-old machine has a cost of $50,000, an estimated residual value of $5,000, and an estimated useful life of five years. The company uses straight-line depreciation. Calculate the net book value at the end of the third year.
a.A three-year-old machine has a cost of $50,000, an estimated residual value of $5,000, and an estimated useful life of five years. The company uses straight-line depreciation.Calculate the net book value at the end of the third year.b.A three-year-old machine has a cost of $37,600, an estimated residual value of $2,600, and an estimated useful life of 35,000 machine hours. The company uses units-of-production depreciation and ran the machine 5,200 hours in year 1; 6,150 hours in year 2; and...
On June 1, a machine costing $660,000 with a 5-year life and an estimated $50,000 salvage...
On June 1, a machine costing $660,000 with a 5-year life and an
estimated $50,000 salvage value was purchased. It was also
estimated that the machine would produce 200,000 units during its
life. Actual production would be 40,000 units per year for all five
years.
Using the depreciation template provided, determine the amount
of depreciation expense for the third year under each of the
following assumption
The company uses the double-declining-balance method of
depreciation.
50 Cast Salvage value Depreciable cost...
Schrade Company bought a machine for $98,000 cash. The estimated useful life was four years, and...
Schrade Company bought a machine for $98,000 cash. The estimated useful life was four years, and the estimated residual value was $6,040. Assume that the estimated useful life in productive units is 121,000. Units actually produced were 44,000 in year 1 and 46,000 in year 2 value: Required information 10.00 points Required: 1. Determine the appropriate amounts to complete the following schedule. (Round your answers to the nearest dollar amount. Do not round intermediate calculations.) Depreciation Expense for Year 1...
Plastic Works Corporation bought a machine at the beginning of the year at a cost of $12,000. The estimated useful life...
Plastic Works Corporation bought a machine at the beginning of the year at a cost of $12,000. The estimated useful life was five years, and the residual value was $2,000. Assume that the estimated productive life of the machine is 10,000 units. Expected annual production was: year 1, 3,000 units; year 2, 3,000 units; year 3, 2,000 units; year 4, 1,000 units; and year 5, 1,000 units. Required: 1. Complete a depreciation schedule for each of the alternative methods. (Enter...
Abdulaziz Co. purchased a machine in 2013 for 50,000 that has a useful life of 5...
Abdulaziz Co. purchased a machine in 2013 for 50,000 that has a useful life of 5 years with a salvage value of 5,000. Calculate the depreciation expense, accumulated depreciation, book value throughout its useful life using: 1- Straight-line Method. 2- Units of Production Method if the machine produces 100,000 units. Here is a table of units produced each year: First Second Third Fourth Fifth 23,000 25,000 - 30,000 22,000 3- Double Declining Balance Method
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...
Q1- Abdulaziz Co. purchased a machine in 2013 for 50,000 that has a useful life of...
Q1- Abdulaziz Co. purchased a machine in 2013 for 50,000 that has a useful life of 5 years with a salvage value of 5,000. Calculate the depreciation expense, accumulated depreciation, book value throughout its useful life using: 1- Straight-line Method. 2- Units of Production Method if the machine produces 100,000 units. Here is a table of units produced each year: First Second Third Fourth Fifth 23,000 25,000 - 30,000 22,000 3- Double Declining Balance Method (2 Marks).
A company purchased a weaving machine for $190,000. The machine has a useful life of 8 years and a residual value of $10,000. It is estimated that the machine could produce 750,000 bolts of woven fabr...
A company purchased a weaving machine for $190,000. The machine has a useful life of 8 years and a residual value of $10,000. It is estimated that the machine could produce 750,000 bolts of woven fabric over its useful life. In the first year, 105,000 bolts were produced. In the second year, production increased to 109,000 units. Using the units-of-production method, what is the amount of depreciation expense that should be recorded for the second year?
$ 144,000 $ 36,000 Original Cost Estimated Residual Value Estimated Useful Years Estimated Units 50,000 Actual Units: Year 1 5,000 Year 2 9,000 Year 3 11,000 Year 4 12,000 Year 5 10,000 Year 6 8,000 55,000 We were unable to transcribe this image2. Prepare the journal entry to record depreciation in Year 6 for each of the methods. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal...
Torge Company bought a machine for $99,000 cash. The estimated useful life was five years and the estimated residual value was $6,000. Assume that the estimated useful life in productive units is 201,000. Units actually produced were 53,600 in year 1 and 60,300 in year 2 Required: 1. Determine the appropriate amounts to complete the following schedule. (Do not round intermediate calculations.) Depreciation Expense for Book Value at the End of Method of Depreciation Year 2 Year 2 Year 1...
On June 1, a machine costing $660,000 with a 5-year life and an
estimated $50,000 salvage value was purchased. It was also
estimated that the machine would produce 200,000 units during its
life. Actual production would be 40,000 units per year for all five
years.
Using the depreciation template provided, determine the amount
of depreciation expense for the third year under each of the
following assumption
The company uses the double-declining-balance method of
depreciation.
50 Cast Salvage value Depreciable cost...
Schrade Company bought a machine for $98,000 cash. The estimated useful life was four years, and the estimated residual value was $6,040. Assume that the estimated useful life in productive units is 121,000. Units actually produced were 44,000 in year 1 and 46,000 in year 2 value: Required information 10.00 points Required: 1. Determine the appropriate amounts to complete the following schedule. (Round your answers to the nearest dollar amount. Do not round intermediate calculations.) Depreciation Expense for Year 1...
Plastic Works Corporation bought a machine at the beginning of the year at a cost of $12,000. The estimated useful life was five years, and the residual value was $2,000. Assume that the estimated productive life of the machine is 10,000 units. Expected annual production was: year 1, 3,000 units; year 2, 3,000 units; year 3, 2,000 units; year 4, 1,000 units; and year 5, 1,000 units. Required: 1. Complete a depreciation schedule for each of the alternative methods. (Enter...
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...
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