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Show the Calculations for all questions Cost In January 2015, Ferguson Company purchased an equipment for...
Osbourne Company purchased Equipment on January 1, 2015 at a cost of S110,000. The original Estimated...
Osbourne Company purchased Equipment on January 1, 2015 at a cost of S110,000. The original Estimated Useful (Service) Life of the Equipment was twenty (20) years and the original Estimated Salvage (Residual) Value was $10,000. On January 1, 2019, Osboume Company revised the total Estimated Useful (Service) Life (from the beginning) of the Equipment to ten (10) years and the Estimated Salvage (Residual) Value to S-0- (zero). Osbourne Company uses the Straight-Line Method to depreciate the Equipment REQUIRED In the...
Depreciation Methods Gruman Company purchased a machine for $198,000 on January 2, 2016. It made the...
Depreciation Methods Gruman Company purchased a machine for $198,000 on January 2, 2016. It made the following estimates: Service life 5 years or 10,000 hours Production 180,000 units Residual value $ 18,000 In 2016, Gruman uses the machine for 1,700 hours and produces 45,000 units. In 2017, Gruman uses the machine for 1,400 hours and produces 32,000 units. If required, round your final answers to the nearest dollar. Required: 1. Compute the depreciation for 2016 and 2017 under each of...
On January 1, 2015, a machine was purchased for $101,700. The machine has an estimated salvage...
On January 1, 2015, a machine was purchased for $101,700. The machine has an estimated salvage value of $6,780 and an estimated useful life of 5 years. The machine can operate for 113,000 hours before it needs to be replaced. The company closed its books on December 31 and operates the machine as follows: 2015, 22,600 hrs; 2016, 28,250 hrs; 2017, 16,950 hrs; 2018, 33,900 hrs; and 2019, 11,300 hrs.Please show calculations for all problems below. 1) Compute the annual...
Depreciation Methods Gruman Company purchased a machine for $198,000 on January 2, 2016. It made the...
Depreciation Methods
Gruman Company purchased a machine for $198,000 on January 2,
2016. It made the following estimates:
Service life
5 years or 10,000 hours
Production
180,000
Residual value
$18,000
In 2016, Gruman uses the machine for 1,700 hours and produces
45,000 units. In 2017, Gruman uses the machine for 1,400 hours and
produces 30,000 units. If required, round your final answers to the
nearest dollar.
Required: 1. Compute the depreciation for 2016 and 2017 under each of the following...
Depreciation Handout Excel Company purchased a delivery van on January 1, 2012 for $33,000. Management has...
Depreciation Handout Excel Company purchased a delivery van on January 1, 2012 for $33,000. Management has estimated that equipment will have a useful life of five years or 100,000 hours. At the end of five years, management believes that equipment will be worth $3,000. The actual miles the van was driven is as follows: 2012 2013 2014 2015 2016 22,000 miles 24,000 miles 15,000 miles 20,000 miles 21,000 miles Straight line Depreciation Cost - Residual Value Years (Depreciable Cost) Year...
Depreciation Methods Gruman Company purchased a machine for $198,000 on January 2, 2016. It made the...
Depreciation Methods Gruman Company purchased a machine for $198,000 on January 2, 2016. It made the following estimates: Service Life 5 years or 10,000 hours Production 180,000 units Residual value $18,000 In 2016, Gruman uses the machine for 1,700 hours and produces 45,000 units. In 2017, Gruman uses the machine for 1,400 hours and produces 30,000 units. If required, round your final answers to the nearest dollar. Required: 1. Compute the depreciation for 2016 and 2017 under each of the...
Dailey purchased a truck on January 1, 2015 for $9,000. The company expects the truck to...
Dailey purchased a truck on January 1, 2015 for $9,000. The company expects the truck to have a useful life of four years with an estimated residual value of $600. Dailey expects to drive the truck 31,000 miles during 2015, 22,000 miles during 2016, 14,000 miles in 2017, and 3,000 miles in 2018, for total expected miles of 70,000. Complete the following using the double-declining-balance method of depreciation. (Complete all answer boxes. Enter a "0" if there are any zero...
Use the following information for questions 4 and 5. On January 1, 2015, Fredrichs Inc, purchased...
Use the following information for questions 4 and 5. On January 1, 2015, Fredrichs Inc, purchased equipment with a cost of $3,060,000, a useful life! of 10 years and residual value of $60,000, The company uses straight-line depreciation. At December 31, 2016, the company determines that impairment indicators are present. The fair value less cost to sell the asset is estimated to be $2,200,000. The asset's value-in-use is estimated to be $2,165,000. There is no change in the annet's useful...
On January 1, 2015, a machine was purchased for $96,300. The machine has an estimated salvage...
On January 1, 2015, a machine was purchased for $96,300. The
machine has an estimated salvage value of $6,420 and an estimated
useful life of 5 years. The machine can operate for 107,000 hours
before it needs to be replaced. The company closed its books on
December 31 and operates the machine as follows: 2015, 21,400 hrs;
2016, 26,750 hrs; 2017, 16,050 hrs; 2018, 32,100 hrs; and 2019,
10,700 hrs.
Compute the annual depreciation charges over the machine’s life
assuming...
James Barbers Pty Ltd purchases a new equipment on 1 January 2015. The equipment cost was...
James Barbers Pty Ltd purchases a new equipment on 1 January 2015. The equipment cost was $200,000 and useful life was 10 years with zero residual value. On January 1, 2019, the company decides that the equipment will last total 20 years rather than 10 years. The company uses straight-line method of depreciation and the fiscal year end is 31 December. 1. a. Calculate depreciate for 2015, 2016, 2017 and 2018. b. How will the equipment be reported on the...
Osbourne Company purchased Equipment on January 1, 2015 at a cost of S110,000. The original Estimated Useful (Service) Life of the Equipment was twenty (20) years and the original Estimated Salvage (Residual) Value was $10,000. On January 1, 2019, Osboume Company revised the total Estimated Useful (Service) Life (from the beginning) of the Equipment to ten (10) years and the Estimated Salvage (Residual) Value to S-0- (zero). Osbourne Company uses the Straight-Line Method to depreciate the Equipment REQUIRED In the...
Depreciation Methods Gruman Company purchased a machine for $198,000 on January 2, 2016. It made the following estimates: Service life 5 years or 10,000 hours Production 180,000 units Residual value $ 18,000 In 2016, Gruman uses the machine for 1,700 hours and produces 45,000 units. In 2017, Gruman uses the machine for 1,400 hours and produces 32,000 units. If required, round your final answers to the nearest dollar. Required: 1. Compute the depreciation for 2016 and 2017 under each of...
Depreciation Methods
Gruman Company purchased a machine for $198,000 on January 2,
2016. It made the following estimates:
Service life
5 years or 10,000 hours
Production
180,000
Residual value
$18,000
In 2016, Gruman uses the machine for 1,700 hours and produces
45,000 units. In 2017, Gruman uses the machine for 1,400 hours and
produces 30,000 units. If required, round your final answers to the
nearest dollar.
Required: 1. Compute the depreciation for 2016 and 2017 under each of the following...
Depreciation Handout Excel Company purchased a delivery van on January 1, 2012 for $33,000. Management has estimated that equipment will have a useful life of five years or 100,000 hours. At the end of five years, management believes that equipment will be worth $3,000. The actual miles the van was driven is as follows: 2012 2013 2014 2015 2016 22,000 miles 24,000 miles 15,000 miles 20,000 miles 21,000 miles Straight line Depreciation Cost - Residual Value Years (Depreciable Cost) Year...
Dailey purchased a truck on January 1, 2015 for $9,000. The company expects the truck to have a useful life of four years with an estimated residual value of $600. Dailey expects to drive the truck 31,000 miles during 2015, 22,000 miles during 2016, 14,000 miles in 2017, and 3,000 miles in 2018, for total expected miles of 70,000. Complete the following using the double-declining-balance method of depreciation. (Complete all answer boxes. Enter a "0" if there are any zero...
Use the following information for questions 4 and 5. On January 1, 2015, Fredrichs Inc, purchased equipment with a cost of $3,060,000, a useful life! of 10 years and residual value of $60,000, The company uses straight-line depreciation. At December 31, 2016, the company determines that impairment indicators are present. The fair value less cost to sell the asset is estimated to be $2,200,000. The asset's value-in-use is estimated to be $2,165,000. There is no change in the annet's useful...
On January 1, 2015, a machine was purchased for $96,300. The
machine has an estimated salvage value of $6,420 and an estimated
useful life of 5 years. The machine can operate for 107,000 hours
before it needs to be replaced. The company closed its books on
December 31 and operates the machine as follows: 2015, 21,400 hrs;
2016, 26,750 hrs; 2017, 16,050 hrs; 2018, 32,100 hrs; and 2019,
10,700 hrs.
Compute the annual depreciation charges over the machine’s life
assuming...
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