-
Pete's Propellers Company showed the following information in its Property, Plant, and Equipment Subledger regarding Machine #5027 Machine #5027 Depreciation Method* Date of purchase Jan. 12/18 Jan. 12/18 Jan. 12/18 Component Single metal housing Motor Blade SL Est. Residual Est. Life $7,000 15 yrs 2,000 10 yrs 1,2005 yrs Cost $ 46,000 32,000 11,400 $ 89,400 DDB SL *SL = Straight-line; DDB = Double-declining-balance On January 7, 2020, the machine blade cracked and it was replaced with a new one...
-
hello? can anyone help a brother out?
still stuck!:(
HELP
Help Save & Exit Sub Pete's Propellers Company showed the following information in its Property. Plant, and Equipment Subledger regarding Machine #5027 Machine #5027 Component Single metal housing Motor Blade Date of purchase Jan. 12/18 Jan. 12/18 Jan. 12/18 Depreciation Method" SL DDB Cost S60,000 39,000 15,600 $114,600 Est. Residual Est. Life $6,000 15 yrs 6,000 10 yrs 1,400 5 yrs *SL = Straight-line, DDB - Double-declining-balance On January 7,...
-
IV. Plant, Property & Equipment (LLS 8) Lannister Inc. purchased a machine at the beginning of 2019 for $120,000. Lannister Inc. incurred $2,000 in installation charges. Cersei, the President of Lannister Inc., estimates that the machine will last 6 years or can be used to produce 30,000 units of production. Cersei expects the residual value to be $5,000. 2019 2020 S/L Usage DDB 3 pts 3 pts 4 pts Required: In 2019 and 2020, Lannister Inc. produced 8,000 units and...
-
Plant, Property & Equipment (LLS 8) Altuve Inc. purchased a machine at the beginning of 2018 for $80,000. Altuve incurred $1,000 in delivery charges and $2,000 in installation charges. Altuve estimates that the machine will last 3 years or can be used to produce 90,000 units of production. Altuve expects the residual value to be $10,000. Required: Depreciation Expense 2019 2018 2020 In 2018, 2019, and 2020, Altuve produced 38,000 units, 32,000 units, and 30,000 units respectively. Determine the depreciation...
-
Thank you!!!
On January 7, 2017, the machine blade cracked and it was replaced with a new one costing $10 4 chased for cash (the old blade was scrapped). The new blade had an estimated residual value and an estimated life of five years and would continue to be depreciated using the straight-line During 2017, it was determined that the useful life on the metal housing should be increased to a ttu 20 years instead of 15 years and that...
-
ments Kenneth's Lumber Mill sold two pleces of equipment in 2022. The following information pertains to the two pieces of equipment: Purchase Date Useful Life Sales Price Machine Cost Salvage Depreciation Value Method Date Sold $9,600 Straight-line 7/1/22 $8,000 Double-declining-balance 12/31/22 $32,000 #1 $137,600 7/1/18 5 yrs $59,200 #2 $152,000 1/1/21 5 yrs (a) Compute the depreciation on each piece of equipment to the date of disposal. Machine 1 Annual Depreciation Accumulated Depreciation Year $ 2018 5 2019 2020 2021...
-
Recording Composite Depreciation Wilson Company owns the following machines, all acquired on January 1, 2020. Machine Original Cost Estimated Residual Value Estimated Life (Years) $9.800 14.000 1,680 25.200 2,800 10 26,600 1,400 $0 12 Required a. Prepare a schedule based on straight-line depreciation that shows for each machine the following: original cost, residual value, depreciable cost, life in years, and annual depreciation. Original Residual Depreciable Life in Annual Machine Cost Value Cost Years Depreciation Total b. Compute the composite depreciation...
-
Sunland Sdn. Bhd. has land, buildings, and machinery as its Plant, Property, and Equipment as of 31 December 2015. The company uses the straight-line depreciation method for all depreciable assets (unless otherwise stated). The company adopts the revaluation model for land and buildings and the cost model for motor vehicles and machinery. It is the policy of the company to revalue its lands and buildings annually. The following information is given in the year 2016: 1. Sunland Sdn. Bhd. has 2 machines - Coal...
-
19 (6 points) A company's property records revealed the following information about its planit assets Machine Salvage Purchase Depreciation Method and No Cost Value Date Estimated life or Units 1572.150 9.000 1/1/2019 Double-declining balance (5 years 2 51800 3.000 4/1/2019 Straight-line 3 years) 3 92.000 2.000 7/1/2019 Units of Production (see below) For machine 3 management estimates that the machine will produce 600.000 units of product over its useful life. Actual production for machine #3 was 95,000 units in 2019...
-
Required information (The following information applies to the questions displayed below.) Schrade Company bought a machine for $96,000 cash. The estimated useful life was four years and the estimated residual value was $6,000. Assume that the estimated useful life in productive units is 120,000. Units actually produced were 43,000 in Year 1 and 45,000 in Year 2. Required: 1. Determine the appropriate amounts to complete the following schedule. (Do not round your intermediate calculations.) Depreciation Expense for Year 1 Year...
Pete's Propellers Company showed the following information in its Property, Plant, and Equipment Subledger regarding Machine #5027 Machine #5027 Depreciation Method* Date of purchase Jan. 12/18 Jan. 12/18 Jan. 12/18 Component Single metal housing Motor Blade SL Est. Residual Est. Life $7,000 15 yrs 2,000 10 yrs 1,2005 yrs Cost $ 46,000 32,000 11,400 $ 89,400 DDB SL *SL = Straight-line; DDB = Double-declining-balance On January 7, 2020, the machine blade cracked and it was replaced with a new one...
hello? can anyone help a brother out?
still stuck!:(
HELP
Help Save & Exit Sub Pete's Propellers Company showed the following information in its Property. Plant, and Equipment Subledger regarding Machine #5027 Machine #5027 Component Single metal housing Motor Blade Date of purchase Jan. 12/18 Jan. 12/18 Jan. 12/18 Depreciation Method" SL DDB Cost S60,000 39,000 15,600 $114,600 Est. Residual Est. Life $6,000 15 yrs 6,000 10 yrs 1,400 5 yrs *SL = Straight-line, DDB - Double-declining-balance On January 7,...
IV. Plant, Property & Equipment (LLS 8) Lannister Inc. purchased a machine at the beginning of 2019 for $120,000. Lannister Inc. incurred $2,000 in installation charges. Cersei, the President of Lannister Inc., estimates that the machine will last 6 years or can be used to produce 30,000 units of production. Cersei expects the residual value to be $5,000. 2019 2020 S/L Usage DDB 3 pts 3 pts 4 pts Required: In 2019 and 2020, Lannister Inc. produced 8,000 units and...
Plant, Property & Equipment (LLS 8) Altuve Inc. purchased a machine at the beginning of 2018 for $80,000. Altuve incurred $1,000 in delivery charges and $2,000 in installation charges. Altuve estimates that the machine will last 3 years or can be used to produce 90,000 units of production. Altuve expects the residual value to be $10,000. Required: Depreciation Expense 2019 2018 2020 In 2018, 2019, and 2020, Altuve produced 38,000 units, 32,000 units, and 30,000 units respectively. Determine the depreciation...
Thank you!!!
On January 7, 2017, the machine blade cracked and it was replaced with a new one costing $10 4 chased for cash (the old blade was scrapped). The new blade had an estimated residual value and an estimated life of five years and would continue to be depreciated using the straight-line During 2017, it was determined that the useful life on the metal housing should be increased to a ttu 20 years instead of 15 years and that...
ments Kenneth's Lumber Mill sold two pleces of equipment in 2022. The following information pertains to the two pieces of equipment: Purchase Date Useful Life Sales Price Machine Cost Salvage Depreciation Value Method Date Sold $9,600 Straight-line 7/1/22 $8,000 Double-declining-balance 12/31/22 $32,000 #1 $137,600 7/1/18 5 yrs $59,200 #2 $152,000 1/1/21 5 yrs (a) Compute the depreciation on each piece of equipment to the date of disposal. Machine 1 Annual Depreciation Accumulated Depreciation Year $ 2018 5 2019 2020 2021...
Recording Composite Depreciation Wilson Company owns the following machines, all acquired on January 1, 2020. Machine Original Cost Estimated Residual Value Estimated Life (Years) $9.800 14.000 1,680 25.200 2,800 10 26,600 1,400 $0 12 Required a. Prepare a schedule based on straight-line depreciation that shows for each machine the following: original cost, residual value, depreciable cost, life in years, and annual depreciation. Original Residual Depreciable Life in Annual Machine Cost Value Cost Years Depreciation Total b. Compute the composite depreciation...
19 (6 points) A company's property records revealed the following information about its planit assets Machine Salvage Purchase Depreciation Method and No Cost Value Date Estimated life or Units 1572.150 9.000 1/1/2019 Double-declining balance (5 years 2 51800 3.000 4/1/2019 Straight-line 3 years) 3 92.000 2.000 7/1/2019 Units of Production (see below) For machine 3 management estimates that the machine will produce 600.000 units of product over its useful life. Actual production for machine #3 was 95,000 units in 2019...
Required information (The following information applies to the questions displayed below.) Schrade Company bought a machine for $96,000 cash. The estimated useful life was four years and the estimated residual value was $6,000. Assume that the estimated useful life in productive units is 120,000. Units actually produced were 43,000 in Year 1 and 45,000 in Year 2. Required: 1. Determine the appropriate amounts to complete the following schedule. (Do not round your intermediate calculations.) Depreciation Expense for Year 1 Year...