Amount ( $ ) | |
Purchase price of new delivery truck | 45000 |
Sales Tax | 2500 |
Safety test | 220 |
Painting of truck | 1200 |
48920 | |
Q 2 > | |
Depreciation to be charged | (Cost of equipment - Salvage Value)/useful life |
(3,00,000-50,000)/6 | |
41,666.67 | |
Depreciation for two years | 41666.67*2 |
83,333.33 | |
Book Value of asset at the beginning of the third year | 3,00,000-83,333.33 |
2,16,666.67 |
N a m e s ahew N utor $45.000. The sales taxes are $2.500. The of...
please help with these accouting questions! 3 IV ab X, X 1 Styles Styles Pane S 11. Equipment was purchased for $150,000. Freight charges amounted to $7,000 and there was a cost of $20,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $30,000 salvage value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will be A) $35,400. B) $29,400 C) $24,600 D) $24,000....
159 ACCOUNTING FOR DEPRECIABLE ASSETS Instructions: Using the information provided below: 1. Calculate the annual depreciation for the depreciable assets in 2017. 2. Prepare the journal entries (using correct dates and explanations) that are necessary to record the following: • the purchase of the assets bought in 2017 • the depreciation for each of the depreciable assets for the year ended Dec. 31, 2017 • the potential sale of the truck on December 31, 2020 using the information provided 3....