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A widget machine was purchased for a cost of 277,500. It was ready to use in...
Ayayai Corp. purchased a new machine on October 1, 2022 at a cost of $187,200. The company estimated that the machine h...
Ayayai Corp. purchased a new machine on October 1, 2022 at a cost of $187,200. The company estimated that the machine has a salvage value of $14,400. The machine is expected to be used for 144,000 working hours during its 8-year life. Compute depreciation using the following methods in the year indicated. Straight-line for 2022 and 2023, assuming a December 31 year-end. (Round answers to 0 decimal place, e.g. 1520.) 2022 2023 Straight-line method Declining-balance using double the straight-line rate...
Question 16 Whispering Winds Corp. purchased a new machine on October 1, 2022 at a cost...
Question 16 Whispering Winds Corp. purchased a new machine on October 1, 2022 at a cost of $353,600. The company estimated that the machine has a salvage value of $27,200. The machine is expected to be used for 272,000 working hours during its 8-year life. Compute depreciation using the following methods in the year indicated. Straight-line for 2022 and 2023, assuming a December 31 year-end. (Round answers to o decimal place, e.g. 1520.) 2022 Straight-line method Declining-balance using double the...
Freedom Co. purchased a new machine on July 2, 2019, at a total installed cost of $40,000. The machine has an estimated...
Freedom Co. purchased a new machine on July 2, 2019, at a total installed cost of $40,000. The machine has an estimated life of five years and an estimated salvage value of $6,700. Required: Calculate the depreciation expense for each year of the asset's life using: Straight-line depreciation. Double-declining-balance depreciation. How much depreciation expense should be recorded by Freedom Co. for its fiscal year ended December 31, 2019, under each method? (Note: The machine will have been used for one-half...
Max purchased a labelling machine on the 1st of June 2017. The machine cost $200,000 which...
Max purchased a labelling machine on the 1st of June 2017. The machine cost $200,000 which was paid for by a loan of $150,000 and cash of $50,000. The machine will be used for 8 years and it is expected that Max Corporation will receive $8,000 cash for the scrap. The machine is expected to produce labels at the rate of: Year ended March 2018 2019 2020 2021 2022 80,000 100,000 120,000 130,000 140,000 -6- 2023 2024 2025 2026 Total...
Simple Solutions purchased a new machine on January 1, 2016 for $62,000. It is expected to...
Simple Solutions purchased a new machine on January 1, 2016 for $62,000. It is expected to have a useful life of 5-years or 24,000 machine hours and a $2,000 salvage value. The company feels the equipment will be used extensively in the early years. a. Calculate the depreciation expense for each of the 5 years, assuming the use of the straight-line method. b. Calculate the depreciation expense for each of the 5 years, assuming the use of an accelerated method...
8. A company purchased a machine for $190.000. The machine has a useful life of 8...
8. A company purchased a machine for $190.000. The machine has a useful life of 8 produce 750,000 units over its useful life. Determine depreciation expense when output is 109,000 units A. $25,200. 8. $26,160 С. $ 26,660. D. $27,613. E. $53,160 years, a residual value of $10,000, and can deprecilation method in which a plant asset's depreciation depreciation rate to the asset's beginning-of-period book value is called A. Book value depreciation B. Declining-balance depreciation. C. Straight-ine depreciation. D. Units-of-production...
Ch.9 3. On Septernber 1, 2017, Mettock Company purchased the following machine for use its production...
Ch.9 3. On Septernber 1, 2017, Mettock Company purchased the following machine for use its production process. The cash price of this machine was $49,500. Related expenditures included: sales tax $3,400, shipping costs $100, insurance during shipping $110, installation and testing costs $90, and $100 of oil and Jubricants to be used with the machinery during its first year of operation Metlock estimates that the useful life of the machine is 5 years with a $4,050 sa remaining at the...
16 marks) Wulston 334 marks) Better Life Hospital purchased an X-ray machine on 3 April 2019...
16 marks) Wulston 334 marks) Better Life Hospital purchased an X-ray machine on 3 April 2019 at a cost of $405 The estimated useful life of this machine was five years and estimated residual van imated residual value was $24,000. The management estimates that the machine can take 300,000 pictures during the useful life. Workings are required for the answers below. (a) Compute the depreciation expense of the X-ray machine at the year-end on 31 December for 2019 and 2020...
Easy Espresso purchased a coffee drink machine on January 1, 2018, for $13,500. Expected useful life...
Easy Espresso purchased a coffee drink machine on January 1, 2018, for $13,500. Expected useful life is 5 years or 50,000 drinks. In 2018, 5,000 drinks were sold, and in 2019, 13,000 drinks were sold. Residual value is $1,000. Read the requirements. Requirement 1. Determine the depreciation expense for 2018 and 2019 using the following methods: (a) Straight-line (SL). (b) Units of production (UOP), and (c) Double-declining-balance (DDB) For each method (starting with (a) the straight-line method), select the appropriate...
On January 1, 2017, B Company purchased two machines for use in its production process. Machine...
On January 1, 2017, B Company purchased two machines for use in
its production process.
Machine B: The recorded cost of this machine
was $120,000. Dill estimates that the useful life of the
machine is 4 years with a $8,000 salvage value remaining at the end
of that time period.
(b) Calculate the amount of depreciation expense that should be recorded for Machine B each year of its useful life under the following assumption. (1) Company uses the straight-line method of...
Ayayai Corp. purchased a new machine on October 1, 2022 at a cost of $187,200. The company estimated that the machine has a salvage value of $14,400. The machine is expected to be used for 144,000 working hours during its 8-year life. Compute depreciation using the following methods in the year indicated. Straight-line for 2022 and 2023, assuming a December 31 year-end. (Round answers to 0 decimal place, e.g. 1520.) 2022 2023 Straight-line method Declining-balance using double the straight-line rate...
Question 16 Whispering Winds Corp. purchased a new machine on October 1, 2022 at a cost of $353,600. The company estimated that the machine has a salvage value of $27,200. The machine is expected to be used for 272,000 working hours during its 8-year life. Compute depreciation using the following methods in the year indicated. Straight-line for 2022 and 2023, assuming a December 31 year-end. (Round answers to o decimal place, e.g. 1520.) 2022 Straight-line method Declining-balance using double the...
Max purchased a labelling machine on the 1st of June 2017. The machine cost $200,000 which was paid for by a loan of $150,000 and cash of $50,000. The machine will be used for 8 years and it is expected that Max Corporation will receive $8,000 cash for the scrap. The machine is expected to produce labels at the rate of: Year ended March 2018 2019 2020 2021 2022 80,000 100,000 120,000 130,000 140,000 -6- 2023 2024 2025 2026 Total...
Simple Solutions purchased a new machine on January 1, 2016 for $62,000. It is expected to have a useful life of 5-years or 24,000 machine hours and a $2,000 salvage value. The company feels the equipment will be used extensively in the early years. a. Calculate the depreciation expense for each of the 5 years, assuming the use of the straight-line method. b. Calculate the depreciation expense for each of the 5 years, assuming the use of an accelerated method...
8. A company purchased a machine for $190.000. The machine has a useful life of 8 produce 750,000 units over its useful life. Determine depreciation expense when output is 109,000 units A. $25,200. 8. $26,160 С. $ 26,660. D. $27,613. E. $53,160 years, a residual value of $10,000, and can deprecilation method in which a plant asset's depreciation depreciation rate to the asset's beginning-of-period book value is called A. Book value depreciation B. Declining-balance depreciation. C. Straight-ine depreciation. D. Units-of-production...
Ch.9 3. On Septernber 1, 2017, Mettock Company purchased the following machine for use its production process. The cash price of this machine was $49,500. Related expenditures included: sales tax $3,400, shipping costs $100, insurance during shipping $110, installation and testing costs $90, and $100 of oil and Jubricants to be used with the machinery during its first year of operation Metlock estimates that the useful life of the machine is 5 years with a $4,050 sa remaining at the...
16 marks) Wulston 334 marks) Better Life Hospital purchased an X-ray machine on 3 April 2019 at a cost of $405 The estimated useful life of this machine was five years and estimated residual van imated residual value was $24,000. The management estimates that the machine can take 300,000 pictures during the useful life. Workings are required for the answers below. (a) Compute the depreciation expense of the X-ray machine at the year-end on 31 December for 2019 and 2020...
Easy Espresso purchased a coffee drink machine on January 1, 2018, for $13,500. Expected useful life is 5 years or 50,000 drinks. In 2018, 5,000 drinks were sold, and in 2019, 13,000 drinks were sold. Residual value is $1,000. Read the requirements. Requirement 1. Determine the depreciation expense for 2018 and 2019 using the following methods: (a) Straight-line (SL). (b) Units of production (UOP), and (c) Double-declining-balance (DDB) For each method (starting with (a) the straight-line method), select the appropriate...
On January 1, 2017, B Company purchased two machines for use in
its production process.
Machine B: The recorded cost of this machine
was $120,000. Dill estimates that the useful life of the
machine is 4 years with a $8,000 salvage value remaining at the end
of that time period.
(b) Calculate the amount of depreciation expense that should be recorded for Machine B each year of its useful life under the following assumption. (1) Company uses the straight-line method of...
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