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Check my work 3 On June 30.2018, Rosetta Granite purchased a machine for $136.000. The estimated...
On June 30, 2021, Rosetta Granite purchased equipment for $134,000. The estimated useful life of the...
On June 30, 2021, Rosetta Granite purchased equipment for $134,000. The estimated useful life of the equipment is eight years and no residual value is anticipated. An important component of the equipment is a specialized high-speed drill that will need to be replaced in four years. The $20,000 cost of the drill is included in the $134,000 cost of the equipment. Rosetta uses the straight-line depreciation method for all equipment. Required: 1. Calculate depreciation for 2021 and 2022 applying the...
On June 30, 2021, Rosetta Granite purchased equipment for $130,000. The estimated useful life of the...
On June 30, 2021, Rosetta Granite purchased equipment for $130,000. The estimated useful life of the equipment is eight years and no residual value is anticipated. An important component of the equipment is a specialized high-speed drill that will need to be replaced in four years. The $22,000 cost of the drill is included in the $130,000 cost of the equipment. Rosetta uses the straight-line depreciation method for all equipment. Required: 1. Calculate depreciation for 2021 and 2022 applying the...
On January 1,2018, a machine was purchased for $100,000. The machine has an estimated salvage value...
On January 1,2018, a machine was purchased for $100,000. The machine has an estimated salvage value of $5,920 and an estimated useful life of 5 years. The machine can operate for 112,000 hours before it needs to be replaced. The company closed its books on December 31 and operates the machine as follows: 2018, 22,400 hrs; 2019, 28,000 hrs; 2020, 16,800 hrs; 202 1, 33,600 hrs; and 2022, 11,200 hrs. (a) Compute the annual depreciation charges over the machine's life...
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...
On January 1, 2018, a machine was purchased for $120,000. The machine has an estimated salvage...
On January 1, 2018, a machine was purchased for $120,000. The
machine has an estimated salvage value of $9,600 and an estimated
useful life of 5 years. The machine can operate for 120,000 hours
before it needs to be replaced. The company closed its books on
December 31 and operates the machine as follows: 2018, 24,000 hrs;
2019, 30,000 hrs; 2020, 18,000 hrs; 2021, 36,000 hrs; and 2022,
12,000 hrs.
Compute the annual depreciation charges over the machine’s life
assuming...
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...
On October 1, 2018, the Allegheny Corporation purchased machinery for $314,000. The estimated ser...
On October 1, 2018, the Allegheny Corporation purchased machinery for $314,000. The estimated service life of the machinery is 10 years and the estimated residual value is $6,000. The machine is expected to produce 550,000 units during its life. Required: Calculate depreciation for 2018 and 2019 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service. 1. Straight line. 2. Sum-of-the-years’-digits. 3. Double-declining balance. 4. One hundred fifty percent...
On October 1, 2018, the Allegheny Corporation purchased machinery for $314,000. The estimated service life of the machi...
On October 1, 2018, the Allegheny Corporation purchased machinery for $314,000. The estimated service life of the machinery is 10 years and the estimated residual value is $6,000. The machine is expected to produce 550,000 units during its life. Required: Calculate depreciation for 2018 and 2019 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service. 1. Straight line. 2. Sum-of-the-years'-digits. 3. Double-declining balance. 4. One hundred fifty percent...
Beta Company purchased machinery on June 1, 2018 for $89,000. It provided the following data: Estimated...
Beta Company purchased machinery on June 1, 2018 for $89,000. It provided the following data: Estimated Residual Value - $5 000 Estimated Service Life – 8 years Estimated Total Work Hours – 42 000 hours Estimated Total Production – 525 000 units Machine Usage (2018) – 5 500 hrs (2019) – 6 000 hrs Machine Production (2018) – 48 000 units (2019) – 55 000 units Beta Company uses a fractional-year policy to the nearest full month and its financial...
On January 1, 2017, Exclusive Manufacturing purchased a machine for $750,000 that it expected to have...
On January 1, 2017, Exclusive Manufacturing purchased a machine for $750,000 that it expected to have a useful life of four years. The company estimated that the residual value of the machine was $30,000. Exclusive Manufacturing used the machine for two years and sold it on January 1, 2019, for $300,000. As of December 31, 2018, the accumulated depreciation on the machine was $360,000. Read the requirements. 1. Calculate the gain or loss on the sale of the machinery. Exclusive...
On January 1,2018, a machine was purchased for $100,000. The machine has an estimated salvage value of $5,920 and an estimated useful life of 5 years. The machine can operate for 112,000 hours before it needs to be replaced. The company closed its books on December 31 and operates the machine as follows: 2018, 22,400 hrs; 2019, 28,000 hrs; 2020, 16,800 hrs; 202 1, 33,600 hrs; and 2022, 11,200 hrs. (a) Compute the annual depreciation charges over the machine's life...
On January 1, 2018, a machine was purchased for $120,000. The
machine has an estimated salvage value of $9,600 and an estimated
useful life of 5 years. The machine can operate for 120,000 hours
before it needs to be replaced. The company closed its books on
December 31 and operates the machine as follows: 2018, 24,000 hrs;
2019, 30,000 hrs; 2020, 18,000 hrs; 2021, 36,000 hrs; and 2022,
12,000 hrs.
Compute the annual depreciation charges over the machine’s life
assuming...
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...
On October 1, 2018, the Allegheny Corporation purchased machinery for $314,000. The estimated service life of the machinery is 10 years and the estimated residual value is $6,000. The machine is expected to produce 550,000 units during its life. Required: Calculate depreciation for 2018 and 2019 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service. 1. Straight line. 2. Sum-of-the-years'-digits. 3. Double-declining balance. 4. One hundred fifty percent...
On January 1, 2017, Exclusive Manufacturing purchased a machine for $750,000 that it expected to have a useful life of four years. The company estimated that the residual value of the machine was $30,000. Exclusive Manufacturing used the machine for two years and sold it on January 1, 2019, for $300,000. As of December 31, 2018, the accumulated depreciation on the machine was $360,000. Read the requirements. 1. Calculate the gain or loss on the sale of the machinery. Exclusive...
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