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QUESTION 11 Machinery was purchased for $60,000 on 1 July 2020 and was expected to have...
Harrison Company purchased a piece of machinery for $100,000 on 1 July 2017. The residual value...
Harrison Company purchased a piece of machinery for $100,000 on
1 July 2017. The residual value is $20,000 and the expected useful
life is 8 years.
Compute the depreciation expense and net book value of the
machinery for the years 2017, 2018, and 2019 using:
(i) Straight-line method.
(ii) Double declining balance method.
(b) Harrison Company purchased a piece of machinery for $100,000 on 1 July 2017. The residual value is $20,000 and the expected useful life is 8 years....
Machinery is purchased on July 1 of the current fiscal year for $240,000. It is expected...
Machinery is purchased on July 1 of the current fiscal year for $240,000. It is expected to have a useful life of four years, or 25,000 operating hours, and a residual value of $15,000. Compute the depreciation for the last six months of the current fiscal year ending December 31 by each of the following methods: a. Straight-line b. Double-declining-balance c. Units-of-activity (used for 1,600 hours during the current year)
On January 1, 2013, Powell Company purchased a building and machinery that have the following useful...
On January 1, 2013, Powell Company purchased a building and machinery that have the following useful lives, salvage value, and costs. Building, 25-year estimated useful life, $9,000,000 cost, $900,000 salvage value Machinery, 10-year estimated useful life, $1,200,000 cost, no salvage value The building has been depreciated under the straight-line method through 2017. In 2018, the company decided to switch to the double-declining balance method of depreciation for the building. Powell also decided to change the total useful life of the...
Assignment 4 DUE ON August 2nd, 2020 (6% IN THE FINAL) PROBLEM:1 Roxy Gymnastics purchased new...
Assignment 4 DUE ON August 2nd, 2020 (6% IN THE FINAL) PROBLEM:1 Roxy Gymnastics purchased new equipment for $175,000. It is estimated that the equipment will have a $15,000 residual value at the end of its 5-year useful service life. The double diminishing-balance method of depreciation will be used. Instructions: Prepare a depreciation schedule which shows the annual depreciation expense on the equipment for its 5 year life.
Can you explain each step? Question 12 G11414 Waterhouse Ltd purchased machinery on 1 January 2019,...
Can
you explain each step?
Question 12 G11414 Waterhouse Ltd purchased machinery on 1 January 2019, at a cost of $880 000 (GST Inclusive). The machinery is depreciated using the straight-line method over a useful life of 8 years with a residual value of $80 000. On Hanuary 2022, an overhaul of the machinery was made at a cost of $123 290 (GST Inelusive). Because of this overhaul, the useful life was re-estimated at 4 years from Hanuary 2022, and...
Bramble Company purchased machinery on January 1, 2020, for $91,200. The machinery is estimated to have...
Bramble Company purchased machinery on January 1, 2020, for $91,200. The machinery is estimated to have a salvage value of $9,120 after a useful life of 8 years. Compute 2020 depreciation expense using the sum-of-the-years'-digits method. Depreciation expense $ LINK TO TEXT Compute 2020 depreciation expense using the sum-of-the-years'-digits method, assuming the machinery was purchased on April 1, 2020. (Round answer to 0 decimal places, e.g. 5,125.) Depreciation expense
Concord Company purchased machinery on January 1, 2020, for $84,000. The machinery is estimated to have a salvage value...
Concord Company purchased machinery on January 1, 2020, for $84,000. The machinery is estimated to have a salvage value of $8,400 after a useful life of 8 years. Compute 2020 depreciation expense using the straight-line method. Depreciation expense LINK TO TEXT Compute 2020 depreciation expense using the straight-line method assuming the machinery was purchased on September 1, 2020. Depreciation expense
Week 10 Nevertire Ltd purchased a delivery van costing $52,000. It is expected to have a...
Week 10 Nevertire Ltd purchased a delivery van costing $52,000. It is expected to have a residual value of $12,000 at the end of its useful life of 4 years or 200,000 kilometres. Ignore GST. Required: a) Assume the van was purchased on 1 July 2019 and that the accounting period ends on 30 June Calculate the depreciation expense for the year 2019-20 using each of the following depreciation methods (6 marks) straight-line • diminishing balance (depreciation rate has been...
し04, 7, 8 On 1 July 2018, Jupiter Ltd purchased land for S$400000 and buildings for $250000. The...
し04, 7, 8 On 1 July 2018, Jupiter Ltd purchased land for S$400000 and buildings for $250000. The esti- mated useful life of the buildings was 20 years, with a residual value of nil. On 1 October 2018, PSA8.4 Prepare the entries to record revaluation, depreciation and disposal. machinery was purchased at a total cost of S120000. The estimated useful life of the machinery was 4 years with an estimated residual value of $9000. Jupiter Ltd uses straight-line deprec ation...
1.We purchased a building with a market value of $150,000 for $125,000 cash. The seller paid...
1.We purchased a building with a market value of $150,000 for $125,000 cash. The seller paid $50,000 when they originally purchased the building. What amount is used when we record the purchase of the building? $25,000 $50,000 $125,000 $150,000 2.On July 1, 2017, we purchased a truck for $60,000. The truck has a useful life of 5 years and a residual value of $5,000. The truck is depreciated using the straight-line method. What is the depreciation expense for 2017? $12,000...
Harrison Company purchased a piece of machinery for $100,000 on
1 July 2017. The residual value is $20,000 and the expected useful
life is 8 years.
Compute the depreciation expense and net book value of the
machinery for the years 2017, 2018, and 2019 using:
(i) Straight-line method.
(ii) Double declining balance method.
(b) Harrison Company purchased a piece of machinery for $100,000 on 1 July 2017. The residual value is $20,000 and the expected useful life is 8 years....
Machinery is purchased on July 1 of the current fiscal year for $240,000. It is expected to have a useful life of four years, or 25,000 operating hours, and a residual value of $15,000. Compute the depreciation for the last six months of the current fiscal year ending December 31 by each of the following methods: a. Straight-line b. Double-declining-balance c. Units-of-activity (used for 1,600 hours during the current year)
On January 1, 2013, Powell Company purchased a building and machinery that have the following useful lives, salvage value, and costs. Building, 25-year estimated useful life, $9,000,000 cost, $900,000 salvage value Machinery, 10-year estimated useful life, $1,200,000 cost, no salvage value The building has been depreciated under the straight-line method through 2017. In 2018, the company decided to switch to the double-declining balance method of depreciation for the building. Powell also decided to change the total useful life of the...
Assignment 4 DUE ON August 2nd, 2020 (6% IN THE FINAL) PROBLEM:1 Roxy Gymnastics purchased new equipment for $175,000. It is estimated that the equipment will have a $15,000 residual value at the end of its 5-year useful service life. The double diminishing-balance method of depreciation will be used. Instructions: Prepare a depreciation schedule which shows the annual depreciation expense on the equipment for its 5 year life.
Can
you explain each step?
Question 12 G11414 Waterhouse Ltd purchased machinery on 1 January 2019, at a cost of $880 000 (GST Inclusive). The machinery is depreciated using the straight-line method over a useful life of 8 years with a residual value of $80 000. On Hanuary 2022, an overhaul of the machinery was made at a cost of $123 290 (GST Inelusive). Because of this overhaul, the useful life was re-estimated at 4 years from Hanuary 2022, and...
Bramble Company purchased machinery on January 1, 2020, for $91,200. The machinery is estimated to have a salvage value of $9,120 after a useful life of 8 years. Compute 2020 depreciation expense using the sum-of-the-years'-digits method. Depreciation expense $ LINK TO TEXT Compute 2020 depreciation expense using the sum-of-the-years'-digits method, assuming the machinery was purchased on April 1, 2020. (Round answer to 0 decimal places, e.g. 5,125.) Depreciation expense
Concord Company purchased machinery on January 1, 2020, for $84,000. The machinery is estimated to have a salvage value of $8,400 after a useful life of 8 years. Compute 2020 depreciation expense using the straight-line method. Depreciation expense LINK TO TEXT Compute 2020 depreciation expense using the straight-line method assuming the machinery was purchased on September 1, 2020. Depreciation expense
Week 10 Nevertire Ltd purchased a delivery van costing $52,000. It is expected to have a residual value of $12,000 at the end of its useful life of 4 years or 200,000 kilometres. Ignore GST. Required: a) Assume the van was purchased on 1 July 2019 and that the accounting period ends on 30 June Calculate the depreciation expense for the year 2019-20 using each of the following depreciation methods (6 marks) straight-line • diminishing balance (depreciation rate has been...
し04, 7, 8 On 1 July 2018, Jupiter Ltd purchased land for S$400000 and buildings for $250000. The esti- mated useful life of the buildings was 20 years, with a residual value of nil. On 1 October 2018, PSA8.4 Prepare the entries to record revaluation, depreciation and disposal. machinery was purchased at a total cost of S120000. The estimated useful life of the machinery was 4 years with an estimated residual value of $9000. Jupiter Ltd uses straight-line deprec ation...
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