timber co bought a machine that cost $ 110,000 on January 1, 2016. The machine had...
timber co bought a machine that cost $ 110,000 on January 1,
2016. The machine had a lifespan of six years and $ 8,000. timber
co uses linear depreciation on its machines.
What is a depreciated amortization at the end of 2018 and what are
the accumulated amortization at the same time?
Group of answer choices
17,000 depreciated amortization and 51,000 revocation amortization.
17,000 depreciated amortization and 68,000 amortization depreciation.
68,000 depreciated amortization and 17,000 repayment amortization.
17,000 depreciated amortization and 17,000 revocation amortization.
Homework Answers
Depreciated amortization
= (110,000-8,000)/6 = 17,000
Accumulated amortization = 17,000 * 3 years
= 51,000
Option A is the answer
Comment if you face any issues
Add Answer to:
timber co bought a machine that cost $ 110,000 on January 1,
2016. The machine had...
Exercise 2—Noncounterbalancing error. Quigley Co. bought a machine on January 1, 2016 for $2,800,000. It had...
Exercise 2—Noncounterbalancing error. Quigley Co. bought a machine on January 1, 2016 for $2,800,000. It had a $240.000 estimated residual value and a ten-year life. An expense account was debited on the purchase date. Quigley uses straight-line depreciation. This was discovered in 2018. Instructions Prepare the entry or entries related to the machine for 2018. Ignore taxes.
In January of year 1, Omega co bought a machine for $ 50,000. Transport costs for...
In January of year 1, Omega co bought a machine for $ 50,000. Transport costs for the machine were $ 5,000 and with the terms FOB destination and with the purchase of the machine, Omega co operating costs increased by $ 2,500 a year. The gross value of the machine is $ 10,000. but its lifespan is 5 years. What were the depreciation of year 3 compared to double linear depreciation? a. $ 5760 b. $ 7920 c. $ 7560...
Sheridan Company bought a machine on January 1, 2017. The machine cost $136000 and had an...
Sheridan Company bought a machine on January 1, 2017. The
machine cost $136000 and had an expected salvage value of $30000.
The life of the machine was estimated to be 5 years. The
depreciation expense using the straight-line method of depreciation
is
$35333.
$27200.
$21200.
none of these answer choices are correct.
Equipment that cost $110000 and on which $57000 of accumulated
depreciation has been recorded was disposed of for $60500 cash. The
entry to record this event would include...
Blossom Company bought a machine on January 1, 2017. The machine cost $140000 and had an...
Blossom Company bought a machine on January 1, 2017. The machine cost $140000 and had an expected salvage value of $24000. The life of the machine was estimated to be 5 years. The company uses the straight-line method of depreciation. The book value of the machine at the beginning of the third year would be
January 1, 2016, Lexo co bought fixed assets for $ 80,000. The expected life of the...
January 1, 2016, Lexo co bought fixed assets for $ 80,000. The expected life of the property, at the date of purchase, was five years and the residual value is estimated at $ 16,000. Lexo co uses a straight-line depreciation method for depreciation. At the beginning of the fourth year, the managers reassessed the value of the property and it now amounts to $ 8000. Based on this information, the depreciation (charges) at year-end 2019 should be: a 12,800 $....
Question 6 (1 point) Archie Co. purchased a framing machine for $45,000 on January 1, 2018....
Question 6 (1 point) Archie Co. purchased a framing machine for $45,000 on January 1, 2018. The machine is expected to have a four-year life, with a residual value of $5,000 at the end of four years. Using the straight-line method, depreciation for 2019 and book value at December 31. 2019, would be: $10,000 and $20,000. $10,000 and $25,000. $11,250 and $17.500. $11.250 and $22.500. Question 7 (1 point) In testing for recoverability of property, plant, and equipment, an impairment...
Murgatroyd Co. purchased equipment on January 1, 2016, for $520,000, estimating a four-year useful life and...
Murgatroyd Co. purchased equipment on January 1, 2016, for $520,000, estimating a four-year useful life and no residual value. In 2016 and 2017, Murgatroyd depreciated the asset using the sum-of-years'-digits method. In 2018, Murgatroyd changed to straight-line depreciation for this equipment. What depreciation would Murgatroyd record for the year 2018 on this equipment? (Do not round your depreciation rate.) Multiple Choice $ 78,000. $130,000. $156,000. None of these answer choices are correct.
On January 1, 2018, Dunbar Echo Co. sells a machine for $25,200. The machine was originally...
On January 1, 2018, Dunbar Echo Co. sells a machine for $25,200. The machine was originally purchased on January 1, 2016 for $45,200. The machine was estimated to have a useful life of 5 years and a residual value of $0. Dunbar Echo uses straight-line depreciation. In recording this transaction: A. a loss of $20,000 would be recorded B. a gain of $1,920 would be recorded. C. a loss of $1,920 would be recorded. D. a gain of $25,200 would...
1. TB 09-82 A machine that cost $40,000 and had accumula... A machine that cost $40,000...
1. TB 09-82 A machine that cost $40,000 and had accumula... A machine that cost $40,000 and had accumulated depreciation of $30,000 was traded in on a new machine, which had an estimated 20-year life and a cash price of $50,000. If a $7,000 trade-in allowance was received on the old machine, the new machine should be valued at Multiple Choice $53,000 $10,000 $47,000 $50,000 $40,000 The cost of an asset includes all normal and reasonable expenditures necessary to get...
Sandhill Co. bought equipment for $600000 on January 1, 2016. Sandhill estimated the useful life to...
Sandhill Co. bought equipment for $600000 on January 1, 2016. Sandhill estimated the useful life to be 4 years with no salvage value, and the straight-line method of depreciation will be used. On January 1, 2017, Sandhill decides that the business will use the equipment for a total of 9 years. What is the revised depreciation expense for 2017?
Exercise 2—Noncounterbalancing error. Quigley Co. bought a machine on January 1, 2016 for $2,800,000. It had a $240.000 estimated residual value and a ten-year life. An expense account was debited on the purchase date. Quigley uses straight-line depreciation. This was discovered in 2018. Instructions Prepare the entry or entries related to the machine for 2018. Ignore taxes.
Sheridan Company bought a machine on January 1, 2017. The
machine cost $136000 and had an expected salvage value of $30000.
The life of the machine was estimated to be 5 years. The
depreciation expense using the straight-line method of depreciation
is
$35333.
$27200.
$21200.
none of these answer choices are correct.
Equipment that cost $110000 and on which $57000 of accumulated
depreciation has been recorded was disposed of for $60500 cash. The
entry to record this event would include...
Question 6 (1 point) Archie Co. purchased a framing machine for $45,000 on January 1, 2018. The machine is expected to have a four-year life, with a residual value of $5,000 at the end of four years. Using the straight-line method, depreciation for 2019 and book value at December 31. 2019, would be: $10,000 and $20,000. $10,000 and $25,000. $11,250 and $17.500. $11.250 and $22.500. Question 7 (1 point) In testing for recoverability of property, plant, and equipment, an impairment...
Most questions answered within 3 hours.
-
on april 10, a company acquired land valued at $58,000 in
exchange for 1,000 shares of...
asked 1 minute ago -
Is
ampicillin or solvents (such as acetone) more effective at killing
off bacteria, in general? Explain...
asked 7 minutes ago -
The current risk-free rate is 4.0% and the market risk premium
is 5.0%. If Ford Motor...
asked 23 minutes ago -
Advances in technology have increased our opportunities to
connect with others. Along with the benefits of...
asked 31 minutes ago -
Compute the interest rate at which $500 per month payments
should grow to accumulate savings of...
asked 32 minutes ago -
The following information pertains to a weekly payroll of Texera
Tile Company:
a. The total wages...
asked 35 minutes ago -
Alice has the RSA public key (n, e) = (11413, 251) and private
key d =...
asked 48 minutes ago -
QUESTION 5
A drug or medicine can reach the brain more effectively by
placing the drug...
asked 51 minutes ago -
Developmental biology
A mouse contains a mutation that results in a failure of their
long
bones...
asked 47 minutes ago -
Rammazzotti, Inc., is looking for feedback on company
performance. The company compares the budget for the...
asked 53 minutes ago -
A manufacturer of chocolate chips would like to know whether its
bag filling machine works correctly...
asked 1 hour ago -
Consider the student registration business process at
your college:
1.)Describe the steps necessary for you to...
asked 1 hour ago