Apple co bought a car with an estimated life of five years for $12,000. The residual...
Apple co bought a car with an estimated life of five years for $12,000. The residual value of the car is $2,000. What will the amount of depreciation expense each year using the straight-line method? If the car was bought on April 3rd, what would the depreciation be for the first year, Show the work!
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Apple co bought a car with an estimated life of five years for
$12,000. The residual...
Plastic Works Corporation bought a machine at the beginning of the year at a cost of $12,000. The estimated useful life...
Plastic Works Corporation bought a machine at the beginning of the year at a cost of $12,000. The estimated useful life was five years, and the residual value was $2,000. Assume that the estimated productive life of the machine is 10,000 units. Expected annual production was: year 1, 3,000 units; year 2, 3,000 units; year 3, 2,000 units; year 4, 1,000 units; and year 5, 1,000 units. Required: 1. Complete a depreciation schedule for each of the alternative methods. (Enter...
Torge Company bought a machine for $99,000 cash. The estimated useful life was five years and...
Torge Company bought a machine for $99,000 cash. The estimated useful life was five years and the estimated residual value was $6,000. Assume that the estimated useful life in productive units is 201,000. Units actually produced were 53,600 in year 1 and 60,300 in year 2 Required: 1. Determine the appropriate amounts to complete the following schedule. (Do not round intermediate calculations.) Depreciation Expense for Book Value at the End of Method of Depreciation Year 2 Year 2 Year 1...
Schrade Company bought a machine for $98,000 cash. The estimated useful life was four years, and...
Schrade Company bought a machine for $98,000 cash. The estimated useful life was four years, and the estimated residual value was $6,040. Assume that the estimated useful life in productive units is 121,000. Units actually produced were 44,000 in year 1 and 46,000 in year 2 value: Required information 10.00 points Required: 1. Determine the appropriate amounts to complete the following schedule. (Round your answers to the nearest dollar amount. Do not round intermediate calculations.) Depreciation Expense for Year 1...
2. Equipment with a cost of $130,000 has an estimated residual value of $10,000 and an...
2. Equipment with a cost of $130,000 has an estimated residual value of $10,000 and an estimated life of 5 years or 12,000 It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year?
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 $....
On January 1, 2016, Walid Company purchases equipment for $12,000 with 4 years estimated useful life...
On January 1, 2016, Walid Company purchases equipment for $12,000 with 4 years estimated useful life and no salvage value. On January 1, 2019, Walid Company retires the equipment. The straight-line method of depreciation is applied and financial statements are prepared yearly. The retirement entry is: * On January 1, 2018, Zak Company purchases equipment for $24,000, with an estimated useful life of 4 years and no salvage value. The straight-line depreciation method is applied and financial statements are prepared...
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?
A Company bought a used delivery truck for $20,000 with an estimated useful life of 4...
A Company bought a used delivery truck for $20,000 with an estimated useful life of 4 years. The company’s accountant estimated that the truck’s residual value would be $2,000 at the end of its useful life. Compute depreciation expense for the third year of the asset’s life using the double-declining balance method.
An asset was purchased for $71,000 and originally estimated to have a useful life of 10 years with a residual value of $...
An asset was purchased for $71,000 and originally estimated to have a useful life of 10 years with a residual value of $3,500. After two years of straight-line depreciation, it was determined that the remaining useful life of the asset was only two years with a residual value of $1,400. a) Determine the amount of the annual depreciation for the first two years. $ b) Determine the book value at the end of Year 2. $ c) Determine the depreciation...
A building with a cost of $585,000 has an estimated residual value of $117,000, has an...
A building with a cost of $585,000 has an estimated residual value of $117,000, has an estimated useful life of 36 years, and is depreciated by the straight-line method. a. What is the amount of the annual depreciation? $ b. What is the book value at the end of the twentieth year of use? $ c. If at the start of the twenty-first year it is estimated that the remaining life is 20 years and that the residual value is...
Plastic Works Corporation bought a machine at the beginning of the year at a cost of $12,000. The estimated useful life was five years, and the residual value was $2,000. Assume that the estimated productive life of the machine is 10,000 units. Expected annual production was: year 1, 3,000 units; year 2, 3,000 units; year 3, 2,000 units; year 4, 1,000 units; and year 5, 1,000 units. Required: 1. Complete a depreciation schedule for each of the alternative methods. (Enter...
Torge Company bought a machine for $99,000 cash. The estimated useful life was five years and the estimated residual value was $6,000. Assume that the estimated useful life in productive units is 201,000. Units actually produced were 53,600 in year 1 and 60,300 in year 2 Required: 1. Determine the appropriate amounts to complete the following schedule. (Do not round intermediate calculations.) Depreciation Expense for Book Value at the End of Method of Depreciation Year 2 Year 2 Year 1...
Schrade Company bought a machine for $98,000 cash. The estimated useful life was four years, and the estimated residual value was $6,040. Assume that the estimated useful life in productive units is 121,000. Units actually produced were 44,000 in year 1 and 46,000 in year 2 value: Required information 10.00 points Required: 1. Determine the appropriate amounts to complete the following schedule. (Round your answers to the nearest dollar amount. Do not round intermediate calculations.) Depreciation Expense for Year 1...
2. Equipment with a cost of $130,000 has an estimated residual value of $10,000 and an estimated life of 5 years or 12,000 It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year?
On January 1, 2016, Walid Company purchases equipment for $12,000 with 4 years estimated useful life and no salvage value. On January 1, 2019, Walid Company retires the equipment. The straight-line method of depreciation is applied and financial statements are prepared yearly. The retirement entry is: * On January 1, 2018, Zak Company purchases equipment for $24,000, with an estimated useful life of 4 years and no salvage value. The straight-line depreciation method is applied and financial statements are prepared...
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