Exercise 11-3 (Algo) Depreciation methods partial periods [LO11-2]
Exercise 11-3 (Algo) Depreciation methods partial periods [LO11-2]
[The following information applies to the questions displayed below.]
On October 1, 2021, the Allegheny Corporation purchased equipment for $278,000. The estimated service life of the equipment is 10 years and the estimated residual value is $3,000. The equipment is expected to produce 550,000 units during its life.
Required:
Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service.
Homework Answers
Exercise 11-3 (Algo) Depreciation methods partial periods [LO11-2]
Exercise 11-3 (Algo) Depreciation methods partial periods [LO11-2]Skip to question[The following information applies to the questions displayed below.]On October 1, 2021, the Allegheny Corporation purchased equipment for $278,000. The estimated service life of the equipment is 10 years and the estimated residual value is $3,000. The equipment is expected to produce 550,000 units during its life. Required:Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is...
E 11–3 Depreciation methods; partial periods LO11-2 [This is a variation of Exercise 11-2 modified to...
E 11–3 Depreciation methods; partial periods LO11-2 [This is a variation of Exercise 11-2 modified to focus on depreciation for partial years.] On October 1, 2021, the Allegheny Corporation purchased equipment for $115,000. The estimated service life of the equipment is 10 years and the estimated residual value is $5,000. The equipment is expected to produce 220,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreciation is calculated based on...
Need urgent help.... ASAP Seved 15 Brief Exercise 11-3 (Algo) Depreciation methods; partial periods [LO11-2) 57...
Need urgent help.... ASAP
Seved 15 Brief Exercise 11-3 (Algo) Depreciation methods; partial periods [LO11-2) 57 ints On March 31, 2021, Canseco Plumbing Faxtures purchased equipment for $44,000. Residual value at the end of an estimated four-year service life Is expected to be $8,000. The company expects the equipment to operate for 20,000 hours. The equipment operated for 2,900 and 3,700 hours in 2021 and 2022, respectively Skipped Required: a. Calculate depreciation expense for 2021 and 2022 using straight line...
Required information [The following information applies to the questions displayed below.] On October 1, 2021, the...
Required information [The following information applies to the questions displayed below.] On October 1, 2021, the Allegheny Corporation purchased equipment for $323,000. The estimated service life of the equipment is 10 years and the estimated residual value is $4,000. The equipment is expected to produce 550,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service. 1. Straight...
Required information [The following information applies to the questions displayed below.) On October 1, 2021, the...
Required information [The following information applies to the questions displayed below.) On October 1, 2021, the Allegheny Corporation purchased equipment for $224,000. The estimated service life of the equipment is 10 years and the estimated residual value is $4,000. The equipment is expected to produce 400,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service. 1. Straight...
Exercise 11-12 Depreciation methods; disposal; partial periods [LO11-2] Howarth Manufacturing Company purchased a lathe on June...
Exercise 11-12 Depreciation methods; disposal; partial periods [LO11-2] Howarth Manufacturing Company purchased a lathe on June 30, 2014 at a cost of $105,000. The residual value of the lathe was estimated to be $9,000 at the end of a five-year life. The lathe was sold on March 31, 2018. for $27,000. Howarth uses the straight line depreciation method for all of its plant and equipment. Partial year depreciation is calculated based on the number of months the asset is in...
(The following information applies to the questions displayed below.) On October 1, 2021, the Allegheny Corporation...
(The following information applies to the questions displayed below.) On October 1, 2021, the Allegheny Corporation purchased equipment for $267,000. The estimated service life of the equipment is 10 years and the estimated residual value is $3,000. The equipment is expected to produce 480,000 units during its life. Required: Calculate depreciation for 2021 and 2022 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 Straight-Line...
Required information [The following information applies to the questions displayed below.] On October 1, 2021, the...
Required information [The following information applies to the questions displayed below.] On October 1, 2021, the Allegheny Corporation purchased equipment for $267,000. The estimated service life of the equipment is 10 years and the estimated residual value is $3,000. The equipment is expected to produce 480,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Partial- year depreciation is calculated based on the number of months the asset is in service. 1....
P 11-6 Depreciation methods, partial-year depreciation; sale of assets .LO11-2 On March 31, 2021, the Herzog...
P 11-6 Depreciation methods, partial-year depreciation; sale of assets .LO11-2 On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The allocation of the total purchase price of $1,000,000 to the various types of assets along with estimated useful lives and residual values are as follows: Estimated Residual Estimated Useful Asset Cost Value Life (in years) Land $ 100.000 ΝΙΑ N/A Building 500,000 none Equipment 240.000 10% of cost Vehicles 160,000 $12.000 Total $1,000,000 On...
Required information [The following information applies to the questions displayed below.] On January 1, 2021, the...
Required information
[The following information applies to the questions
displayed below.]
On January 1, 2021, the Allegheny Corporation purchased equipment
for $319,000. The estimated service life of the equipment is 10
years and the estimated residual value is $22,000. The equipment is
expected to produce 288,000 units during its life.
Required:
Calculate depreciation for 2021 and 2022 using each of the
following methods.
3. Assume instead the equipment was purchased
on October 1, 2021. Calculate depreciation for 2021 and 2022...
E 11–3 Depreciation methods; partial periods LO11-2 [This is a variation of Exercise 11-2 modified to focus on depreciation for partial years.] On October 1, 2021, the Allegheny Corporation purchased equipment for $115,000. The estimated service life of the equipment is 10 years and the estimated residual value is $5,000. The equipment is expected to produce 220,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreciation is calculated based on...
Need urgent help.... ASAP
Seved 15 Brief Exercise 11-3 (Algo) Depreciation methods; partial periods [LO11-2) 57 ints On March 31, 2021, Canseco Plumbing Faxtures purchased equipment for $44,000. Residual value at the end of an estimated four-year service life Is expected to be $8,000. The company expects the equipment to operate for 20,000 hours. The equipment operated for 2,900 and 3,700 hours in 2021 and 2022, respectively Skipped Required: a. Calculate depreciation expense for 2021 and 2022 using straight line...
Required information [The following information applies to the questions displayed below.) On October 1, 2021, the Allegheny Corporation purchased equipment for $224,000. The estimated service life of the equipment is 10 years and the estimated residual value is $4,000. The equipment is expected to produce 400,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service. 1. Straight...
Exercise 11-12 Depreciation methods; disposal; partial periods [LO11-2] Howarth Manufacturing Company purchased a lathe on June 30, 2014 at a cost of $105,000. The residual value of the lathe was estimated to be $9,000 at the end of a five-year life. The lathe was sold on March 31, 2018. for $27,000. Howarth uses the straight line depreciation method for all of its plant and equipment. Partial year depreciation is calculated based on the number of months the asset is in...
(The following information applies to the questions displayed below.) On October 1, 2021, the Allegheny Corporation purchased equipment for $267,000. The estimated service life of the equipment is 10 years and the estimated residual value is $3,000. The equipment is expected to produce 480,000 units during its life. Required: Calculate depreciation for 2021 and 2022 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 Straight-Line...
Required information [The following information applies to the questions displayed below.] On October 1, 2021, the Allegheny Corporation purchased equipment for $267,000. The estimated service life of the equipment is 10 years and the estimated residual value is $3,000. The equipment is expected to produce 480,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Partial- year depreciation is calculated based on the number of months the asset is in service. 1....
P 11-6 Depreciation methods, partial-year depreciation; sale of assets .LO11-2 On March 31, 2021, the Herzog Company purchased a factory complete with vehicles and equipment. The allocation of the total purchase price of $1,000,000 to the various types of assets along with estimated useful lives and residual values are as follows: Estimated Residual Estimated Useful Asset Cost Value Life (in years) Land $ 100.000 ΝΙΑ N/A Building 500,000 none Equipment 240.000 10% of cost Vehicles 160,000 $12.000 Total $1,000,000 On...
Required information
[The following information applies to the questions
displayed below.]
On January 1, 2021, the Allegheny Corporation purchased equipment
for $319,000. The estimated service life of the equipment is 10
years and the estimated residual value is $22,000. The equipment is
expected to produce 288,000 units during its life.
Required:
Calculate depreciation for 2021 and 2022 using each of the
following methods.
3. Assume instead the equipment was purchased
on October 1, 2021. Calculate depreciation for 2021 and 2022...
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