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Question 11 (5 points) Saved Assume the following details for equipment...
On January 1, 2020, SugarBear Company acquired equipment costing $160,000, which will be depreciated on the...
On January 1, 2020, SugarBear Company acquired equipment costing $160,000, which will be depreciated on the assumption that the equipment will be useful for five years and have a residual value of $14,400. The estimated output from this equipment is as follows: 2020-18,000 units; 2021-22,000 units; 2022—30,000 units; 2023– 27,000 units; 2024–15,000 units. The company is now considering possible methods of depreciation for this asset. (a) Calculate what the depreciation expense would be for each year of the asset's life,...
Q2. (25 marks) Calculate depreciation and CCA On July 2, 2019, Vicuna Inc. purchased equipment for...
Q2. (25 marks) Calculate depreciation and CCA On July 2, 2019, Vicuna Inc. purchased equipment for $720,000. This equipment has an estimated useful life of six years and an estimated residual value of $30,000. Depreciation is taken for the portion of the year the asset is used. The asset is a Class 8 asset with a maximum CCA rate of 20%. Vicuna has a December year end. Instructions a) Complete the schedule below by determining the depreciation expense/CCA and year-end...
On July 2, 2019, Vicuna Inc. purchased equipment for $720,000. This equipment has an estimated useful...
On July 2, 2019, Vicuna Inc. purchased equipment for $720,000. This equipment has an estimated useful life of six years and an estimated residual value of $30,000. Depreciation is taken for the portion of the year the asset is used. The asset is a Class 8 asset with a maximum CCA rate of 20%. Vicuna has a December year end. Instructions a) Complete the schedule below by determining the depreciation expense/CCA and year-end book values/UCC for 2019 and 2020 using...
Problem #1 Breton Industries Limited installed a machine on September 5, 2020 that cost $335,000 that...
Problem #1 Breton Industries Limited installed a machine on September 5, 2020 that cost $335,000 that had a useful life of 5 years. The machine has an estimated salvage value at the end of its useful life of $35,000. The company's year-end is December 31. At the time the machine was purchased, it was estimated that the machine could produce 2,000,000 units of product over its useful life. Actual production over the life of the machine was as follows: Year...
Question One: 30 marks Jefry's Boss purchased a small delivery truck on January 1, 2020. Cost...
Question One: 30 marks Jefry's Boss purchased a small delivery truck on January 1, 2020. Cost $55,000 Expected residual value $4,000 Estimated useful life in years 5 years Estimated useful life in miles 100,000 miles Instructions: Prepare the deprecation schedule using: 1- Straight line method 2- Double Declining method 1- Straight Line (15 marks) Year Depreciable Cost Annual Expense Book Value Accumulated Depreciation 2020 2021 2022 2023 2024 2- Double Declining Method ( 15 marks) Year Depreciable Cost Annual Expense...
Hearty Fried Chicken bought equipment on January 2, 2018, for $21,000. The equipment was expected to...
Hearty Fried Chicken bought equipment on January 2, 2018, for $21,000. The equipment was expected to remain in service for four years and to operate for 6,000 hours. At the end of the equipment's useful life, Hearty estimates that its residual value will be $3,000. The equipment operated for 600 hours the first year, 1,800 hours the second year, 2,400 hours the third year, and 1,200 hours the fourth year. Read the requirements. Requirement 1. Prepare a schedule of depreciation...
Question 13 Cullumber Company purchased equipment on March 27, 2018, at a cost of $328,000. Management...
Question 13
Cullumber Company purchased equipment on March 27, 2018, at a
cost of $328,000. Management is contemplating the merits of using
the diminishing-balance or units-of-production method of
depreciation instead of the straight-line method, which it
currently uses for other equipment. The new equipment has an
estimated residual value of $8,000 and an estimated useful life of
either four years or 80,000 units. Demand for the products produced
by the equipment is sporadic so the equipment will be used more...
Seconds Fried Chicken bought equipment on January 2, 2018, for $27,000. The equipment was expected to...
Seconds Fried Chicken bought equipment on January 2, 2018, for $27,000. The equipment was expected to remain in service for four years and to operate for 5,250 hours. At the end of the equipment's useful life, Seconds estimates that its residual value will be $6,000. The equipment operated for 525 hours the first year, 1,575 hours the second year, 2,100 hours the third year, and 1,050 hours the fourth year. Read the requirements. Requirement 1. Prepare a schedule of depreciation...
Question 1 (8 marks) Functional Manufacturing purchased equipment and a utility vehicle on January 1, 2019....
Question 1 (8 marks) Functional Manufacturing purchased equipment and a utility vehicle on January 1, 2019. The equipment cost $90,000 and has an estimated useful life of 8 years with a residual value of $15,000. The delivery vehicle cost $180,000 and has an estimated life of 5 years or 250,000 kilometres and a residual value of $17,000. The delivery truck is expected to be driven 25,000 and 35,000 kilometres in 2019 and 2020, respectively. . Required Functional has decided to...
Golden Fried Chicken bought equipment on January 2, 2018, for $21,000. The equipment was expected to...
Golden Fried Chicken bought equipment on January 2, 2018, for $21,000. The equipment was expected to remain in service for four years and to operate for 6,000 hours. At the end of the equipment's useful life, Golden estimates that its residual value will be $3,000. The equipment operated for 600 hours the first year, 1,800 hours the second year, 2,400 hours the third year, and 1,200 hours the fourth year. Read the requirements. $ Requirement 1. Prepare a schedule of...
On January 1, 2020, SugarBear Company acquired equipment costing $160,000, which will be depreciated on the assumption that the equipment will be useful for five years and have a residual value of $14,400. The estimated output from this equipment is as follows: 2020-18,000 units; 2021-22,000 units; 2022—30,000 units; 2023– 27,000 units; 2024–15,000 units. The company is now considering possible methods of depreciation for this asset. (a) Calculate what the depreciation expense would be for each year of the asset's life,...
Q2. (25 marks) Calculate depreciation and CCA On July 2, 2019, Vicuna Inc. purchased equipment for $720,000. This equipment has an estimated useful life of six years and an estimated residual value of $30,000. Depreciation is taken for the portion of the year the asset is used. The asset is a Class 8 asset with a maximum CCA rate of 20%. Vicuna has a December year end. Instructions a) Complete the schedule below by determining the depreciation expense/CCA and year-end...
Problem #1 Breton Industries Limited installed a machine on September 5, 2020 that cost $335,000 that had a useful life of 5 years. The machine has an estimated salvage value at the end of its useful life of $35,000. The company's year-end is December 31. At the time the machine was purchased, it was estimated that the machine could produce 2,000,000 units of product over its useful life. Actual production over the life of the machine was as follows: Year...
Question One: 30 marks Jefry's Boss purchased a small delivery truck on January 1, 2020. Cost $55,000 Expected residual value $4,000 Estimated useful life in years 5 years Estimated useful life in miles 100,000 miles Instructions: Prepare the deprecation schedule using: 1- Straight line method 2- Double Declining method 1- Straight Line (15 marks) Year Depreciable Cost Annual Expense Book Value Accumulated Depreciation 2020 2021 2022 2023 2024 2- Double Declining Method ( 15 marks) Year Depreciable Cost Annual Expense...
Hearty Fried Chicken bought equipment on January 2, 2018, for $21,000. The equipment was expected to remain in service for four years and to operate for 6,000 hours. At the end of the equipment's useful life, Hearty estimates that its residual value will be $3,000. The equipment operated for 600 hours the first year, 1,800 hours the second year, 2,400 hours the third year, and 1,200 hours the fourth year. Read the requirements. Requirement 1. Prepare a schedule of depreciation...
Question 13
Cullumber Company purchased equipment on March 27, 2018, at a
cost of $328,000. Management is contemplating the merits of using
the diminishing-balance or units-of-production method of
depreciation instead of the straight-line method, which it
currently uses for other equipment. The new equipment has an
estimated residual value of $8,000 and an estimated useful life of
either four years or 80,000 units. Demand for the products produced
by the equipment is sporadic so the equipment will be used more...
Seconds Fried Chicken bought equipment on January 2, 2018, for $27,000. The equipment was expected to remain in service for four years and to operate for 5,250 hours. At the end of the equipment's useful life, Seconds estimates that its residual value will be $6,000. The equipment operated for 525 hours the first year, 1,575 hours the second year, 2,100 hours the third year, and 1,050 hours the fourth year. Read the requirements. Requirement 1. Prepare a schedule of depreciation...
Question 1 (8 marks) Functional Manufacturing purchased equipment and a utility vehicle on January 1, 2019. The equipment cost $90,000 and has an estimated useful life of 8 years with a residual value of $15,000. The delivery vehicle cost $180,000 and has an estimated life of 5 years or 250,000 kilometres and a residual value of $17,000. The delivery truck is expected to be driven 25,000 and 35,000 kilometres in 2019 and 2020, respectively. . Required Functional has decided to...
Golden Fried Chicken bought equipment on January 2, 2018, for $21,000. The equipment was expected to remain in service for four years and to operate for 6,000 hours. At the end of the equipment's useful life, Golden estimates that its residual value will be $3,000. The equipment operated for 600 hours the first year, 1,800 hours the second year, 2,400 hours the third year, and 1,200 hours the fourth year. Read the requirements. $ Requirement 1. Prepare a schedule of...
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