Caterpillar purchased a machine with a cash price of $315000 on January 1, 2011. It also spent $10000 for installing the machine, $20000 for testing the machine and another $20000 for oil and lubricants. It was estimated that this machine would have a u
Caterpillar purchased a machine with a cash price of $315000 on January 1, 2011. It also spent $10000 for installing the machine, $20000 for testing the machine and another $20000 for oil and lubricants. It was estimated that this machine would have a useful life of 6 years and a salvage value of $15000 at that time. The straight- line method of depreciation was considered the most appropriate to use with this type of machine. Depreciation is to be recorded at the end of each year. During 2014, the company’s technician reconsidered their expectations and estimated that the equipment’s useful life would probably be 10 years instead of 6 years. The estimated salvage value will be reduced by $3000. During 2017, the technician realized that they were using inappropriate depreciation method and considered to use double declining balance method from now on. In 2019, they changed their estimation of salvage value to $2000. Required: Construct a table to show the amount of depreciation should be recorded each year during the lifetime of the machine. (Answer should include all necessary calculations and columns in the table).
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Caterpillar purchased a machine with a cash price of $315000 on January 1, 2011. It also spent $10000 for installing the machine, $20000 for testing the machine and another $20000 for oil and lubricants. It was estimated that this machine would have a u
Required: Construct a table to show the amount of depreciation should be recorded each year during the lifetime of the machine. (Answer should include all necessary calculations and columns in the table)
Caterpillar purchased a machine with a cash price of $315000 on January 1, 2011. It also spent $10000 for installing the machine, $20000 for testing the machine and another $20000 for oil and lubricants. It was estimated that this machine would have a useful life of 6 years and a salvage value of $15000 at that time. The straight- line method of depreciation was considered the most appropriate to use with this type of machine. Depreciation is to be recorded...
Please solve this question its urgent Question 1: 10 Marks Caterpillar purchased a machine with a...
Please solve this question its urgent
Question 1: 10 Marks Caterpillar purchased a machine with a cash price of $425000 on January 1, 2011. It also spent $10000 for installing the machine, $20000 for testing the machine and another $20000 for oil and lubricants. It was estimated that this machine would have a useful life of 8 years and a salvage value of $15000 at that time. The straight-line method of depreciation was considered the most appropriate to use with...
At the beginning of 2018, Sheffield Company acquired equipment costing $175,600. It was estimated that this...
At the beginning of 2018, Sheffield Company acquired equipment costing $175,600. It was estimated that this equipment would have a useful life of 6 years and a salvage value of $17,560 at that time. The straight-line method of depreciation was considered the most appropriate to use with this type of equipment. Depreciation is to be recorded at the end of each year. During 2020 (the third year of the equipment’s life), the company’s engineers reconsidered their expectations, and estimated that...
Problem 9-4A At the beginning of 2013, Mazzaro Company acquired equipment costing $127,600. It was estimated...
Problem 9-4A
At the beginning of 2013, Mazzaro Company acquired equipment
costing $127,600. It was estimated that this equipment would have a
useful life of 6 years and a salvage value of $12,760 at that time.
The straight-line method of depreciation was considered the most
appropriate to use with this type of equipment. Depreciation is to
be recorded at the end of each year.
During 2015 (the third year of the equipment’s life), the company’s
engineers reconsidered their expectations and...
Problem 10-04A (Video) At the beginning of 2018, Sheffield Company acquired equipment costing $175,600. It was...
Problem 10-04A (Video) At the beginning of 2018, Sheffield Company acquired equipment costing $175,600. It was estimated that this equipment would have a useful life of 6 years and a salvage value of $17,560 at that time. The straight-line method of depreciation was considered the most appropriate to use with this type of equipment. Depreciation is to be recorded at the end of each year. During 2020 (the third year of the equipment’s life), the company’s engineers reconsidered their expectations,...
At the beginning of 2018, Flounder Company acquired equipment costing $170,800. It was estimated that this...
At the beginning of 2018, Flounder Company acquired equipment
costing $170,800. It was estimated that this equipment would have a
useful life of 6 years and a salvage value of $17,080 at that time.
The straight-line method of depreciation was considered the most
appropriate to use with this type of equipment. Depreciation is to
be recorded at the end of each year.
During 2020 (the third year of the equipment’s life), the company’s
engineers reconsidered their expectations, and estimated that...
At the beginning of 2017, Blue Spruce Corp. acquired equipment costing $83,600. It was estimated that...
At the beginning of 2017, Blue Spruce Corp. acquired equipment costing $83,600. It was estimated that this equipment would have a useful life of 6 years and a salvage value of $8,360 at that time. The straight-line method of depreciation was considered the most appropriate to use with this type of equipment. Depreciation is to be recorded at the end of each year. During 2019 (the third year of the equipment's life), the company's engineers reconsidered their expectations and estimated...
A machine with a cost of $260,000 has an estimated salvage value of $20,000 and an estimated useful life of 5 years or 1...
A
machine with a cost of $260,000 has an estimated salvage value of
$20,000 and an estimated useful life of 5 years or 12000 hours. It
is to be depreciated using the units-of-activity method of
depreciation. What is amount of depreciation for the second full
year, during which the machine was used 4000 hours?
Multiple Choice Question 209 A machine with a cost of $260000 has an estimated salvage value of $20000 and depreciation for the second full year, during...
Problem 9-4A At the beginning of 2013, Mazzaro Company acquired equipment costing $105,400. It was estimated...
Problem 9-4A At the beginning of 2013, Mazzaro Company acquired equipment costing $105,400. It was estimated that this equipment would have a useful life of 6 years and a salvage value of $10,540 at that time. The straight-line method of depreciation was considered the most appropriate to use with this type of equipment. Depreciation is to be recorded at the end of each year. During 2015 (the third year of the equipment's life), the company's engineers reconsidered their expectations and...
A company purchased factory equipment on April 1, 2022 for $159500. It is estimated that the equipment will hav...
A company purchased factory equipment on April 1, 2022 for $159500. It is estimated that the equipment will have a $15500 salvage value at the end of its 10-year useful life. Using the straight-line method of depreciation the amount to be recorded as depreciation expense at December 31, 2022 is 515950 $14400. $10800 511953 Multiple Choice Question 109 On January 1. a machine with a useful life of four years and a salvage value of $15000 was purchased for $120000....
Please solve this question its urgent
Question 1: 10 Marks Caterpillar purchased a machine with a cash price of $425000 on January 1, 2011. It also spent $10000 for installing the machine, $20000 for testing the machine and another $20000 for oil and lubricants. It was estimated that this machine would have a useful life of 8 years and a salvage value of $15000 at that time. The straight-line method of depreciation was considered the most appropriate to use with...
Problem 9-4A
At the beginning of 2013, Mazzaro Company acquired equipment
costing $127,600. It was estimated that this equipment would have a
useful life of 6 years and a salvage value of $12,760 at that time.
The straight-line method of depreciation was considered the most
appropriate to use with this type of equipment. Depreciation is to
be recorded at the end of each year.
During 2015 (the third year of the equipment’s life), the company’s
engineers reconsidered their expectations and...
At the beginning of 2018, Flounder Company acquired equipment
costing $170,800. It was estimated that this equipment would have a
useful life of 6 years and a salvage value of $17,080 at that time.
The straight-line method of depreciation was considered the most
appropriate to use with this type of equipment. Depreciation is to
be recorded at the end of each year.
During 2020 (the third year of the equipment’s life), the company’s
engineers reconsidered their expectations, and estimated that...
At the beginning of 2017, Blue Spruce Corp. acquired equipment costing $83,600. It was estimated that this equipment would have a useful life of 6 years and a salvage value of $8,360 at that time. The straight-line method of depreciation was considered the most appropriate to use with this type of equipment. Depreciation is to be recorded at the end of each year. During 2019 (the third year of the equipment's life), the company's engineers reconsidered their expectations and estimated...
A
machine with a cost of $260,000 has an estimated salvage value of
$20,000 and an estimated useful life of 5 years or 12000 hours. It
is to be depreciated using the units-of-activity method of
depreciation. What is amount of depreciation for the second full
year, during which the machine was used 4000 hours?
Multiple Choice Question 209 A machine with a cost of $260000 has an estimated salvage value of $20000 and depreciation for the second full year, during...
Problem 9-4A At the beginning of 2013, Mazzaro Company acquired equipment costing $105,400. It was estimated that this equipment would have a useful life of 6 years and a salvage value of $10,540 at that time. The straight-line method of depreciation was considered the most appropriate to use with this type of equipment. Depreciation is to be recorded at the end of each year. During 2015 (the third year of the equipment's life), the company's engineers reconsidered their expectations and...
A company purchased factory equipment on April 1, 2022 for $159500. It is estimated that the equipment will have a $15500 salvage value at the end of its 10-year useful life. Using the straight-line method of depreciation the amount to be recorded as depreciation expense at December 31, 2022 is 515950 $14400. $10800 511953 Multiple Choice Question 109 On January 1. a machine with a useful life of four years and a salvage value of $15000 was purchased for $120000....
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