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2 pts Question 23 On January 1, 2018, the Transition Company purchased a machine for $150,000....
On January 1, 2018, a machine was purchased for $120,000. The machine has an estimated salvage...
On January 1, 2018, a machine was purchased for $120,000. The
machine has an estimated salvage value of $9,600 and an estimated
useful life of 5 years. The machine can operate for 120,000 hours
before it needs to be replaced. The company closed its books on
December 31 and operates the machine as follows: 2018, 24,000 hrs;
2019, 30,000 hrs; 2020, 18,000 hrs; 2021, 36,000 hrs; and 2022,
12,000 hrs.
Compute the annual depreciation charges over the machine’s life
assuming...
On January 1, 2017, Oriole Company purchased a new machine for $4220000. The new machine has...
On January 1, 2017, Oriole Company purchased a new machine for $4220000. The new machine has an estimated useful life of nine years and the salvage value was estimated to be $152000. Depreciation was computed using the sum-of-the-years-digits method. What amount should be shown in Oriole's balance sheet at December 31, 2018, net of accumulated depreciation, for this machine?
2. January 2, 2018, Trey's Toy Company purchased and placed in service a machine with a...
2. January 2, 2018, Trey's Toy Company purchased and placed in service a machine with a cost of $350,0000, The company estimated the machine's useful life to be ten years or 200,000 units of ouiput with an estimated salvage value of $25,000. During 2018, the machine produced 30.000 units during 2019, the machine produced 40,000 units. Calculate the depreciation expense for 2018 and 2019 at year end under each depreciation method. The straight-line method of depreciation. a. b. The units-of-production...
1.On January 1, 2020, Bramble Corp. purchased a new machine for $4310000. The new machine has...
1.On January 1, 2020, Bramble Corp. purchased a new machine for $4310000. The new machine has an estimated useful life of nine years and the salvage value was estimated to be $143000. Depreciation was computed using the sum-of-the-years'-digits method. What amount should be shown in Bramble's balance sheet at December 31, 2021, net of accumulated depreciation, for this machine? a.$3476600 b.$4167000 c.$2735800 d.$2643200 2. Sheffield Corp. purchased a depreciable asset for $702000 on April 1, 2018. The estimated salvage value...
On January 1,2018, a machine was purchased for $100,000. The machine has an estimated salvage value...
On January 1,2018, a machine was purchased for $100,000. The machine has an estimated salvage value of $5,920 and an estimated useful life of 5 years. The machine can operate for 112,000 hours before it needs to be replaced. The company closed its books on December 31 and operates the machine as follows: 2018, 22,400 hrs; 2019, 28,000 hrs; 2020, 16,800 hrs; 202 1, 33,600 hrs; and 2022, 11,200 hrs. (a) Compute the annual depreciation charges over the machine's life...
On January 1, 2019, Betty DeRose, Inc. purchased a piece of machinery for $320,000. The machine...
On January 1, 2019, Betty DeRose, Inc. purchased a piece of machinery for $320,000. The machine had an estimated useful life of 8 years and a salvage value of $5,000. Assume Betty DeRose depreciates its assets using the double declining balance method of depreciation. Calculate the amount of accumulated depreciation related to the machine that would appear in Betty's December 31, 2022 balance sheet.
Ayayai Corporation purchased Problem 9-09A machinery on January 1, 2022, at a cost of $252,000. The...
Ayayai Corporation purchased Problem 9-09A machinery on January 1, 2022, at a cost of $252,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $30,200. The company is considering different depreciation methods that could be used for financial reporting purposes. Here are selected 2022 transactions of Ayayai Corporation. Retired a piece of machinery that was Jan. 1 purchased on January 1, 2012. The machine cost $61,000 and...
On January 1, Year 1, Flax Co. purchased a machine for $528,000 and depreciated it by...
On January 1, Year 1, Flax Co. purchased a machine for $528,000 and depreciated it by the straight-line method using an estimated useful life of 8 years with no salvage value. On January 1, Year 4. Flax determined that the machine had a useful life of 6 years from the date of acquisition and will have a salvage value of $48,000. An accounting change was made in Year 4 to reflect the additional data. The accumulated depreciation for this machine...
Problem 2 On January 7, 2014 a company purchased a machine for $75,000 that was expected...
Problem 2 On January 7, 2014 a company purchased a machine for $75,000 that was expected to last 5 years and to have a salvage value of $5,000. At the beginning of the machine's third year the company decided that the machine's estimated useful life should be revised to a total of 7 years instead of the original 5 years. Also, the salvage value was re-estimated to be $2,000. Straight-line depreciation will be used throughout the machine's life. 2a. Prepare...
On January 1, 2017 National Manufacturing purchased a machine for $1,020,000
On January 1, 2017 National Manufacturing purchased a machine for $1,020,000 that it expected to have a useful life of six years. The company estimated that the residual value of the machine was 500,000. National Manufacturing used the machine for two years and sold it on January 1, 2019. for $320,000. As of December 31, 2018, the accumulated depreciation on the machine was $320,000. Read the requirements. .1. Calculate the gain or loss on the sale of the machinery.2. Record the sale...
On January 1, 2018, a machine was purchased for $120,000. The
machine has an estimated salvage value of $9,600 and an estimated
useful life of 5 years. The machine can operate for 120,000 hours
before it needs to be replaced. The company closed its books on
December 31 and operates the machine as follows: 2018, 24,000 hrs;
2019, 30,000 hrs; 2020, 18,000 hrs; 2021, 36,000 hrs; and 2022,
12,000 hrs.
Compute the annual depreciation charges over the machine’s life
assuming...
On January 1, 2017, Oriole Company purchased a new machine for $4220000. The new machine has an estimated useful life of nine years and the salvage value was estimated to be $152000. Depreciation was computed using the sum-of-the-years-digits method. What amount should be shown in Oriole's balance sheet at December 31, 2018, net of accumulated depreciation, for this machine?
2. January 2, 2018, Trey's Toy Company purchased and placed in service a machine with a cost of $350,0000, The company estimated the machine's useful life to be ten years or 200,000 units of ouiput with an estimated salvage value of $25,000. During 2018, the machine produced 30.000 units during 2019, the machine produced 40,000 units. Calculate the depreciation expense for 2018 and 2019 at year end under each depreciation method. The straight-line method of depreciation. a. b. The units-of-production...
On January 1,2018, a machine was purchased for $100,000. The machine has an estimated salvage value of $5,920 and an estimated useful life of 5 years. The machine can operate for 112,000 hours before it needs to be replaced. The company closed its books on December 31 and operates the machine as follows: 2018, 22,400 hrs; 2019, 28,000 hrs; 2020, 16,800 hrs; 202 1, 33,600 hrs; and 2022, 11,200 hrs. (a) Compute the annual depreciation charges over the machine's life...
Ayayai Corporation purchased Problem 9-09A machinery on January 1, 2022, at a cost of $252,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $30,200. The company is considering different depreciation methods that could be used for financial reporting purposes. Here are selected 2022 transactions of Ayayai Corporation. Retired a piece of machinery that was Jan. 1 purchased on January 1, 2012. The machine cost $61,000 and...
On January 1, Year 1, Flax Co. purchased a machine for $528,000 and depreciated it by the straight-line method using an estimated useful life of 8 years with no salvage value. On January 1, Year 4. Flax determined that the machine had a useful life of 6 years from the date of acquisition and will have a salvage value of $48,000. An accounting change was made in Year 4 to reflect the additional data. The accumulated depreciation for this machine...
Problem 2 On January 7, 2014 a company purchased a machine for $75,000 that was expected to last 5 years and to have a salvage value of $5,000. At the beginning of the machine's third year the company decided that the machine's estimated useful life should be revised to a total of 7 years instead of the original 5 years. Also, the salvage value was re-estimated to be $2,000. Straight-line depreciation will be used throughout the machine's life. 2a. Prepare...
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