Homework Answers
Depreciation expense = (cost - residual value)/life of the assets
= (41700-4800)/3
= $12300
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Sandhill Company acquires equipment at a cost of $41,700 on January 3, 2021. Management estimates the...
View Policies Current Attempt in Progress Sheridan Company acquires equipment at a cost of $44.100 on...
View Policies Current Attempt in Progress Sheridan Company acquires equipment at a cost of $44.100 on January 3, 2021. Management estimates the equipment will have a residual value of $6,300 at the end of its 4-year useful life. Assume that the company uses the diminishing-balance method and that the diminishing-balance depreciation rate is double the straight-line rate. Calculate the depreciation expense for each year of the equipment's life. Do not leave any answer field blank. Enter o for amounts.) Depreciation...
1) Kansas Enterprises purchased equipment for $79,000 on January 1, 2021. The equipment is expected to...
1) Kansas Enterprises purchased equipment for $79,000 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $6,900 at the end of five years. Using the straight-line method, depreciation expense for 2021 would be: 2) Kansas Enterprises purchased equipment for $80,500 on January 1, 2021. The equipment is expected to have a ten-year service life, with a residual value of $6,450 at the end of ten years. Using the straight-line method,...
Sandhill Ltd. purchased equipment on January 1, 2015 at a cost of $182,680. The equipment has...
Sandhill Ltd. purchased equipment on January 1, 2015 at a cost of $182,680. The equipment has an estimated useful life of 10 years and a residual value of $10,720. Sandhill realized that there was a declining demand for the product being produced by the equipment. Given this indicator of possible impairment, management determined that the recoverable amount of the asset on December 31, 2018 was $97,530. The company uses the straight-line method of depreciation. Calculate the annual depreciation and the...
The following are some transactions of Sheridan Company for 2021. Sheridan Company uses straight-line depreciation and...
The following are some transactions of Sheridan Company for
2021. Sheridan Company uses straight-line depreciation and has a
December 31 year end.
Apr. 1
Retired a piece of equipment that was purchased on January 1,
2012, for $48,000. The equipment had an expected useful life of 10
years with no residual value.
July 30
Sold equipment for $1,300 cash. The equipment was purchased on
January 3, 2019, for $14,040 and was depreciated over an expected
useful life of three years...
help please Sandhill Chemicals Company acquires a delivery truck at a cost of $30,800 on January...
help please
Sandhill Chemicals Company acquires a delivery truck at a cost of $30,800 on January 1, 2022. The truck is expected to have a salvage value of $3,700 at the end of its 4-year useful life. Compute annual depreciation for the first and second years using the straight line method. First Year Second Year Annual depreciation under straight-line methods Pharoah Company sells office equipment on July 31, 2022, for $23,160 cash. The office equipment originally cost $78,110 and as...
AP8-15B (Acquisition, change in estimates, depreciation, and disposal) Laurin Limited purchased equipment on October 8, 2017,...
AP8-15B (Acquisition, change in estimates, depreciation, and disposal) Laurin Limited purchased equipment on October 8, 2017, at a cost of $368,000. Laurin's management estimated that the equipment would have a useful life of four years and a residual value of $41,600. At the beginning of 2020, Laurin's management determined that the equipment would be used for three more years (including all of 2020), and at the end of this time the equipment's residual value would be $36,800. The company ended...
Togo’s Sandwiches acquired equipment on April 1, 2021, for $20,500. The company estimates a residual value...
Togo’s Sandwiches acquired equipment on April 1, 2021, for $20,500. The company estimates a residual value of $2,500 and a five-year service life. Required: Calculate depreciation expense using the straight-line method for 2021 and 2022, assuming a December 31 year-end.
On March 31, 2021, Management of quality appliances committed to a plan to sell equipment. The...
On March 31, 2021, Management of quality appliances committed to a plan to sell equipment. The equipment was available for immediate sale, and an active plan to locate a buyer was initiated. The equipment had been purchased on January 1, 2019 for $260000. The equipment had an estimated six-year service life and a residual value of $20000. The equipment was being depreciated using the straight-line method. Quality's fiscal year ends on December 31. Prepare the journal entry for the 2021...
Sandhill Chemicals Company acquires a delivery truck at a cost of $40,000 on January 1, 2022....
Sandhill Chemicals Company acquires a delivery truck at a cost of $40,000 on January 1, 2022. The truck is expected to have a salvage value of $3,400 at the end of its 5-year useful life. Assuming the declining-balance depreciation rate is double the straight-line rate, compute annual depreciation for the first and second years under the declining-balance method. First Year Second Year Annual depreciation under declining-balance method $Enter a dollar amount $Enter a dollar amount eTextbook and Media
Sandhill Ltd. purchased equipment on January 1, 2015 at a cost of $182,680. The equipment has an estimated useful life...
Sandhill Ltd. purchased equipment on January 1, 2015 at a cost of $182,680. The equipment has an estimated useful life of 10 years and a residual value of $10,720. Sandhill realized that there was a declining demand for the product being produced by the equipment. Given this indicator of possible impairment, management determined that the recoverable amount of the asset on December 31, 2018 was $97,530. The company uses the straight-line method of depreciation. (b) Record the impairment loss, if...
View Policies Current Attempt in Progress Sheridan Company acquires equipment at a cost of $44.100 on January 3, 2021. Management estimates the equipment will have a residual value of $6,300 at the end of its 4-year useful life. Assume that the company uses the diminishing-balance method and that the diminishing-balance depreciation rate is double the straight-line rate. Calculate the depreciation expense for each year of the equipment's life. Do not leave any answer field blank. Enter o for amounts.) Depreciation...
Sandhill Ltd. purchased equipment on January 1, 2015 at a cost of $182,680. The equipment has an estimated useful life of 10 years and a residual value of $10,720. Sandhill realized that there was a declining demand for the product being produced by the equipment. Given this indicator of possible impairment, management determined that the recoverable amount of the asset on December 31, 2018 was $97,530. The company uses the straight-line method of depreciation. Calculate the annual depreciation and the...
help please
Sandhill Chemicals Company acquires a delivery truck at a cost of $30,800 on January 1, 2022. The truck is expected to have a salvage value of $3,700 at the end of its 4-year useful life. Compute annual depreciation for the first and second years using the straight line method. First Year Second Year Annual depreciation under straight-line methods Pharoah Company sells office equipment on July 31, 2022, for $23,160 cash. The office equipment originally cost $78,110 and as...
AP8-15B (Acquisition, change in estimates, depreciation, and disposal) Laurin Limited purchased equipment on October 8, 2017, at a cost of $368,000. Laurin's management estimated that the equipment would have a useful life of four years and a residual value of $41,600. At the beginning of 2020, Laurin's management determined that the equipment would be used for three more years (including all of 2020), and at the end of this time the equipment's residual value would be $36,800. The company ended...
Sandhill Ltd. purchased equipment on January 1, 2015 at a cost of $182,680. The equipment has an estimated useful life of 10 years and a residual value of $10,720. Sandhill realized that there was a declining demand for the product being produced by the equipment. Given this indicator of possible impairment, management determined that the recoverable amount of the asset on December 31, 2018 was $97,530. The company uses the straight-line method of depreciation. (b) Record the impairment loss, if...
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