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On January 1,
2011, Munoz Co. purchased machinery. The machinery has an estimated
useful life of eight years and an estimated salvage value of
$2,703. The depreciation applicable to this machinery was $31,845
for 2013, computed by the sum-of-the-years'-digits method. The
acquisition cost of the machinery was
(rounding
hint: if you convert a fraction to a decimal, don't round it when
going forward to use it in any calculations. For example, if 32/55
= .581818181818181...leave all those decimals in your...
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Flounder Company purchased machinery on January 1, 2017, for
$88,800. The machinery is estimated to have a salvage value of
$8,880 after a useful life of 8 years.
Compute 2017 depreciation expense using the straight-line
method.
Depreciation expense
$
Compute 2017 depreciation expense using the straight-line method
assuming the machinery was purchased on September 1, 2017.
Depreciation expense
$
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Novak Company purchased machinery on
January 1, 2017, for $97,600. The machinery is estimated to have a
salvage value of $9,760 after a useful life of 8 years. Compute
2017 depreciation expense using the double-declining-balance
method. Depreciation expense $ LINK TO TEXT Compute 2017
depreciation expense using the double-declining-balance method,
assuming the machinery was purchased on October 1, 2017. (Round
answer to 0 decimal places, e.g. 5,125.) Depreciation expense $
Click if you would like to Show Work for this...
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Machinery purchased for $69,600 by Tamarisk Co. in 2016 was
originally estimated to have a life of 8 years with a salvage value
of $4,640 at the end of that time. Depreciation has been entered
for 5 years on this basis. In 2021, it is determined that the total
estimated life should be 10 years with a salvage value of $5,220 at
the end of that time. Assume straight-line depreciation.
Prepare the entry to correct the prior years' depreciation, if...
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Pina Company purchased machinery for $176,400 on January 1,
2017. It is estimated that the machinery will have a useful life of
20 years, salvage value of $14,700, production of 91,400 units, and
working hours of 40,900. During 2017, the company uses the
machinery for 11,452 hours, and the machinery produces 11,882
units. Compute depreciation under the straight-line,
units-of-output, working hours, sum-of-the-years’-digits, and
double-declining-balance methods. (Round intermediate
calculations to 5 decimal places, e.g. 1.56487 and final answers to
0 decimal...
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Machinery purchased for $69,000 by Vaughn Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,600 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,175 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior years' depreciation, if...
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Machinery purchased for $64.800 by Windsor Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4.320 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $4,860 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior years' depreciation, if...
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Machinery purchased for $67,200 by Coronado Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,480 at the end of that time. Depreciation has been entered for 5 years on this basis. 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,040 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior years' depreciation, if necessary....
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Machinery purchased for $72,600 by Kingbird Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,840 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,445 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior years' depreciation, if...
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Machinery purchased for $74,400 by Splish Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,960 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,580 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior years' depreciation, if...
Flounder Company purchased machinery on January 1, 2017, for
$88,800. The machinery is estimated to have a salvage value of
$8,880 after a useful life of 8 years.
Compute 2017 depreciation expense using the straight-line
method.
Depreciation expense
$
Compute 2017 depreciation expense using the straight-line method
assuming the machinery was purchased on September 1, 2017.
Depreciation expense
$
Novak Company purchased machinery on
January 1, 2017, for $97,600. The machinery is estimated to have a
salvage value of $9,760 after a useful life of 8 years. Compute
2017 depreciation expense using the double-declining-balance
method. Depreciation expense $ LINK TO TEXT Compute 2017
depreciation expense using the double-declining-balance method,
assuming the machinery was purchased on October 1, 2017. (Round
answer to 0 decimal places, e.g. 5,125.) Depreciation expense $
Click if you would like to Show Work for this...
Machinery purchased for $69,600 by Tamarisk Co. in 2016 was
originally estimated to have a life of 8 years with a salvage value
of $4,640 at the end of that time. Depreciation has been entered
for 5 years on this basis. In 2021, it is determined that the total
estimated life should be 10 years with a salvage value of $5,220 at
the end of that time. Assume straight-line depreciation.
Prepare the entry to correct the prior years' depreciation, if...
Pina Company purchased machinery for $176,400 on January 1,
2017. It is estimated that the machinery will have a useful life of
20 years, salvage value of $14,700, production of 91,400 units, and
working hours of 40,900. During 2017, the company uses the
machinery for 11,452 hours, and the machinery produces 11,882
units. Compute depreciation under the straight-line,
units-of-output, working hours, sum-of-the-years’-digits, and
double-declining-balance methods. (Round intermediate
calculations to 5 decimal places, e.g. 1.56487 and final answers to
0 decimal...
Machinery purchased for $69,000 by Vaughn Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,600 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,175 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior years' depreciation, if...
Machinery purchased for $64.800 by Windsor Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4.320 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $4,860 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior years' depreciation, if...
Machinery purchased for $67,200 by Coronado Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,480 at the end of that time. Depreciation has been entered for 5 years on this basis. 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,040 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior years' depreciation, if necessary....
Machinery purchased for $72,600 by Kingbird Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,840 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,445 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior years' depreciation, if...
Machinery purchased for $74,400 by Splish Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,960 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,580 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior years' depreciation, if...