Grouper Interiors purchased a delivery truck for R$33,000 on January 1, 2020. The truck has an expected residual value of R$1,680, and is expected to be driven 108,000 miles over its estimated useful life of 10 years. Actual miles driven were 16,000 in 20
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Grouper Interiors purchased a delivery truck for R$33,000 on January 1, 2020. The truck has an expected residual value of R$1,680, and is expected to be driven 108,000 miles over its estimated useful life of 10 years. Actual miles driven were 16,000 in 20
A machine that cost $160,000 has an estimated residual value of $16,000 and an estimated useful life of four years. The...
A machine that cost $160,000 has an estimated residual value of $16,000 and an estimated useful life of four years. The company uses double-declining-balance depreciation. Calculate its book value at the end of year 3. (Do not round Intermediate calculations.) Book Value
Calcultator Units-of-activity Depreciation A truck acquired at a cost of $375,000 has an estimated residual value of $21,600, has an estimated useful life of 38,000 miles, and was driven 2,700...
Calcultator Units-of-activity Depreciation A truck acquired at a cost of $375,000 has an estimated residual value of $21,600, has an estimated useful life of 38,000 miles, and was driven 2,700 miles during the year. Determine the following. If required, round your answer for the depreclation rate to two decimal places (a) The depreciable cost (b) The depreciation rate per mile degpreciation for the year (c) The units-of-activity depreciation for the year invoker- Show Me HowCalculator Stralight-Line Depreciation A building acquired...
Exercise 10-7 useful life of 9 years. Actual miles driven were 13,800 in 2017 and 10,200...
Exercise 10-7 useful life of 9 years. Actual miles driven were 13,800 in 2017 and 10,200 in 2018 Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. o.so.) Depreciation expense per mile Compute depreciation expense for 2017 and 2018 using (1) the straight-line method, (2) the units-of-activity method, and (3) the double-declining-balance method. (Round depreciation cost per unit to 2 decimal places, e.g. 0.50 and depreciation rate to 0 decimal places, e.g. 15%. Round...
An asset was purchased for $71,000 and originally estimated to have a useful life of 10 years with a residual value of $...
An asset was purchased for $71,000 and originally estimated to have a useful life of 10 years with a residual value of $3,500. After two years of straight-line depreciation, it was determined that the remaining useful life of the asset was only two years with a residual value of $1,400. a) Determine the amount of the annual depreciation for the first two years. $ b) Determine the book value at the end of Year 2. $ c) Determine the depreciation...
The Vermont Construction Company purchased a truck on January 1, 2009 at a cost of $35000. The truck has a useful life of eight years with an estimated salvage value of $6000. The straight-line method...
The Vermont Construction Company purchased a truck on January 1, 2009 at a cost of $35000. The truck has a useful life of eight years with an estimated salvage value of $6000. The straight-line method is used for book purposes, for tax purposes the track would be depreciated with the MACRS method over its five-year useful life. Determine the depreciation amount to be taken over the useful life of the having truck for both and tax purposes.
On January 1, 2021, the Allegheny Corporation purchased equipment for $223,000. The estimated service life of the equipment is 10 years and the estimated residual value is $14,000. The equipment is expected to produce 256,000 units during its life.
On January 1, 2021, the Allegheny Corporation purchased equipment for $223,000. The estimated service life of the equipment is 10 years and the estimated residual value is $14,000. The equipment is expected to produce 256,000 units during its life.Required:Calculate depreciation for 2021 and 2022 using each of the following methods.
On January 1, 2021, the Allegheny Corporation purchased equipment for $162,000. The estimated service life of the equipment is 10 years and the estimated residual value is $8,000. The equipment is expected to produce 350,000 units during its life.
On January 1, 2021, the Allegheny Corporation purchased equipment for $162,000. The estimated service life of the equipment is 10 years and the estimated residual value is $8,000. The equipment is expected to produce 350,000 units during its life. Required:Calculate depreciation for 2021 and 2022 using each of the following methods.
On January 2, 2016, Flake Company purchased a truck for $140,000 cash. That truck has an estimated useful life of seven years and an estimated salvage value of $12,000. The straight-line method of depreciation is being used. Required: A. Prepare a sch
On January 2, 2016, Flake Company purchased a truck for $140,000 cash. That truck has an estimated useful life of seven years and an estimated salvage value of $12,000. The straight-line method of depreciation is being used.Required: A. Prepare a schedule showing the calculation of the book value of the truck on December 31, 2019. B. Assume the truck is to be disposed of on May 1, 2020. Prepare the journal entry to record the depreciation for the four months ended April 30, 2020. C. Assuming...
Novak Enterprises purchased equipment on January 1, 2020, at a cost of €368,000. Novak uses the straight-line depreciation method, a 5-year estimated useful life, and no residual value. At the end of 2020, independent appraisers determined that the assets
On October 1, 2021, the Allegheny Corporation purchased equipment for $233,000. The estimated service life of the equipment is 10 years and the estimated residual value is $2,000. The equipment is expected to produce 420,000 units during its life.
On October 1, 2021, the Allegheny Corporation purchased equipment for $233,000. The estimated service life of the equipment is 10 years and the estimated residual value is $2,000. The equipment is expected to produce 420,000 units during its life. Required:Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service.
A machine that cost $160,000 has an estimated residual value of $16,000 and an estimated useful life of four years. The company uses double-declining-balance depreciation. Calculate its book value at the end of year 3. (Do not round Intermediate calculations.) Book Value
Calcultator Units-of-activity Depreciation A truck acquired at a cost of $375,000 has an estimated residual value of $21,600, has an estimated useful life of 38,000 miles, and was driven 2,700 miles during the year. Determine the following. If required, round your answer for the depreclation rate to two decimal places (a) The depreciable cost (b) The depreciation rate per mile degpreciation for the year (c) The units-of-activity depreciation for the year invoker- Show Me HowCalculator Stralight-Line Depreciation A building acquired...
Exercise 10-7 useful life of 9 years. Actual miles driven were 13,800 in 2017 and 10,200 in 2018 Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. o.so.) Depreciation expense per mile Compute depreciation expense for 2017 and 2018 using (1) the straight-line method, (2) the units-of-activity method, and (3) the double-declining-balance method. (Round depreciation cost per unit to 2 decimal places, e.g. 0.50 and depreciation rate to 0 decimal places, e.g. 15%. Round...
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