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Sargent Corporation bought equipment on January 1, 2020. The equipment purchase cost $540,000, Transit insurance $20,000,...
Tatsuo Corporation purchased farm equipment on January 1, 2019, for $280,000. In 2019 and 2020, Tatsuo...
Tatsuo Corporation purchased farm equipment on January 1, 2019, for $280,000. In 2019 and 2020, Tatsuo depreciated the asset on a straight-line basis with an estimated useful life of five years and a $90,000 residual value. In 2021, due to changes in technology, Tatsuo revised the residual value to $30,000 but still plans to use the equipment for the full five years. What depreciation would Tatsuo record for the year 2021 on this equipment? Multiple Choice $52,000. $58,000. $50,000. $28,000.
ABC Company bought a piece of equipment on January 1, 2017. The original price was $30,000....
ABC Company bought a piece of equipment on January 1, 2017. The original price was $30,000. Because ABC paid in cash, they received a 20% discount on the original price. To prepare the equipment for its intended use, ABC incurred $100 installation costs and $1,000 shipping costs. They hired an employee to operate the equipment for an annual salary of $20,000. Finally, the company paid an insurance premium of $400 in advance. The company estimated the equipment’s useful life to...
Multiple Choice yun 115 Flint Corporation bought equipment on January 1, 2022. The equipment cost $450000...
Multiple Choice yun 115 Flint Corporation bought equipment on January 1, 2022. The equipment cost $450000 and had an expected salvage value of $70000. The life of the equipment was estimated to be 4 years. The depreciable cost of the equipment is $450000 $95000. $380000 $70000 A company sells a plant asset that originally cost $550000 for $230000 on December 31, 2022. The accumulated depreciation account had a balance of $220000 after the current year's depreciation of $55000 had been...
Equipment was purchased on January 5, Year 1, at a cost of $90,000. The equipment had...
Equipment was purchased on January 5, Year 1, at a cost of $90,000. The equipment had an estimated useful life of eight years and an estimated residual value of $8,000. After using the equipment for three years, the useful life was revised to a total of 10 years and the residual value was reduced to $2,004 Determine the straight-line depreciation expense for Year 4 and the following years.
Collins Corporation purchased office equipment at the beginning of 2019 and capitalized a cost of $2,000,000....
Collins Corporation purchased office equipment at the beginning of 2019 and capitalized a cost of $2,000,000. This cost figure included the following expenditures: Purchase price Freight charges Installation charges Annual maintenance charge Total $1,850,000 30,000 20,000 100,000 $2,000,000 The company estimated an eight-year useful life for the equipment. No residual value is anticipated. The double-declining-balance method was used to determine depreciation expense for 2019 and 2020. In 2021, after the 2020 financial statements were issued, the company decided to switch...
On January 1, 2020, Pharoah Company leased equipment to Flynn Corporation. The following information pertains to...
On January 1, 2020, Pharoah Company leased equipment to Flynn Corporation. The following information pertains to this lease. 1. The term of the non-cancelable lease is 6 years. At the end of the lease term, Flynn has the option to purchase the equipment for $1,000, while the expected residual value at the end of the lease is $9,000. 2. Equal rental payments are due on January 1 of each year, beginning in 2020. 3. The fair value of the equipment...
Carla Leasing Company agrees to lease equipment to Sarasota Corporation on January 1, 2020. The term...
Carla Leasing Company agrees to lease equipment to Sarasota
Corporation on January 1, 2020.
The term of the lease is 7 years with no renewal option, and the
machinery has an estimated economic life of 9 years. The cost of
the machinery is $541,000, and the fair value of the asset on
January 1, 2020, is $760,000. At the end of the lease term, the
asset reverts to the lessor and has a guaranteed residual value of
$45,000. Sarasota estimates...
On January 1, 2020, Harlow Company paid $137,000 to purchase a piece of equipment. Before the...
On January 1, 2020, Harlow Company paid $137,000 to purchase a piece of equipment. Before the equipment could be used, Harlow had to spend $6,000 to put the equipment in working order. The equipment was assigned a useful life of 12 years and a residual value of $11,000. The straight-line method will be used to record depreciation on the equipment. On January 1, 2026, Harlow Company spent $27,000 to overhaul the equipment. This capital expenditure caused Harlow Company to change...
On January 2, 2016 McNally's Extra Corporation acquired equipment for $120,000. The estimated life of the...
On January 2, 2016 McNally's Extra Corporation acquired equipment for $120,000. The estimated life of the equipment is 5 years or 20,000 hours. The estimated residual value is $20,000. If McNally's Extra Corporation uses the straight-line method of depreciation, what will be the debit to Depreciation Expense for the year ended December 31, 2017, during which period the asset was used 4,500 hours? O A. $20,000 OB. $22,500 O C. $24,000 OD. $27,000 Rhoundakona Corporation bought property, plant, and equipment...
Multiple Choice yun 115 Flint Corporation bought equipment on January 1, 2022. The equipment cost $450000 and had an expected salvage value of $70000. The life of the equipment was estimated to be 4 years. The depreciable cost of the equipment is $450000 $95000. $380000 $70000 A company sells a plant asset that originally cost $550000 for $230000 on December 31, 2022. The accumulated depreciation account had a balance of $220000 after the current year's depreciation of $55000 had been...
Equipment was purchased on January 5, Year 1, at a cost of $90,000. The equipment had an estimated useful life of eight years and an estimated residual value of $8,000. After using the equipment for three years, the useful life was revised to a total of 10 years and the residual value was reduced to $2,004 Determine the straight-line depreciation expense for Year 4 and the following years.
Collins Corporation purchased office equipment at the beginning of 2019 and capitalized a cost of $2,000,000. This cost figure included the following expenditures: Purchase price Freight charges Installation charges Annual maintenance charge Total $1,850,000 30,000 20,000 100,000 $2,000,000 The company estimated an eight-year useful life for the equipment. No residual value is anticipated. The double-declining-balance method was used to determine depreciation expense for 2019 and 2020. In 2021, after the 2020 financial statements were issued, the company decided to switch...
Carla Leasing Company agrees to lease equipment to Sarasota
Corporation on January 1, 2020.
The term of the lease is 7 years with no renewal option, and the
machinery has an estimated economic life of 9 years. The cost of
the machinery is $541,000, and the fair value of the asset on
January 1, 2020, is $760,000. At the end of the lease term, the
asset reverts to the lessor and has a guaranteed residual value of
$45,000. Sarasota estimates...
On January 2, 2016 McNally's Extra Corporation acquired equipment for $120,000. The estimated life of the equipment is 5 years or 20,000 hours. The estimated residual value is $20,000. If McNally's Extra Corporation uses the straight-line method of depreciation, what will be the debit to Depreciation Expense for the year ended December 31, 2017, during which period the asset was used 4,500 hours? O A. $20,000 OB. $22,500 O C. $24,000 OD. $27,000 Rhoundakona Corporation bought property, plant, and equipment...
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