"Consider the following data on an asset: Cost of an asset, I is $294,000. Useful life, N is 9 years. Salvage value, S is $53,000. Compute the resulting book value at the end of year 6 using the straight-line depreciation method."
"Consider the following data on an asset: Cost of an asset, I is $294,000. Useful life,...
Please I need help this one ASAP 1. "Consider the following data on an asset Cost of the asset, I = $263,000 Useful life, N = 6 years Salvage value, S = $64,000 Compute the annual depreciation amount using the straight-line depreciation method."
question "Consider the following data on an asset Cost of the asset, I = $87,000 Useful life, N = 7 years What is the book value at the end of the useful life if you depreciate according to the double-declining-balance (DDB) method?"
On January 4, 2019, Columbus Company purchased new equipment for $693,000 that had a useful life of four years and a salvage value of $53,000. Required: Prepare a schedule showing the annual depreciation and end-of-year accumulated depreciation for the first three years of the asset’s life under the straight-line method, the sum-of-the-years’-digits method, and the double-declining-balance method. Analyze: If the double-declining balance method is used to compute depreciation, what would be the book value of the asset at the end...
Hightower Company acquired an asset on January 2, 2019, at a cost of $154,000. The asset’s useful life is four years and its salvage value is $52,000. Compute the depreciation expense for each of the first two years, using the straight-line method, the double-declining-balance method, and the sum-of-the-years’-digits method. Compute the depreciation expense for the first two years, using the straight-line method. STRAIGHT-LINE METHOD Year Acquisition Cost Salvage Value Useful Life Depreciation Accumulated Depreciation 1 years 2 years DOUBLE-DECLINING-BALANCE METHOD...
The initial cost of a piece of construction equipment is $4000 000. It has useful life of 10 years. The estimated salvage value of the equipment at the end of useful life is $600 000. Calculate the depreciation charge and book value of the construction equipment using straight-line method and declining balance depreciation method in years 1, 4, 6, 9 and 10.
please answer within the next 30 minutes!!! thank you! consider the following data on an asset. Cost of asset I=$1,000. Useful life, N=5 years, Salvage value, S=$80, what is the depreciation amount in year 3 using the double-declining balance (DBB) depreciation method(multiplier 2)?
Bramble Corporation purchased machinery on January 1.2022. at a cost of $256.000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $30,600. The company is considering different depreciation methods that could be used for financial reporting purposes. Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining-balance method using double the Straight-line rate. STRAIGHT-LINE DEPRECIATION End of Year Computation Depreciable Cost X Depreciation...
On July 1, 2020, Swifty Company purchased for $6,120,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $255,000. Depreciation is taken for the portion of the year the asset is used. Complete the form below by determining the depreciation expense and year-end book values for 2020 and 2021 using the 1. sum-of-the-years'-digits method. 2. double-declining balance method. 2020 2021 Sum-of-the-Years'-Digits Method Equipment Less: Accumulated Depreciation $6,120,000 $6,120,000 Year-End Book Value $6,120,000 $6,120,000...
On July 1, 2020, Martinez Company purchased for $4,680,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $195,000. Depreciation is taken for the portion of the year the asset is used Complete the form below by determining the depreciation expense and year-end book values for 2020 and 2021 using the 1. sum-of-the-years'-digits method 2. double-declining balance method 2020 2021 Sum-of-the-Years'-Digits Method Equipment $4,680,000 $4,680,000 Less: Accumulated Depreciation Year-End Book Value Depreciation Expense...
Kingbird, Inc. purchased a 777 aircraft on January 1, 2022 at a cost of $40,800,000. The estimated useful life of the aircraft is 20 years, with an estimated salvage value of $6,120,000. Compute the accumulated depreciation and book value at December 31, 2022 using the straight-line method and the double- declining-balance method. Straight-line $ Declining-balance 4080000 Accumulated depreciation 1734000 Book value 39066000 36720000