Kingbird Company
Kingbird Company purchased Machine #201 on May 1, 2020. The following information relating to Machine #201 was gathered at the end of May.
| Price | $120,700 | |
| Credit terms | 2/10, n/30 | |
| Freight-in | $ 1,136 | |
| Preparation and installation costs | $ 5,396 | |
| Labor costs during regular production operations | $14,910 |
It is expected that the machine could be used for 10 years, after which the salvage value would be zero. Kingbird intends to use the machine for only 8 years, however, after which it expects to be able to sell it for $2,130. The invoice for Machine #201 was paid May 5, 2020. Kingbird uses the calendar year as the basis for the preparation of financial statements.
Compute the depreciation expense for the years indicated using the following methods.
Depreciation Expense | ||||
|---|---|---|---|---|
| (1) | Straight-line method for 2020 | $ | ||
| (2) | Sum-of-the-years'-digits method for 2021 | $ | ||
| (3) | Double-declining-balance method for 2020 | $ |
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Need help with this question Bonita Company purchased Machine #201 on May 1, 2020. The following...
Need help with this question
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Problem 11-1 Blossom Company purchased Machine #201 on May 1, 2017. The following information relating to...
Problem 11-1
Blossom Company purchased Machine #201 on May 1, 2017. The
following information relating to Machine #201 was gathered at the
end of May.
Price
$105,400
Credit terms
2/10, n/30
Freight-in
$ 992
Preparation and installation costs
$ 4,712
Labor costs during regular production operations
$13,020
It is expected that the machine could be used for 10 years, after
which the salvage value would be zero. Blossom intends to use the
machine for only 8 years, however, after which...
Problem 11-1 Metock Company purchased Machine #201 on May 1, 2017. The following information relating to...
Problem 11-1 Metock Company purchased Machine #201 on May 1, 2017. The following information relating to Machine #201 was gathered at the end of May. Price Credit terms Freight-in Preparation and installation costs Labor costs during regular production operations $15,330 $124,100 2/10, n/30 $1,168 5,548 It is expected that the machine could be used for 10 years, after which the salvage value would be zero. Metlock intends to use the machine for Only 8 years, however, after which it expects...
P11-1 (Depreciation for Partial Period—SL, SYD, and DDB) Alladin Company purchased Machine #201 on May 1,...
P11-1 (Depreciation for Partial Period—SL, SYD, and DDB) Alladin Company purchased Machine #201 on May 1, 2014. The following information relating to Machine #201 was gathered at the end of May. Price $85,000 Credit terms 2/10, n/30 Freight-in $ 800 Preparation and installation costs $ 3,800 Labor costs during regular production operations $10,500 It is expected that the machine could be used for 10 years, after which the salvage value would be zero. Alladin intends to use the machine for...
Alladin Company purchased Machine #201 on May 1, 2017. The following information relating to Machine '20...
Alladin Company purchased Machine #201 on May 1, 2017. The following information relating to Machine '20 Price Credit terms Freight-in Preparation and installation costs Labor costs during regular production operations $10,500 was gathered at the end of May $85,000 2/10, n/30 800 3,800 s expected that the machine could be used or 10 years, ater which the salva va e would be r r Alldinntends to use the he e r w r i h e e, a e·th s...
1. Coronado Company purchases equipment on January 1, Year 1, at a cost of $540,000. The...
1. Coronado Company purchases equipment on January 1, Year 1, at
a cost of $540,000. The asset is expected to have a service life of
12 years and a salvage value of $48,600.
Compute the amount of depreciation for each of Years 1 through 3
using the straight-line depreciation method. (Round
answers to 0 decimal places, e.g. 5,125.)
Depreciation for Year 1
$enter a dollar amount rounded to 0 decimal places
Depreciation for Year 2
$enter a dollar amount rounded...
Kingbird Corp. purchased machinery for $381,150 on May 1, 2020. It is estimated that it will...
Kingbird Corp. purchased machinery for $381,150 on May 1, 2020.
It is estimated that it will have a useful life of 10 years,
salvage value of $18,150, production of 290,400 units, and working
hours of 25,000. During 2021, Kingbird Corp. uses the machinery for
2,650 hours, and the machinery produces 30,900 units.
From the information given, compute the depreciation charge for
2021 under each of the following methods. (Round
intermediate calculations to 2 decimal places, e.g. 5.25 and final
answers...
Question 2 View Policies Current Attempt in Progress Kingbird Company purchased a new plant asset on...
Question 2 View Policies Current Attempt in Progress Kingbird Company purchased a new plant asset on April 1, 2020, at a cost of $774,000. It was estimated to have a service life of 20 years and a salvage value of $68,400. Kingbird' accounting period is the calendar year. Compute the depreciation for this asset for 2020 and 2021 using the sum-of-the-years-digits method. (Round answers to O decimal places, e.g. 45,892.) Depreciation for 2020 $ Depreciation for 2021 $
Need help with this question
Bonita Company purchased Machine #201 on May 1, 2020. The following information relating to Machine #201 was gathered at the end of May. Price $100,300 Credit terms 2/10, n/30 Freight-in 944 $ 4,484 Preparation and installation costs Labor costs during regular production operations $12,390 It is expected that the machine could be used for 10 years, after which the salvage value would be zero. Bonita intends to use the machine for only 8 years, however,...
Metlock Company purchased Machine 1201 on May 1, 2020. The following information relating to Machine #201 was gathered at the end of May. Price Credit terms Freight-in Preparation and installation costs Labor costs during regular production operations $102,000 2/10, 1/30 $ 960 $4,560 $12,600 It is expected that the machine could be used for 10 years after which the salvage value would be zero, Metlock intends to use the machine for only 8 years, however, after which it expects to...
Problem 11-1
Blossom Company purchased Machine #201 on May 1, 2017. The
following information relating to Machine #201 was gathered at the
end of May.
Price
$105,400
Credit terms
2/10, n/30
Freight-in
$ 992
Preparation and installation costs
$ 4,712
Labor costs during regular production operations
$13,020
It is expected that the machine could be used for 10 years, after
which the salvage value would be zero. Blossom intends to use the
machine for only 8 years, however, after which...
Problem 11-1 Metock Company purchased Machine #201 on May 1, 2017. The following information relating to Machine #201 was gathered at the end of May. Price Credit terms Freight-in Preparation and installation costs Labor costs during regular production operations $15,330 $124,100 2/10, n/30 $1,168 5,548 It is expected that the machine could be used for 10 years, after which the salvage value would be zero. Metlock intends to use the machine for Only 8 years, however, after which it expects...
Alladin Company purchased Machine #201 on May 1, 2017. The following information relating to Machine '20 Price Credit terms Freight-in Preparation and installation costs Labor costs during regular production operations $10,500 was gathered at the end of May $85,000 2/10, n/30 800 3,800 s expected that the machine could be used or 10 years, ater which the salva va e would be r r Alldinntends to use the he e r w r i h e e, a e·th s...
1. Coronado Company purchases equipment on January 1, Year 1, at
a cost of $540,000. The asset is expected to have a service life of
12 years and a salvage value of $48,600.
Compute the amount of depreciation for each of Years 1 through 3
using the straight-line depreciation method. (Round
answers to 0 decimal places, e.g. 5,125.)
Depreciation for Year 1
$enter a dollar amount rounded to 0 decimal places
Depreciation for Year 2
$enter a dollar amount rounded...
Kingbird Corp. purchased machinery for $381,150 on May 1, 2020.
It is estimated that it will have a useful life of 10 years,
salvage value of $18,150, production of 290,400 units, and working
hours of 25,000. During 2021, Kingbird Corp. uses the machinery for
2,650 hours, and the machinery produces 30,900 units.
From the information given, compute the depreciation charge for
2021 under each of the following methods. (Round
intermediate calculations to 2 decimal places, e.g. 5.25 and final
answers...
Question 2 View Policies Current Attempt in Progress Kingbird Company purchased a new plant asset on April 1, 2020, at a cost of $774,000. It was estimated to have a service life of 20 years and a salvage value of $68,400. Kingbird' accounting period is the calendar year. Compute the depreciation for this asset for 2020 and 2021 using the sum-of-the-years-digits method. (Round answers to O decimal places, e.g. 45,892.) Depreciation for 2020 $ Depreciation for 2021 $
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