Sheffield Corp. purchased a depreciable asset for $175100. The estimated salvage value is $14700, and the...
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Homework Answers
Solution:-
Depreciation Under Straight Line Method is calculated as follows :-
Depreciation = Cost of an asset - Estimated salvage value / Useful Life
Depreciation base is the value of the asset to be written off over time. Under Straight line Method,
Depreciation Base = Cost of an Asset - Salvage value of an Asset
In This Case,
Cost of an Asset = $ 175100
Estimated salvage value = $ 14700
Depreciation Base = $ 175100 - $ 14700
= $ 160400
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Sheffield Corp. purchased a depreciable asset for $175100. The
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Bramble Corp. purchased a depreciable asset for $379000. The estimated salvage value is $25000, and the estimated useful life is 8 years. The double declining balance method wil be used for depreciation. What is the depreciation expense for the second year on this asset? $94750 O 571063 O $66625 $44250
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1.On January 1, 2020, Bramble Corp. purchased a new machine for $4310000. The new machine has...
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Sheffield Corp. owns the following assets: Asset Cost Salvage Estimated Useful Life A $417000 $44000 10...
Sheffield Corp. owns the following assets:
Asset
Cost
Salvage
Estimated Useful Life
A
$417000
$44000
10 years
B
222000
23000
5 years
C
495000
21000
12 years
What is the composite depreciation rate of Sheffield's
assets?
11.2%
10.3%
12.9%
14.0%
Sheffield Corporation purchased machinery on January 1, 2022, at a cost of $282,000. The estimated useful...
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Sheffield Corp. owns the following assets:
Asset
Cost
Salvage
Estimated Useful Life
A
$417000
$44000
10 years
B
222000
23000
5 years
C
495000
21000
12 years
What is the composite depreciation rate of Sheffield's
assets?
11.2%
10.3%
12.9%
14.0%
Sheffield Corporation purchased machinery on January 1, 2022, at a cost of $282,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $33,200. 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 Computation Years Depreciable Cost X Depreciation Rate...
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