Windsor Company purchased a computer for $8,640 on January 1, 2019. Straight-line depreciation is used, based...
Windsor Company purchased a computer for $8,640 on January 1, 2019. Straight-line depreciation is used, based on a 5-year life and a $1,080 salvage value. On January 1, 2021, the estimates are revised. Windsor now feels the computer will be used until December 31, 2022, when it can be sold for $540.
Compute the 2021 depreciation
Homework Answers
Depreciation for 2021 =$2,538
Working
|
Straight line Method for year 2019 and 2020 |
||
|
A |
Cost |
$ 8,640 |
|
B |
Residual Value |
$ 1,080 |
|
C=A - B |
Depreciable base |
$ 7,560 |
|
D |
Life [in years left ] |
5 |
|
E=C/D |
Annual SLM depreciation |
$ 1,512 |
.
|
Depreciation schedule-Straight line method |
||||
|
Year |
Book Value |
Depreciation expense |
Accumulated Depreciation |
Ending Book Value |
|
2019 |
$ 8,640 |
$ 1,512 |
$ 1,512 |
$ 7,128 |
|
2020 |
$ 7,128 |
$ 1,512 |
$ 3,024 |
$ 5,616 |
.
|
Straight line Method -For 2021 |
||
|
A |
Ending book value at December 31, 2020 |
$ 5,616 |
|
B |
Residual Value |
$ 540 |
|
C=A - B |
Depreciable base |
$ 5,076 |
|
D |
Life [in years left ] (4-2=2) |
2 |
|
E=C/D |
Annual SLM depreciation |
$ 2,538 |
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Windsor Company purchased a computer for $8,640 on January 1,
2019. Straight-line depreciation is used, based...
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explanation very appreciated
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Brief Exercise 11-07
Crane Company purchased a computer for $8,080 on January 1,
2019. Straight-line depreciation is used, based on a 5-year life
and a $1,010 salvage value. On January 1, 2021, the estimates are
revised. Crane now feels the computer will be used until December
31, 2022, when it can be sold for $505.
Compute the 2021 depreciation. (Round answer to 0
decimal places, e.g. 45,892.)
Depreciation expense, 2021
$
PLEASE SHOW ALL WORK.
x Your answer is incorrect. Wildhorse Company purchased a computer for $9,440 on January 1, 2019....
x Your answer is incorrect. Wildhorse Company purchased a computer for $9,440 on January 1, 2019. Straight-line depreciation is used, based on a 5-year life and a $1,180 salvage value. On January 1, 2021, the estimates are revised. Wildhorse now feels the computer will be used until December 31, 2022, when it can be sold for $590. Compute the 2021 depreciation. (Round answer to 0 decimal places, e.g. 45,892.) Depreciation expense, 2021 $ 2478 eTextbook and Media
Answer is NOT 3250, 6500, or 1750. Brief Exercise 11-07 Novak Company purchased a computer for...
Answer is NOT 3250, 6500, or 1750.
Brief Exercise 11-07 Novak Company purchased a computer for $10,000 on January 1, 2019. Straight-line depreciation is used, based on a 5-year life and a $1,250 salvage value. On January 1, 2021, the estimates are revised. Novak now feels the computer will be used until December 31, 2022, when it can be sold for $625. Compute the 2021 depreciation. (Round answer to 0 decimal places, e.g. 45,892.) Depreciation expense, 2021 $
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Johnson Company purchased a computer system for $66,800 on January 1, 2019. It was depreciated based...
Johnson Company purchased a computer system for $66,800 on January 1, 2019. It was depreciated based on a 6-year life and an $17,000 salvage value. On January 1, 2021, Johnson revised these estimates to a total useful life of 4 years and a salvage value of $10,000. Johnson uses straight-line depreciation. Prepare Johnson's entry to record 2021 depreciation expense
CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Brief Exercise 11-7 Sweet Company purchased a computer for...
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Danish Inc purchased a computer on January 1, 2019, for $1,600,000. The straight-line method of depreciation...
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Danish Inc purchased a computer on January 1, 2019, for $1,600,000. The straight-line method of depreciation...
Danish Inc purchased a computer on January 1, 2019, for $1,600,000. The straight-line method of depreciation was used, based on an expected life of 6 years and a residual value of $130,000. Prepare the journal entries to record depreciation for the first 6 months of 2021 and the sale of the computer on July 1, 2021, for $1,000,000.
explanation very appreciated
Blue Company purchased a computer for $9,760 on January 1, 2019. Straight-line depreciation is used, based on a 5-year life and a $1,220 salvage value. In 2021, the estimates are revised. Blue now feels the computer will be used until December 31, 2022, when it can be sold for $610. Compute the 2021 depreciation. (Round answer to 0 decimal places, e.g. 45,892.) Depreciation expense, 2021
Brief Exercise 11-07 Novak Company purchased a computer for $10,000 on January 1, 2019. Straight-line depreciation is used, based on a 5-year life and a $1,250 salvage value. On January 1, 2021, the estimates are revised. Novak now feels the computer will be used until December 31, 2022, when it can be sold for $625. Compute the 2021 depreciation. (Round answer to 0 decimal places, e.g. 45,892.) Depreciation expense, 2021 $
Brief Exercise 11-07
Crane Company purchased a computer for $8,080 on January 1,
2019. Straight-line depreciation is used, based on a 5-year life
and a $1,010 salvage value. On January 1, 2021, the estimates are
revised. Crane now feels the computer will be used until December
31, 2022, when it can be sold for $505.
Compute the 2021 depreciation. (Round answer to 0
decimal places, e.g. 45,892.)
Depreciation expense, 2021
$
PLEASE SHOW ALL WORK.
x Your answer is incorrect. Wildhorse Company purchased a computer for $9,440 on January 1, 2019. Straight-line depreciation is used, based on a 5-year life and a $1,180 salvage value. On January 1, 2021, the estimates are revised. Wildhorse now feels the computer will be used until December 31, 2022, when it can be sold for $590. Compute the 2021 depreciation. (Round answer to 0 decimal places, e.g. 45,892.) Depreciation expense, 2021 $ 2478 eTextbook and Media
Answer is NOT 3250, 6500, or 1750.
Brief Exercise 11-07 Novak Company purchased a computer for $10,000 on January 1, 2019. Straight-line depreciation is used, based on a 5-year life and a $1,250 salvage value. On January 1, 2021, the estimates are revised. Novak now feels the computer will be used until December 31, 2022, when it can be sold for $625. Compute the 2021 depreciation. (Round answer to 0 decimal places, e.g. 45,892.) Depreciation expense, 2021 $
Sunland Company purchased a hot tub for $11,210 on January 1, 2016. Straight-line depreciation is used, based on a 6-year life and a $1,790 salvage value. In 2018, the estimates are revised. Sunland now feels the hot tub will be used until December 31, 2020, when it can be sold for $840. Compute the 2018 depreciation. Depreciation expense, 2018
CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Brief Exercise 11-7 Sweet Company purchased a computer for $8,480 on January 1, 2016. Straight-line depreciation is used, based on a 5 year life and a $1,060 salvage value. In 2018, the estimates are revised. Sweet now feels the computer will be used until December 31, 2019, when it can be sold for $530. Compute the 2018 depreciation. (Round answer to 0 decimal places, e.g. 45,892.) Depreciation expense, 2018 LINK TO TEXT
Danish Inc purchased a computer on January 1, 2019, for $1,600,000. The straight-line method of depreciation was used, based on an expected life of 6 years and a residual value of $130,000. Prepare the journal entries to record depreciation for the first 6 months of 2021 and the sale of the computer on July 1, 2021, for $1,000,000.
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