Question 1: A machine was purchased for $175,745. It has a salvage value of $46,873 and...
Question 1: A machine was purchased for $175,745. It has a salvage value of $46,873 and a useful life of 14 years. It is classified as a MACRS 10-year property. Using MACRS depreciation, calculate the depreciation in year 5. Enter your answer as 12345 Round your answer. Do not use a dollar sign ("$"), any commas (","), or a decimal point (".").
Question 2: McCloskley Enterprises buys a machine classified as a MACRS 15-year property for $178,996. It has a salvage value of $33,054. If the company uses the MACRS depreciation method, what is the book value of the machine at the end of year 6? Enter your answer as 12345 Round your answer. Do not use a dollar sign ("$"), any commas (","), or a decimal point (".").
Question 3: A machine is purchased for $130,649. The machine is classified as a MACRS 7-year property. Its useful life is 12 years. The estimated salvage value at the end of 12 years is $18,076. Using straight-line depreciation, the depreciation in year 7 is: Enter your answer as 12345 Round your answer. Do not use a dollar sign ("$"), any commas (",") or a decimal point (".").
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Question 1: A machine was purchased for $175,745. It has a
salvage value of $46,873 and...
1. Firm A just purchased a machine for $ 1,517,824 . If the salvage value of...
1. Firm A just purchased a machine for $ 1,517,824 . If the salvage value of this machine is $ 352,536 and if the estimated life of the machine is 14 years, what is the annual depreciation on this machine? (Round your answer to the nearest whole dollar and record without a dollar sign or a comma. For example, record $34,253.85431 as 34254). 2. Firm X purchased a piece of equipment exactly 9 years ago. The piece of equipment had...
5. (20 Points) A company purchased a machine for $50,000 that has an estimated salvage value of $10,000 at the end...
5. (20 Points) A company purchased a machine for $50,000 that has an estimated salvage value of $10,000 at the end of 8 year useful life. Compute the depreciation table by (a) Straight Line method (b) MACRS method (7-year property) (e) If you want to sell the machine in 4th year what book value you will use? (d) What book value you will use to pay tax to IRS in 4th year?
5. (20 Points) A company purchased a machine...
5. (20 Points) A company purchased a machine for $50,000 that has an estimated salvage value...
5. (20 Points) A company purchased a machine for $50,000 that has an estimated salvage value of $10,000 at the end of 8 year useful life. Compute the depreciation table by (a) Straight Line method (b) MACRS method (7-year property) (c) If you want to sell the machine in 4th year what book value you will use? (a) What book value you will use to pay tax to IRS in 4 year?
A machine costing $49,000 has a life of 8 years. The salvage value is $10,000. It...
A machine costing $49,000 has a life of 8 years. The salvage value is $10,000. It was purchased on February 1. The depreciation expense for the calendar year is: (Do not round any intermediary calculations. Round your final answer to the nearest dollar.) O A. $4,469 O B. $510. OC. $5,615. OD. $406.
An asset was purchased for $600,000, has a salvage value of $10,000, and has a useful...
An asset was purchased for $600,000, has a salvage value of $10,000, and has a useful life of 7 years. If the asset is placed in service on September 1 {the company’s fiscal year runs from October 1 to September 30}, what is its sum-of-years depreciation charge for the first year of service? What is the depreciation charge for year two of its useful life using MACRS depreciation and given it is a GDS 3-year property class.
Question 5 0.2 pts Caston Construction just purchased a new forklift for $81552. Annual expenses are...
Question 5 0.2 pts Caston Construction just purchased a new forklift for $81552. Annual expenses are estimated to be $11375. Caston will perform a minor overhaul on the forklift every three years at a cost of $13644 and an extensive overhaul at the end of year 6 for $29861. At the end of its useful life in 12 years, the forklift will be sold for $12149. What is the first cost for the forklift? Enter your answer as: 1234. Do...
The Everly Equipment Company's flange-lipping machine was purchased 5 years ago for $70,000. It had an...
The Everly Equipment Company's flange-lipping machine was purchased 5 years ago for $70,000. It had an expected life of 10 years when it was bought and its remaining depreciation is $7,000 per year for each year of its remaining life. As older flange-lippers are robust and useful machines, this one can be sold for $20,000 at the end of its useful life. A new high-efficiency digital-controlled flange-lipper can be purchased for $140,000, including installation costs. During its 5-year life, it...
The Everly Equipment Company's flange-lipping machine was purchased 5 years ago for $50,000. It had an...
The Everly Equipment Company's flange-lipping machine was purchased 5 years ago for $50,000. It had an expected life of 10 years when it was bought and its remaining depreciation is $5,000 per year for each year of its remaining life. As older flange-lippers are robust and useful machines, this one can be sold for $20,000 at the end of its useful life. A new high-efficiency digital-controlled flange-lipper can be purchased for $120,000, including installation costs. During its 5-year life, it...
Question 8 (1 point) Saved The Company purchased a machine on January 1st for $693,922. The...
Question 8 (1 point) Saved The Company purchased a machine on January 1st for $693,922. The machine has an expected useful life of 8 years and an expected salvage value of $94,153. The company expects to produce 3,601 units in the first year of use and 8,469 over the life of the machine. Please calculate the depreciation expense that the company will record in the first year using the units-of-production method of depreciation. Your Answer: 49.69 Answer Question 9 (1...
De Young Entertainment Enterprises is considering replacing the latex molding machine it uses to fabricate rubber...
De Young Entertainment Enterprises is considering replacing the latex molding machine it uses to fabricate rubber chickens with a newer, more efficient model. The old machine has a book value of $600,000 and a remaining useful life of 5 years. The current machine would be worn out and worthless in 5 years, but De Young can sell it now to a Halloween mask manufacturer for $180,000. The old machine is being depreciated by $120,000 per year for each year of...
5. (20 Points) A company purchased a machine for $50,000 that has an estimated salvage value of $10,000 at the end of 8 year useful life. Compute the depreciation table by (a) Straight Line method (b) MACRS method (7-year property) (e) If you want to sell the machine in 4th year what book value you will use? (d) What book value you will use to pay tax to IRS in 4th year?
5. (20 Points) A company purchased a machine...
5. (20 Points) A company purchased a machine for $50,000 that has an estimated salvage value of $10,000 at the end of 8 year useful life. Compute the depreciation table by (a) Straight Line method (b) MACRS method (7-year property) (c) If you want to sell the machine in 4th year what book value you will use? (a) What book value you will use to pay tax to IRS in 4 year?
A machine costing $49,000 has a life of 8 years. The salvage value is $10,000. It was purchased on February 1. The depreciation expense for the calendar year is: (Do not round any intermediary calculations. Round your final answer to the nearest dollar.) O A. $4,469 O B. $510. OC. $5,615. OD. $406.
Question 5 0.2 pts Caston Construction just purchased a new forklift for $81552. Annual expenses are estimated to be $11375. Caston will perform a minor overhaul on the forklift every three years at a cost of $13644 and an extensive overhaul at the end of year 6 for $29861. At the end of its useful life in 12 years, the forklift will be sold for $12149. What is the first cost for the forklift? Enter your answer as: 1234. Do...
The Everly Equipment Company's flange-lipping machine was purchased 5 years ago for $70,000. It had an expected life of 10 years when it was bought and its remaining depreciation is $7,000 per year for each year of its remaining life. As older flange-lippers are robust and useful machines, this one can be sold for $20,000 at the end of its useful life. A new high-efficiency digital-controlled flange-lipper can be purchased for $140,000, including installation costs. During its 5-year life, it...
The Everly Equipment Company's flange-lipping machine was purchased 5 years ago for $50,000. It had an expected life of 10 years when it was bought and its remaining depreciation is $5,000 per year for each year of its remaining life. As older flange-lippers are robust and useful machines, this one can be sold for $20,000 at the end of its useful life. A new high-efficiency digital-controlled flange-lipper can be purchased for $120,000, including installation costs. During its 5-year life, it...
Question 8 (1 point) Saved The Company purchased a machine on January 1st for $693,922. The machine has an expected useful life of 8 years and an expected salvage value of $94,153. The company expects to produce 3,601 units in the first year of use and 8,469 over the life of the machine. Please calculate the depreciation expense that the company will record in the first year using the units-of-production method of depreciation. Your Answer: 49.69 Answer Question 9 (1...
De Young Entertainment Enterprises is considering replacing the latex molding machine it uses to fabricate rubber chickens with a newer, more efficient model. The old machine has a book value of $600,000 and a remaining useful life of 5 years. The current machine would be worn out and worthless in 5 years, but De Young can sell it now to a Halloween mask manufacturer for $180,000. The old machine is being depreciated by $120,000 per year for each year of...
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