january 1 2010 road catering service purchase a piece of equipment for 58000 which is expected to last for five years and have a residual value of 4500.after using the equipment for three years it was sold december 31 2012 for 43000 journalize the sale of the equipment using the straight line method
january 1 2010 road catering service purchase a piece of equipment for 58000 which is expected...
Chapter 9 Disposal of Plant Asset examples 1. January 4, 2010 a piece of equipment was bought for $58,000 with a residual value of $4,000 and an estimated life of 9 years. (Use straight line method) The equipment was sold for $22,000 on March 23, 2016. Journalize the entries to update the partial year depreciation and sale dated March 23, 2016. 2. January 2, 2011 bought equipment for $96,000 with a residual value of $15,000 and an estimated life of...
1) Kansas Enterprises purchased equipment for $79,000 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $6,900 at the end of five years. Using the straight-line method, depreciation expense for 2021 would be: 2) Kansas Enterprises purchased equipment for $80,500 on January 1, 2021. The equipment is expected to have a ten-year service life, with a residual value of $6,450 at the end of ten years. Using the straight-line method,...
XYZ Company purchased a new piece of equipment on January 1, 2022. The following information relates to the equipment purchased: Purchase price .............. ? Residual value .............. ? Life ........................ 8 years Using the straight-line depreciation method, the equipment's book value at December 31, 2025 would be $82,700. Using the double-declining balance depreciation method, the depreciation expense recorded on the equipment in 2023 would be $30,000. Calculate the residual value assigned to this piece of equipment.
XYZ Company purchased a new piece of equipment on January 1, 2022. The following information relates to the equipment purchased: Purchase price .............. ? Residual value .............. ? Life ........................ 8 years Using the straight-line depreciation method, the equipment's book value at December 31, 2025 would be $82,700. Using the double-declining balance depreciation method, the depreciation expense recorded on the equipment in 2023 would be $30,000. Calculate the residual value assigned to this piece of equipment.
XYZ Company purchased a new piece of equipment on January 1, 2022. The following information relates to the equipment purchased: Purchase price Residual value ... Life ......... ...... 8 years Using the straight-line depreciation method, the equipment's book value at December 31, 2025 would be $82,700. Using the double-declining balance depreciation method, the depreciation expense recorded on the equipment in 2023 would be $30,000. Calculate the residual value assigned to this piece of equipment.
On January 1, 2020, Harlow Company paid $137,000 to purchase a piece of equipment. Before the equipment could be used, Harlow had to spend $6,000 to put the equipment in working order. The equipment was assigned a useful life of 12 years and a residual value of $11,000. The straight-line method will be used to record depreciation on the equipment. On January 1, 2026, Harlow Company spent $27,000 to overhaul the equipment. This capital expenditure caused Harlow Company to change...
Kansas Enterprises purchased equipment for $77,500 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $7,950 at the end of five years. Using the straight-line method, depreciation expense for 2021 would be: Multiple Choice $13,910. $17,090. $31,000. $15,500.
Question 6 On January 1, 2020, Harlow Company paid $137,000 to purchase a piece of equipment. Before the equipment could be used, Harlow had to spend $6,000 to put the equipment in working order. The equipment was assigned a useful life of 12 years and a residual value of $11,000. The straight-line method will be used to record depreciati on on the equipment. On January 1, 2026, Harlow Company spent $27,000 to ove rhaul the equi pment . This capital...
I'm not sure with my answer XYZ Company purchased a new piece of equipment on January 1, 2022. The following information relates to the equipment purchased: Purchase price.... Residual value.. Life ....... . 8 years Using the straight-line depreciation method, the equipment's book value at December 31, 2025 would be $82,700. Using the double-declining balance depreciation method, the depreciation expense recorded on the equipment in 2023 would be $30,000. Calculate the residual value assigned to this piece of equipment. 5,400
On January 3, 20X1Joe Rockhead, Co. purchased a piece of equipment for $400,000 with a service life of 5 years and a salvage value of $40,000. Required: Prepare a depreciation schedule for each of the five years under each following assumptions: (a) straight-line method, and (b) declining balance method at twice the straight-line rate (Double declining balance).