Homework Answers
Original Depreciation = 60000/16 = 3750 per year
Depreciation expense from 5th year = (60000-15000)/3 = 15000 per year
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Quebec's Wonderland paid $60,000 for a concession stand. Depreciation was recorded by the straight-line method over 16...
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Happy Time Amusement Park paid $400.000 for a concession stand. Happy Time started out depreciating the building using the straighine method over 25 years with a resid e of Aer using the concession stand for three years. Happy Time determines that the building will remain for only five more years. Record Happy Time's depreciation on the concession stand for year for using the straight method. Record debt first, then credits Exclude explanations from any ouma Journal Entry Date Accounts Credit
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Assume that Global Positioning Systems paid $50,000 for equipment with a 10-year life and zero expected...
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company buys machinery for USD 60,000 on December 31, Year 1. Depreciation using the straight line...
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Exercise 8-13 Revising depreciation LO C2 Apex Fitness Club uses straight-line depreciation for a machine costing...
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Apex Fitness Club uses straight-line depreciation for a machine costing $28,300, with an estimated four-year life...
Apex Fitness Club uses straight-line depreciation for a machine costing $28,300, with an estimated four-year life and a $3.000 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $2,550 salvage value. Required: 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation for each of the final three years given the...
Apex Fitness Club uses straight-line depreciation for a machine costing $20,300, with an estimated four-year life...
Apex Fitness Club uses straight-line depreciation for a machine costing $20,300, with an estimated four-year life and a $1,900 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $1,450 salvage value, Required: 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation for each of the final three years given the...
Apex Fitness Club uses straight-line depreciation for a machine costing $27,850, with an estimated four-year life and a...
Apex Fitness Club uses straight-line depreciation for a machine costing $27,850, with an estimated four-year life and a $2,850 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $2,400 salvage value. Required: 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation for each of the final three years given the...
Happy Time Amusement Park paid $400.000 for a concession stand. Happy Time started out depreciating the building using the straighine method over 25 years with a resid e of Aer using the concession stand for three years. Happy Time determines that the building will remain for only five more years. Record Happy Time's depreciation on the concession stand for year for using the straight method. Record debt first, then credits Exclude explanations from any ouma Journal Entry Date Accounts Credit
Straight-Line Depreciation Rates Convert each of the following estimates of useful life to a straight-line depreciation rate, stated as a percentage, assuming that the residual value of the fixed asset is to be ignored: (a) 4 years, (b) 8 years, (c) 10 years, (d) 16 years, (e) 25 years, (f) 40 years, (g) 50 years. If required, round your answers to two decimal places. Years Percentage 4 years 8 years 10 years 16 years 25 years 40 years 50 years...
Changing the estimated life of an asset Assume that ABC Catering Services paid $20,000 for equipment with a 10-year life and zero expected residual value. After using the equipment for four years, the company determines that the asset will remain useful for only three more years. Requirements 1. Record depreciation expense on the equipment for year 5 by the straight-line method. 2. What is accumulated depreciation at the end of year 5?
Assume that Global Positioning Systems paid $50,000 for equipment with a 10-year life and zero expected residual value. After using the equipment for four years, the company determines that the asset will remain useful for only three more years. Read the requirements Requirement 1. Record depreciation expense on the equipment for year 5 by the straight-line method. First, select the formula to calculate the comparty's revised depreciation expense on the equipment for year 5. Then enter the amounts and calculate...
Show Me How Calculator apter 9 - Assignment 3 eBook Comparing three depreciation methods Instructions Depreciation Expense Final Questions LI Х Instructions Dexter Industries purchased packaging equipment on January 8 for $86,900. The equipment was expected to have a useful life of three years, or 20,000 operating hours, and a residual value of $6,900. The equipment was used for 8,640 hours during Year 1,6,710 hours in Year 2, and 4,650 hours in Year 3. Required: 1. Determine the amount of...
Exercise 8-13 Revising depreciation LO C2 Apex Fitness Club uses straight-line depreciation for a machine costing $25,300, with an estimated four year life and a $2,150 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $1,700 salvage value. Required: 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation for each...
Apex Fitness Club uses straight-line depreciation for a machine costing $28,300, with an estimated four-year life and a $3.000 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $2,550 salvage value. Required: 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation for each of the final three years given the...
Apex Fitness Club uses straight-line depreciation for a machine costing $20,300, with an estimated four-year life and a $1,900 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $1,450 salvage value, Required: 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation for each of the final three years given the...
Apex Fitness Club uses straight-line depreciation for a machine costing $27,850, with an estimated four-year life and a $2,850 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $2,400 salvage value. Required: 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation for each of the final three years given the...
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