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please show work 1. Computer equipment was acquired at the beginning of the year at a...
Equipment was acquired at the beginning of the year at a cost of $40,750. The equipment...
Equipment was acquired at the beginning of the year at a cost of $40,750. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of ten years and an estimated residual value of $790. a. What was the depreciation for the first year? b. Assuming the equipment was sold at the end of year 2 for $10,030, determine the gain or loss on the sale of the equipment. 5. BE.09-07.ALGO (Algorithmic) Depletion Earth's Treasures Mining Co....
Partial-Year Depreciation Equipment acquired at a cost of $67,000 has an estimated residual value of $4,000...
Partial-Year Depreciation Equipment acquired at a cost of $67,000 has an estimated residual value of $4,000 and an estimated useful life of 10 years. It was placed into service on April 1 of the current fiscal year, which ends on December 31 If necessary, round your answers to the nearest cent a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method. Depreciation Year 1 Year 2 b. Determine the depreciation for...
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $147,100,...
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $147,100, has an estimated useful life of 15 years, has an estimated residual value of $9,550, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? $ b. Assuming that the equipment was sold on April 1 of the fifth year for 101,787. 1. Journalize the entry to record depreciation...
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $176,020,...
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $176,020, has an estimated useful life of 19 years, has an estimated residual value of $7,300, and is depreciated by the straight- line method. a. What was the book value of the equipment at December 31 the end of the fourth year? b. Assuming that the equipment was sold on April 1 of the fifth year for 132,000. 1. Journalize the entry to record depreciation...
Depletion Earth's Treasures Mining Co. acquired mineral rights for $104,000,000. The mineral deposit is estimated at...
Depletion Earth's Treasures Mining Co. acquired mineral rights for $104,000,000. The mineral deposit is estimated at 65,000,000 tons. During the current year, 20,150,000 tons were mined and sold. a. Determine the depletion rate. If required, round your answer to two decimal places. per ton b. Determine the amount of depletion expense for the current year. C. Journalize the adjusting entry on December 31 to recognize the depletion expense. Dec. 31
Computer equipment was acquired at the beginning of the year at a cost of $63,500. It...
Computer equipment was acquired at the beginning of the year at a cost of $63,500. It had an estimated residual value of $3,500 and an estimated useful life of five years. Determine the (a) depreciable cost, (b) straight-line rate, and (c) annual straight-line depreciation. a. Depreciable cost $ b. Straight-line rate % c. Annual straight-line depreciation $
?invoker eBlook Depletion Caldwell Mining Co. acquired mineral rights for $48,750,000. The mineral deposit is estimated...
?invoker eBlook Depletion Caldwell Mining Co. acquired mineral rights for $48,750,000. The mineral deposit is estimated at 65,000,000 tons. During the current year Show Me How Calculator 18,850,000 tons were mined and sold. Determine the depletion rate. It required, round your answer to two decimal places a. b. Determine the amount of depletion expense for the current year. Journalize the adjusting entry on December 31 to recognize the depletion expense. Dec. 31 ぐ. 0
Units-of-activity Depreciation A truck acquired at a cost of $420,000 has an estimated residual value of...
Units-of-activity Depreciation A truck acquired at a cost of $420,000 has an estimated residual value of $21,750, has an estimated useful life of 59,000 miles, and was driven 5,300 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. (a) The depreciable cost $ (b) The depreciation rate $ per mile (c) The units-of-activity depreciation for the year $ Double-Declining-Balance Depreciation A building acquired at the beginning of the year...
Computer equipment was acquired at the beginning of the year at a cost of $53,600. It had an estimated residual value of...
Computer equipment was acquired at the beginning of the year at a cost of $53,600. It had an estimated residual value of $4,600 and an estimated useful life of five years. Determine the (a) depreciable cost, (b) straight-line rate, and (c) annual straight-line depreciation. a. Depreciable cost $ b. Straight-line rate % c. Annual straight-line depreciation $
p arn-us-cast-1-prod- Machinery was acquired at the beginning of the year at a cost of $67,800...
p arn-us-cast-1-prod- Machinery was acquired at the beginning of the year at a cost of $67,800 that has an estimated residual value of $3,800 and an estimated useful life of eight years. The machinery is expected to produce 120,000 units. In the current year, the company produced 20,000 units. R1: Determine the (a) depreciable cost (b) annual straight-line depreciation R2: Record the entries for depreciation R3: Determine the Net Book Value at the end of the year ! Machinery was...
Equipment was acquired at the beginning of the year at a cost of $40,750. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of ten years and an estimated residual value of $790. a. What was the depreciation for the first year? b. Assuming the equipment was sold at the end of year 2 for $10,030, determine the gain or loss on the sale of the equipment. 5. BE.09-07.ALGO (Algorithmic) Depletion Earth's Treasures Mining Co....
Partial-Year Depreciation Equipment acquired at a cost of $67,000 has an estimated residual value of $4,000 and an estimated useful life of 10 years. It was placed into service on April 1 of the current fiscal year, which ends on December 31 If necessary, round your answers to the nearest cent a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method. Depreciation Year 1 Year 2 b. Determine the depreciation for...
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $176,020, has an estimated useful life of 19 years, has an estimated residual value of $7,300, and is depreciated by the straight- line method. a. What was the book value of the equipment at December 31 the end of the fourth year? b. Assuming that the equipment was sold on April 1 of the fifth year for 132,000. 1. Journalize the entry to record depreciation...
Depletion Earth's Treasures Mining Co. acquired mineral rights for $104,000,000. The mineral deposit is estimated at 65,000,000 tons. During the current year, 20,150,000 tons were mined and sold. a. Determine the depletion rate. If required, round your answer to two decimal places. per ton b. Determine the amount of depletion expense for the current year. C. Journalize the adjusting entry on December 31 to recognize the depletion expense. Dec. 31
?invoker eBlook Depletion Caldwell Mining Co. acquired mineral rights for $48,750,000. The mineral deposit is estimated at 65,000,000 tons. During the current year Show Me How Calculator 18,850,000 tons were mined and sold. Determine the depletion rate. It required, round your answer to two decimal places a. b. Determine the amount of depletion expense for the current year. Journalize the adjusting entry on December 31 to recognize the depletion expense. Dec. 31 ぐ. 0
p arn-us-cast-1-prod- Machinery was acquired at the beginning of the year at a cost of $67,800 that has an estimated residual value of $3,800 and an estimated useful life of eight years. The machinery is expected to produce 120,000 units. In the current year, the company produced 20,000 units. R1: Determine the (a) depreciable cost (b) annual straight-line depreciation R2: Record the entries for depreciation R3: Determine the Net Book Value at the end of the year ! Machinery was...
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