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The details of the January 1, 2020 purchase of property, plant & equipment by Whispering Industries...
View Policies Current Attempt in Progress The details of the January 1, 2020 purchase of property,...
View Policies Current Attempt in Progress The details of the January 1, 2020 purchase of property, plant & equipment by Blue Industries is as follows: Cost Residual Useful Life Depreciation Value Method Machinery $1,236,000 $96,000 1 million units Activity Method Building $903,000 $93,000 30 years Straight line Computer $172,500 $12,000 5 years Double-Declining-Balance During 2020 Blue produced 196,000 units using its machinery. Calculate the 2020 depreciation for each of the property, plant & equipment items. (Round depreciation per unit to...
Whispering Company purchased a new plant asset on April 1, 2020, at a cost of $744,000....
Whispering Company purchased a new plant asset on April 1, 2020, at a cost of $744,000. It was estimated to have a service life of 20 years and a salvage value of $51,000. Whispering’ accounting period is the calendar year. Compute the depreciation for this asset for 2020 and 2021 using the sum-of-the-years'-digits method. (Round answers to 0 decimal places, e.g. 45,892.) Depreciation for 2020 $ enter a dollar amount Depreciation for 2021 $ enter a dollar amount eTextbook and...
Exercise 11-06 Whispering Company purchased equipment for $286,800 on October 1, 2020. It is estimated that...
Exercise 11-06
Whispering Company purchased equipment for $286,800 on October 1,
2020. It is estimated that the equipment will have a useful life of
8 years and a salvage value of $13,200. Estimated production is
48,000 units and estimated working hours are 20,000. During 2020,
Whispering uses the equipment for 550 hours and the equipment
produces 1,000 units.
Compute depreciation expense under each of the following methods.
Whispering is on a calendar-year basis ending December 31.
(Round rate per hour...
Whispering Winds Company purchased a delivery truck for $25,000 on January 1, 2020. The truck has...
Whispering Winds Company purchased a delivery truck for $25,000 on January 1, 2020. The truck has an expected salvage value of $3,160, and is expected to be driven 104,000 miles over its estimated useful life of 10 years. Actual miles driven were 12,000 in 2020 and 11,500 in 2021 (a1) Your answer is correct. Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Depreciation expense0.21 per mile Attempts: 1 of 15 used *(a2)...
Question 5 Whispering Corp. purchased machinery for $315,000 on May 1, 2020. It is estimated that...
Question 5 Whispering Corp. purchased machinery for $315,000 on May 1, 2020. It is estimated that it will have a useful life of 10 years, salvage value of $18,000, production of 237,600 units, and working hours of 25,000. During 2021, Whispering Corp. uses the machinery for 2,650 hours, and the machinery produces 28,300 units. From the information given, compute the depreciation charge for 2021 under each of the following methods. (Round intermediate calculations to 2 decimal places, e.g. 5.25 and...
Whispering Company purchases equipment on January 1, Year 1, at a cost of $534,000. The asset...
Whispering Company purchases equipment on January 1, Year 1, at a cost of $534,000. The asset is expected to have a service life of 12 years and a salvage value of $48,060 Compute the amount of depreciation for each of Years 1 through 3 using the straight-line depreciation method. (Round answers to 0 decimal places, e.g. 5,125.) Depreciation for Year 1 $ Depreciation for Year 2 $ Depreciation for Year 3 $ Compute the amount of depreciation for each of Years 1 through 3 using...
Bramble Company purchased machinery on January 1, 2020, for $91,200. The machinery is estimated to have...
Bramble Company purchased machinery on January 1, 2020, for $91,200. The machinery is estimated to have a salvage value of $9,120 after a useful life of 8 years. Compute 2020 depreciation expense using the sum-of-the-years'-digits method. Depreciation expense $ LINK TO TEXT Compute 2020 depreciation expense using the sum-of-the-years'-digits method, assuming the machinery was purchased on April 1, 2020. (Round answer to 0 decimal places, e.g. 5,125.) Depreciation expense
Selected accounts included in the property, plant, and equipment section of Whispering Corporation's balance sheet at...
Selected accounts included in the property, plant, and equipment section of Whispering Corporation's balance sheet at December 31, 2016, had the following balances. Land Land improvements 170,800 Buildings Equipment $ 366,000 1,342,000 1,171,200 During 2017, the following transactions occurred. 1. 2. Atract of land was acquired for $183,000 as a potential future building site. A plant facility consisting of land and building was acquired from Mendota Company in exchangefor 24,400 shares of Whispering's common stock. On the acquisition date, Whispering's...
Question 1 Kingbird Company purchased machinery on January 1, 2020, for $96,800. The machinery is estimated...
Question 1 Kingbird Company purchased machinery on January 1, 2020, for $96,800. The machinery is estimated to have a salvage value of $9,680 after a useful life of 8 years. Compute 2020 depreciation expense using the sum-of-the-years'-digits method. Depreciation expenses LINK TO TEXT Compute 2020 depreciation expense using the sum-of-the-years-digits method, assuming the machinery was purchased on April 1, 2020. (Round answer to 0 decimal places, e.g. 5,125.) Depreciation expenses Click if you would like to Show Work for this...
At December 31, 2019, certain accounts included in the property, plant, and equipment section of Whispering...
At December 31, 2019, certain accounts included in the property, plant, and equipment section of Whispering Winds Corporation's statement of financial position had the following balances: Land $309,670 Buildings-Structure 882,700 Leasehold Improvements 704,910 Equipment 844,960 During 2020, the following transactions occurred: 1. Land site No. 621 was acquired for $799,660 plus a fee of $6,670 to the real estate agent for finding the property. Costs of $33,210 were incurred to clear the land. In clearing the land, topsoil and gravel...
View Policies Current Attempt in Progress The details of the January 1, 2020 purchase of property, plant & equipment by Blue Industries is as follows: Cost Residual Useful Life Depreciation Value Method Machinery $1,236,000 $96,000 1 million units Activity Method Building $903,000 $93,000 30 years Straight line Computer $172,500 $12,000 5 years Double-Declining-Balance During 2020 Blue produced 196,000 units using its machinery. Calculate the 2020 depreciation for each of the property, plant & equipment items. (Round depreciation per unit to...
Exercise 11-06
Whispering Company purchased equipment for $286,800 on October 1,
2020. It is estimated that the equipment will have a useful life of
8 years and a salvage value of $13,200. Estimated production is
48,000 units and estimated working hours are 20,000. During 2020,
Whispering uses the equipment for 550 hours and the equipment
produces 1,000 units.
Compute depreciation expense under each of the following methods.
Whispering is on a calendar-year basis ending December 31.
(Round rate per hour...
Whispering Winds Company purchased a delivery truck for $25,000 on January 1, 2020. The truck has an expected salvage value of $3,160, and is expected to be driven 104,000 miles over its estimated useful life of 10 years. Actual miles driven were 12,000 in 2020 and 11,500 in 2021 (a1) Your answer is correct. Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Depreciation expense0.21 per mile Attempts: 1 of 15 used *(a2)...
Question 5 Whispering Corp. purchased machinery for $315,000 on May 1, 2020. It is estimated that it will have a useful life of 10 years, salvage value of $18,000, production of 237,600 units, and working hours of 25,000. During 2021, Whispering Corp. uses the machinery for 2,650 hours, and the machinery produces 28,300 units. From the information given, compute the depreciation charge for 2021 under each of the following methods. (Round intermediate calculations to 2 decimal places, e.g. 5.25 and...
Whispering Company purchases equipment on January 1, Year 1, at a cost of $534,000. The asset is expected to have a service life of 12 years and a salvage value of $48,060 Compute the amount of depreciation for each of Years 1 through 3 using the straight-line depreciation method. (Round answers to 0 decimal places, e.g. 5,125.) Depreciation for Year 1 $ Depreciation for Year 2 $ Depreciation for Year 3 $ Compute the amount of depreciation for each of Years 1 through 3 using...
Bramble Company purchased machinery on January 1, 2020, for $91,200. The machinery is estimated to have a salvage value of $9,120 after a useful life of 8 years. Compute 2020 depreciation expense using the sum-of-the-years'-digits method. Depreciation expense $ LINK TO TEXT Compute 2020 depreciation expense using the sum-of-the-years'-digits method, assuming the machinery was purchased on April 1, 2020. (Round answer to 0 decimal places, e.g. 5,125.) Depreciation expense
Selected accounts included in the property, plant, and equipment section of Whispering Corporation's balance sheet at December 31, 2016, had the following balances. Land Land improvements 170,800 Buildings Equipment $ 366,000 1,342,000 1,171,200 During 2017, the following transactions occurred. 1. 2. Atract of land was acquired for $183,000 as a potential future building site. A plant facility consisting of land and building was acquired from Mendota Company in exchangefor 24,400 shares of Whispering's common stock. On the acquisition date, Whispering's...
Question 1 Kingbird Company purchased machinery on January 1, 2020, for $96,800. The machinery is estimated to have a salvage value of $9,680 after a useful life of 8 years. Compute 2020 depreciation expense using the sum-of-the-years'-digits method. Depreciation expenses LINK TO TEXT Compute 2020 depreciation expense using the sum-of-the-years-digits method, assuming the machinery was purchased on April 1, 2020. (Round answer to 0 decimal places, e.g. 5,125.) Depreciation expenses Click if you would like to Show Work for this...
At December 31, 2019, certain accounts included in the property, plant, and equipment section of Whispering Winds Corporation's statement of financial position had the following balances: Land $309,670 Buildings-Structure 882,700 Leasehold Improvements 704,910 Equipment 844,960 During 2020, the following transactions occurred: 1. Land site No. 621 was acquired for $799,660 plus a fee of $6,670 to the real estate agent for finding the property. Costs of $33,210 were incurred to clear the land. In clearing the land, topsoil and gravel...
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