On October 1, 2021, the Allegheny Corporation purchased equipment for $123,000. The estimated service life of...
On October 1, 2021, the Allegheny Corporation purchased equipment for $289,000. The estimated service life of the equipment is 10 years and the estimated residual value is $3,000. The equipment is expected to produce 520,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service. exercise 11-3 (Algo) Part 1 Straight line. Straight-Line Depreciation 1 Choose Denominator: Choose...
(The following information applies to the questions displayed below.) On October 1, 2021, the Allegheny Corporation purchased equipment for $267,000. The estimated service life of the equipment is 10 years and the estimated residual value is $3,000. The equipment is expected to produce 480,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service. 1. Straight line Straight-Line...
On October 1, 2021, the Allegheny Corporation purchased equipment for $157,000. The estimated service life of the equipment is 10 years and the estimated residual value is $3,000. The equipment is expected to produce 350,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service 1. Straight line 2. Double-declining balance 3. Units of production (units produced in...
On January 1, 2021, the Allegheny Corporation purchased equipment for $116,000. The estimated service life of the equipment is 10 years and the estimated residual value is $6,000. The equipment is expected to produce 260,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Straight Line Method Straight-Line Depreciation Choose Numerator: / Choose Denominator: = Annual Depreciation Expense / = Depreciation Expense / = Depreciation Expense 2021 2022 Double-declining balance. Depreciation for...
On October 1, 2021, the Allegheny Corporation purchased equipment for $314,000. The estimated service life of the equipment is 10 years and the estimated residual value is $6,000. The equipment is expected to produce 550,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service. 2. Double-declining balance
On October 1, 2021, the Allegheny Corporation purchased equipment for $314,000. The estimated service life of the equipment is 10 years and the estimated residual value is $6,000. The equipment is expected to produce 550,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service. 3. Units of production (units produced in 2021, 28,000; units produced in 2022,...
Required information [The following information applies to the questions displayed below.] On October 1, 2021, the Allegheny Corporation purchased equipment for $267,000. The estimated service life of the equipment is 10 years and the estimated residual value is $3,000. The equipment is expected to produce 480,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Partial- year depreciation is calculated based on the number of months the asset is in service. 1....
On October 1, 2018, the Allegheny Corporation purchased machinery for $157,000. The estimated service life of the machinery is 10 years and the estimated residual value is $3,000. The machine is expected to produce 350,000 units during its life. Required: Calculate depreciation for 2018 and 2019 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service. 1. Straight line. 2. Sum-of-the-years'-digits. 3. Double-declining balance. 4. One hundred fifty percent...
On October 1, 2021, the Allegheny Corporation purchased equipment for $233,000. The estimated service life of the equipment is 10 years and the estimated residual value is $2,000. The equipment is expected to produce 420,000 units during its life. Required:Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service.
On October 1, 2021, the Allegheny Corporation purchased equipment for $233,000. The estimated service life of the equipment is 10 years and the estimated residual value is $2,000. The equipment is expected to produce 420,000 units during its life. Required:Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service.