Homework Answers
Cost of machinery:
= Depreciation in 2018×Factor of depreciation+Salvage value
= $259,000×(36/6)+$122,000
= $1,676,000
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On January 3, 2016, Vaughn Manufacturing purchased machinery. The machinery has an estimated useful life of...
On January 3, 2016, Bonita Industries purchased machinery. The machinery has an estimated useful life of...
On January 3, 2016, Bonita Industries purchased machinery. The
machinery has an estimated useful life of eight years and an
estimated salvage value of $121000. The depreciation applicable to
this machinery was $269000 for 2018, computed by the
sum-of-the-years'-digits method. The acquisition cost of the
machinery was
$1452000.
$1735000.
$1614000.
$1927000.
On January 1, 2011, Munoz Co. purchased machinery. The machinery has an estimated useful life of...
On January 1, 2011, Munoz Co. purchased machinery. The machinery has an estimated useful life of eight years and an estimated salvage value of $2,703. The depreciation applicable to this machinery was $31,845 for 2013, computed by the sum-of-the-years'-digits method. The acquisition cost of the machinery was (rounding hint: if you convert a fraction to a decimal, don't round it when going forward to use it in any calculations. For example, if 32/55 = .581818181818181...leave all those decimals in your...
Current Attempt in Progress On January 2, 2015 Bonita Industries acquired equipment to be used in...
Current Attempt in Progress On January 2, 2015 Bonita Industries acquired equipment to be used in its manufacturing operations. The equipment has an estimated useful life of 10 years and an estimated salvage value of $46300. The depreciation applicable to tra equipment was $213500 for 2018.computed under the sum-of-the-years digits method. What was the couisition cost of the ecument Current Attempt in Progress . The machinery old on May 1, 2018 in 2000 Crane Company purchased machinery for $1270000 on...
Brief Exercise 11-3 Oriole Company purchased machinery on January 1, 2017, for $90,400. The machinery is estimated to ha...
Brief Exercise 11-3 Oriole Company
purchased machinery on January 1, 2017, for $90,400. The machinery
is estimated to have a salvage value of $9,040 after a useful life
of 8 years. Compute 2017 depreciation expense using the
sum-of-the-years'-digits method. Depreciation expense $ LINK TO
TEXT Compute 2017 depreciation expense using the
sum-of-the-years'-digits method, assuming the machinery was
purchased on April 1, 2017. (Round answer to 0 decimal places, e.g.
5,125.) Depreciation expense $ Click if you would like to Show...
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
Machinery purchased for $69,000 by Vaughn Co. in 2016 was originally estimated to have a life...
Machinery purchased for $69,000 by Vaughn Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,600 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,175 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior years' depreciation, if...
3.Lockard Company purchased machinery on January 1, 2010 for 80,000. The machinery is estimated to have...
3.Lockard Company purchased machinery on January 1, 2010 for 80,000. The machinery is estimated to have a salvage value of $8,000 after a useful life of 8 years. A) Compute 2010 depreciation expense using the straight-line method. B) Compute 2010 depreciation using method assuming the machinery was purchased on September 1,2010. 4.Use the information for Lockard Company given in 3. A) Compute 2010 depreciation expense using the sum-of the years ‘-digits method. B) Compute 2010 depreciation expense using the sum-of-the-years’-digits...
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...
On January 1, 2013, Powell Company purchased a building and machinery that have the following useful...
On January 1, 2013, Powell Company purchased a building and machinery that have the following useful lives, salvage value, and costs. Building, 25-year estimated useful life, $9,000,000 cost, $900,000 salvage value Machinery, 10-year estimated useful life, $1,200,000 cost, no salvage value The building has been depreciated under the straight-line method through 2017. In 2018, the company decided to switch to the double-declining balance method of depreciation for the building. Powell also decided to change the total useful life of the...
Vaughn Corp. purchased machinery for $347,250 on May 1, 2020. It is estimated that it will...
Vaughn Corp. purchased machinery for $347,250 on May 1, 2020. It is estimated that it will have a useful life of 10 years, salvage value of $17,250, production of 264,000 units, and working hours of 25,000. During 2021, Vaughn Corp. uses the machinery for 2,650 hours, and the machinery produces 29,300 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 final answers...
On January 3, 2016, Bonita Industries purchased machinery. The
machinery has an estimated useful life of eight years and an
estimated salvage value of $121000. The depreciation applicable to
this machinery was $269000 for 2018, computed by the
sum-of-the-years'-digits method. The acquisition cost of the
machinery was
$1452000.
$1735000.
$1614000.
$1927000.
Current Attempt in Progress On January 2, 2015 Bonita Industries acquired equipment to be used in its manufacturing operations. The equipment has an estimated useful life of 10 years and an estimated salvage value of $46300. The depreciation applicable to tra equipment was $213500 for 2018.computed under the sum-of-the-years digits method. What was the couisition cost of the ecument Current Attempt in Progress . The machinery old on May 1, 2018 in 2000 Crane Company purchased machinery for $1270000 on...
Brief Exercise 11-3 Oriole Company
purchased machinery on January 1, 2017, for $90,400. The machinery
is estimated to have a salvage value of $9,040 after a useful life
of 8 years. Compute 2017 depreciation expense using the
sum-of-the-years'-digits method. Depreciation expense $ LINK TO
TEXT Compute 2017 depreciation expense using the
sum-of-the-years'-digits method, assuming the machinery was
purchased on April 1, 2017. (Round answer to 0 decimal places, e.g.
5,125.) Depreciation expense $ Click if you would like to Show...
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
Machinery purchased for $69,000 by Vaughn Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,600 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,175 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior years' depreciation, if...
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...
On January 1, 2013, Powell Company purchased a building and machinery that have the following useful lives, salvage value, and costs. Building, 25-year estimated useful life, $9,000,000 cost, $900,000 salvage value Machinery, 10-year estimated useful life, $1,200,000 cost, no salvage value The building has been depreciated under the straight-line method through 2017. In 2018, the company decided to switch to the double-declining balance method of depreciation for the building. Powell also decided to change the total useful life of the...
Vaughn Corp. purchased machinery for $347,250 on May 1, 2020. It is estimated that it will have a useful life of 10 years, salvage value of $17,250, production of 264,000 units, and working hours of 25,000. During 2021, Vaughn Corp. uses the machinery for 2,650 hours, and the machinery produces 29,300 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 final answers...
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