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MacGyver Company bought equipment on M ary 2009 for $15 BOO Altheme of purchase the equipment...
MacGyver Company bought equipment on January 3, 2019, for $35,500. At the time of purchase, the...
MacGyver Company bought equipment on January 3, 2019, for $35,500. At the time of purchase, the equipment was estimated to have a useful life of 5 years and a salvage value of $1,300. Using the straight-line method, the amount of one year's depreciation is ! o o o o
Foster Company bought equipment on January 3 of this year for $10,000. At the time of...
Foster Company bought equipment on January 3 of this year for $10,000. At the time of purchase, the equipment was estimated to have a useful life of nine years and a trade-in value of $1,000 at the end of nine years. Using the straight-line method, the amount of one year's depreciation is Select one: a. $1,111. b. $1,222. c. $1,000. d. $9,000. e. $2,000.
107. Porter Company purchased equipment for $450,000 on January 1, 2007, and will use the double-declining-balance...
107. Porter Company purchased equipment for $450,000 on January 1, 2007, and will use the double-declining-balance method of depreciation. It is estimated that the equipment will have a 3-year life and a $20,000 salvage value at the end of its useful life. The amount of depreciation expense recognized in the year 2009 will be a. $50,000. b. $30,000. c. $54,440. d. $34,440. 108. A plant asset was purchased on January 1 for $50,000 with an estimated salvage value of $10,000...
A company purchased factory equipment on April 1, 2022 for $159500. It is estimated that the equipment will hav...
A company purchased factory equipment on April 1, 2022 for $159500. It is estimated that the equipment will have a $15500 salvage value at the end of its 10-year useful life. Using the straight-line method of depreciation the amount to be recorded as depreciation expense at December 31, 2022 is 515950 $14400. $10800 511953 Multiple Choice Question 109 On January 1. a machine with a useful life of four years and a salvage value of $15000 was purchased for $120000....
Southport Company is considering the purchase of a piece of equipment that costs $100,000. The equipment...
Southport Company is considering the purchase of a piece of equipment that costs $100,000. The equipment would be depreciated on a straight-line basis to its expected salvage value of $10,000 over its 10-year useful life. Assuming a tax rate of 40%, what is the annual amount of the depreciation tax shield provided by this investment? Multiple Choice $4,000 $9,000 $3,600 None of these answers is correct.
A piece of equipment is purchased on 1/1/2009 and booked for $8,000 with a salvage value...
A piece of equipment is purchased on 1/1/2009 and booked for $8,000 with a salvage value of $500 and a useful life of 7 years. For the first 2 years double declining balance was used. Starting in year 3, the method was switched to the straight-line method with the useful life extended to 9 years. What will be the amount of depreciation recorded in 2011?
1) A private company in New York bought office furniture and equipment at a cost of...
1) A private company in New York bought office furniture and equipment at a cost of $240,000. The total salvage value of these equipment is estimated to be 15% of the initial cost at the end of a depreciable life of 8 years. Determine the book value for this asset at the end of years 4 and 6. Sold after 6 with 70,000. What is the depreciation recapture? a) Straight Line Method
Change in Accounting Estimate: On 7/1/15 AU Co. bought a $50,000 piece of equipment. It depreciated...
Change in Accounting Estimate: On 7/1/15 AU Co. bought a $50,000 piece of equipment. It depreciated the equipment using the straight-line method assuming $5000 salvage value and a 9-year life. On 1/1/20 AU Co. decided the equipment had 6 more useful years and a $2000 salvage value. What is the depreciation entry for the year ending 12/31/2020? Journal entry:
Sandhill Co. bought equipment for $600000 on January 1, 2016. Sandhill estimated the useful life to...
Sandhill Co. bought equipment for $600000 on January 1, 2016. Sandhill estimated the useful life to be 4 years with no salvage value, and the straight-line method of depreciation will be used. On January 1, 2017, Sandhill decides that the business will use the equipment for a total of 9 years. What is the revised depreciation expense for 2017?
Question 15 Waterway Industries purchased equipment in January of 2008 for $402000. The equipment was being...
Question 15 Waterway Industries purchased equipment in January of 2008 for $402000. The equipment was being depreciated on the straight-line method over an estimated useful life of 20 years, with no salvage value. At the beginning of 2018, when the equipment had been in use for 10 years, the company paid $51000 to overhaul the equipment. As a result of this improvement, the company estimated that the useful life of the equipment would be extended an additional 5 years. What...
MacGyver Company bought equipment on January 3, 2019, for $35,500. At the time of purchase, the equipment was estimated to have a useful life of 5 years and a salvage value of $1,300. Using the straight-line method, the amount of one year's depreciation is ! o o o o
A company purchased factory equipment on April 1, 2022 for $159500. It is estimated that the equipment will have a $15500 salvage value at the end of its 10-year useful life. Using the straight-line method of depreciation the amount to be recorded as depreciation expense at December 31, 2022 is 515950 $14400. $10800 511953 Multiple Choice Question 109 On January 1. a machine with a useful life of four years and a salvage value of $15000 was purchased for $120000....
1) A private company in New York bought office furniture and equipment at a cost of $240,000. The total salvage value of these equipment is estimated to be 15% of the initial cost at the end of a depreciable life of 8 years. Determine the book value for this asset at the end of years 4 and 6. Sold after 6 with 70,000. What is the depreciation recapture? a) Straight Line Method
Question 15 Waterway Industries purchased equipment in January of 2008 for $402000. The equipment was being depreciated on the straight-line method over an estimated useful life of 20 years, with no salvage value. At the beginning of 2018, when the equipment had been in use for 10 years, the company paid $51000 to overhaul the equipment. As a result of this improvement, the company estimated that the useful life of the equipment would be extended an additional 5 years. What...
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