A computer was sold for $5,000 after it had been used for 3 years. Originally the...
Here are selected 2017 transactions of Indigo Corporation. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2007. The machine cost $61,800 and had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2015. The computer cost $37,000 and had a useful life of 4 years with no salvage value. The computer was sold for $4,000 cash. Dec. 31 Sold a delivery truck for...
10. Saginaw Company purchased a computer that costs $1,000. It had an estimated useful life of 5 years and no residual (salvage) value. The computer was depreciated by the straight-line method and was sold at the end of the fourth year (i.e., after 4 years) of use for $150 cash. The company should make the following journal entry:
A machine originally had an estimated service life of 5 years, and after 3 years, it was decided that the original estimate should have been for 10 years. The remaining cost to be depreciated should be allocated over the next Multiple Choice 5 years 6 years 10 years 7 years 2 years Creek Construction owned a bulldozer which was destroyed by fire. The bulldozer originally cost $38,000. The accumulated depreciation recorded to the date of loss was $20,000. The proceeds...
A company purchases equipment for $ 10,000 and originally estimates useful life of 4 years and a residual value of $1,000 to be depreciated using straight-line method. After 2 full years, the company revises the useful life to 6 years with $0 residual value. Depreciation expense for the remaining would be : A) $667 B) $1375 C) $1250 D) $875
Here are selected 2017 transactions of Culver Corporation. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2007. The machine cost $61,3000 and had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2015. The computer cost $35,800 and had a useful life of 4 years with no salvage value. The computer was sold for $4,100 cash. Sold a delivery truck for $9,210 cash. The truck...
When originally purchased, a vehicle costing $23,400 had an estimated useful life of 8 years and an estimated salvage value of $1,800. After 4 years of straight-line depreciation, the asset's total estimated useful life was revised from 8 years to 6 years and there was no change in the estimated salvage value. The depreciation expense in year 5 equals:
When originally purchased, a vehicle costing $23,940 had an estimated useful life of 8 years and an estimated salvage value of $2,100. After 4 years of straight-line depreciation, the asset's total estimated useful life was revised from 8 years to 6 years and there was no change in the estimated salvage value. The depreciation expense in year 5 equals:
Nguyen Inc. is considering the purchase of a new computer system (ICX) for $180,000. The system will require an additional $40,000 for installation. If the new computer is purchased it will replace an old system that has been fully depreciated. The new system will be depreciated over a period of 8 years using straight-line depreciation. If the ICX is purchased, the old system will be sold for $10,000. The ICX system, which has a useful life of 8 years, is...
28) When originally purchased, a vehicle costing $26.460 had an estimated useful life of 8 years and an estimated salvage value of $3500. After 4 years of straight-line depreciation, the asset's total estimated useful life was revised from 8 years to 6 years and there was no change in the estimated salvage value. The depreciation expense in year 5 equals: A) S3038.00. B) $11,480.00. C) $5908.00. D) $5740.00 E) $2870.00. 29) Lima Enterprises purchased a depreciable asset for $29.000 on...
As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Inc. sold shelving units ( recorded as Equipment ) that were 10 years old for $1,130 cash. The shelves originally cost $ 7,720 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $620 assets? liabilities? stockholders equity? Help Save & Exit Check my Required information (The following information applies to the questions displayed...