1.) The cost of an asset is $ 1,080, 000, and its residual value is $ 290,000. Estimated useful life of the asset is five years. Calculate depreciation for the first year using the double-declining-balance method of depreciation. (Do not round any intermediate calculations, and round your final answer to the nearest dollar. 2.)On January 1, 2018, Tyson Manufacturing Corporation...
47. Sawyer Company purchased equipment on January 1, 2018, at a cash cost of $10,000. The estimated useful life is 5 years, and the estimated residual value is $1000. The company uses the double declining-balance depreciation method. How much is the 2019 depreciation expense? A $2,400 B. $3,600 C. $1,440 D. $2,160
For each item, record corrections to income from continuing operations before taxes, if any. (If there is no effect then please enter o.) Increase (Decrease) to Income from Continuing Operations No. Description 1. Office equipment purchased January 1, 2017 for $54,690 was incorrectly charged to Supplies Expense at the time of purchase The office equipment has an estimated three-year service...
1)Cutter Enterprises purchased equipment for $77,000 on January 1, 2012. The equipment is expected to have a five-year life, with a residual value of $8,250 at theend of five years.Using the straight-line method, the book value at December 31, 2012 would be:$63,250.$61,600.$68,750.$55,000.2)Bricker Enterprises purchased a machine for $210,000 on October 1, 2012. The estimated service life is ten years with...
Carla Leasing Company agrees to lease equipment to Sarasota Corporation on January 1, 2020. The term of the lease is 7 years with no renewal option, and the machinery has an estimated economic life of 9 years. The cost of the machinery is $541,000, and the fair value of the asset on January 1, 2020, is $760,000. At the end...
Equipment was purchased on January 1 for $39,000 with an estimated residual value of $3,000 at the end of its useful life. The current year's Depreciation Expense is $4,000 calculated on the straight-line basis and the balance of the Accumulated Depreciation account at the end of the year is $12,000. The remaining useful life of the equipment is: 38 3...
ABC Company purchased equipment on January 1, 2009 for $72,000. It was estimated that the equipment would have a $5,000 salvage value at the end of its 5-year useful life. It was also estimated that the equipment would produce 100,000 units over its 5-year life. If the company used the double- declining balance method of depreciation, what was the balance...
please help with these accouting questions! 3 IV ab X, X 1 Styles Styles Pane S 11. Equipment was purchased for $150,000. Freight charges amounted to $7,000 and there was a cost of $20,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $30,000 salvage value at the end of its 5-year...
purchased merchandise on account from Martin co Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $139,250 has an estimated useful life of 16 years, has an estimated residual value of $7,250, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of...
Answer each of the following questions. Assume the asset was purchased at the beginning of the year. 1. A plant asset purchased for $650,000 has an estimated life of 10 years and a residual value of $32,500. Depreciation for the second year of use, determined by the declining-balance method at twice the straight-line rate is $ . 2. A plant...