Question 5 (Mandatory) (1 point) Global Enterprises purchased a machine on January 1, 2020 for $22,500. The machine had an estimated useful life of 10 years and an estimated residual value of $2,500. Assuming Global uses straight-line depreciation, what would be the book value of the machine on December 31, 2024? A
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- Question On October 1, 2019, Jay Company purchased a new machine for $112 500 The machine is estimated to have a $10,500 salvage value after its 10-year useful life. The machine is expected to be used 20,000 working hours over As usolut tre Instructions: Complate the lollowing depreciation schedules for 2019 and 2020. All answers should have dollar signs and commas. For example, your answers could be in the following formats: $5,000 or $15,000 or $150,000. Straight-Line Method Depreciation Expense Accumulated Depreciation Book Value 2020. Declining Balance Method (Assuming double the straight-line rate) Year Depreciation Expense Accumulated Depreciation Book Value 2019 2020 Units of Activity Method (Assuming machine working hours are as follows: 2019: 1,500; 2020: 4,000) Year Depreciation Expense Accumulated Depreciation Book Value 2019 2020Question1 On 09/01/X1, the company Purinos García, S.A., acquires a machine for €425,000. The machine carries a discount of €50,000. Half is paid in cash and the other half on 11/30/X2. The useful life of the machine is 10 years, the residual value of €1,800 and the linear amortization. Transport costs are €800 and installation costs €1,100, which are paid in cash. In addition, it is estimated that dismantling costs at the end of the useful life will amount to €6,700 -with a discount rate of 1.5%. At the end of the X1 financial year, the fair value of the machine is €350,000, the cost of sale is €8,000 and the value in use is €342,586. Finally, the machine is sold at the end of December of the X2 for a value of €108,000 in cash. It is also known that VAT is 21%. It is requested to record the following operations: Acquisition of the asset. Amortization at the end of X1. Deterioration at the end of X1 if applicable. Reclassification of the pending payment of the machinery. Payment of…• X Company purchases equipment for $120,000 on January 1, 2020. The equipment is estimated to last for 5 years with a residual value of $20,000. Using double-declining balance, depreciation expense for the year ended December 31st, 2022 will be: O $20,000 O $26,667 $28,800 O $17,280
- An asset bought for R2 million in 2020 with a useful life of four years, depreciated by way of the straight-line method over four years, is sold for R1 million in 2023 (3 years after being taken into use). What would the net proceeds from the sale be? (Assume a tax rate of 27%.) O a. R500 000 O b. R865 000 c. R1 000 000 O d. R1 500 000Q 9.51: Hamill Company purchased equipment on January 1, 2020, for $70,000. The equipment was expected to be used for four years and 12,000 hours (4,000 hours in 2020, 3,000 hours in 2021, and 2,500 hours per year for each of the last two years). Hamill hopes to sell the asset for $5,000 at the end of its useful life. Using the double-declining-balance method, what amount of depreciation expense should Hamill record for the year ended December 31, 2020? $17,500 $35,000 $32,500 $16,250 Question O Confidence SUBMIT O Mark for Review F10 F11 F4 F5 F6 F7 F8 F9 F3 H4 20 %23 6. 8.QUESTION 2 The Lark Company purchases a warehouse on December 28, 2020 for $150,000 (which includes all capitalizable costs). They put the warehouse into service on January 1, 2021, assigning it a useful life of 28 years and a salvage value of $10,000. Enter your answers below in whole dollars without a $ sign (e.., х). a. Calculate the depreciable cost of the warehouse. b. Calculate the annual depreciation expense that Lark must recognize for the warehouse over the next 28 years. c. Calculate the net book value of the warehouse as of December 31, 2025 (after appropriate adjusting journal entry). d. As of December 31, 2025 (after appropriate adjusting journal entry), how much total additional depreciation expense should be recognized over the remaining useful life of the warehouse?
- #22 On January 1, 2020, CANDICE Company acquired an equipment for P5,000,000. The estimated useful life is 10 years and that the residual of the equipment is P500,000 at that time. On December 31, 2022, the equipment was sold for P3,800,000. How much is the gain on sale?Question 15 options: 8-6b(1). Use of asset. Farmacy Stuff bought a patent for a great medical cure for $15,000 on May 1, 2014. The patent has a remaining life of 5 years and will be amortized using the straight-line method. Farmacy closes its books on December 31. Calculate the amount of amortization expense on the intangible asset for 2015 (round to nearest dollar; do not use "$" or commas in your answer)(Multiple Choice Question) Glen Company owns a truck that is expected to be driven for 300,000 km over its useful life. The cost of the truck was $55,000, and it is expected to have a residual value of $0. In 2019, the truck was driven 22,000 km. How much does the truck amortize in 2019? 1. $5.45 2. None of the answers are correct 3. 120,000 km 4. $120,000 5. $4033.33
- 5 points What amount should be recorded as depreciation for 2021? * On January 1, 2019, Brazilia Company purchased for P4,800,000 a machine with a useful life of ten years and residual value of P200,000. The machine was depreciated by the double declining balance method and the carrying amount of the machine was P3,072,000 on December 31, 2020. The entity changed to the straight line method on January 1, 2021. The residual value did not change. 287200 384000 460000 359000Problem 12-3 (AICPA Adapted) On March 20, 2020, Barnes Company purchased a machine for P2,400,000 for the purpose of leasing it to others. The machine is expected to have a 10-year life and no residual value. It will be depreciated on the straight line basis computed to the nearest month. The machine was leased to Rally Company on April 1, 2020 tor four years, at a monthly rental of P36,000. There is no provision for renewal of the lease or purchase of the machine by the lessee upon expiration ot the lease. Barnes Company paid P120,000 initial direct costs associated with negotiating the lease in March 2020. Required: 1. Prepare journal entries on the books of the lessor for 2020. 2. Present the machinery in the statement of financial position of Barnes Company on December 31, 2020.Q42 Dhofar LLC acquired an asset on 1st January 2019 for OMR 500,000 and the rate of depreciation is 10%p.a. Under Straight line method. Replacement cost of the asset on 31st December 2019 was OMR 700,000 and on 31st December 2020 was OMR 1,000,000. You are required to calculate for 2020 assuming switch year is made in the current year, the value of Backlog depreciation. a. OMR 50,000 b. None of these are correct c. OMR 85,000 d. OMR 15,000