Dog The depreciation schedule for certain equipment has been arrived at by various methods. The estimated salvage value of theequipment at the end of its 7 years useful life is $493. Identify the resulting depreciation schedules.YEAR IIIIV1 $1526 2670.5 319340202$1526 2289 2281 25743 $1526 1907.5 162916484$1526 1526 116410555$1526 1144.5 831 6766$1526 7635934337$1526 381.5 424277Which scheme represents SOYD depreciation and how much is the first year depreciation ?O a. III, $3193O b. IV, $4020O c. II, $2670O d. 1, $1526

Depreciation expense :— It is the allocation of depreciable cost of an asset over the estimated…

The depreciation schedule for certain equipment has been arrived at by various methods. The estimated salvage value of the equipment at the end of its 7 years useful life is $493. Identify the resulting depreciation schedules. YEAR I II 1 $1526 2670.5 3193 2 3 $1526 1907.5 1629 4 $1526 1526 1164 5 6 7 IV 4020 $1526 2289 2281 2574 1648 1055 $1526 1144.5 831 676 $1526 763 593 433 $1526 381.5 424 277 Which scheme represents SOYD depreciation and how much is the first year depreciation ? O a. III, $3193 O b. IV, $4020 O c. II, $2670 O d. 1, $1526

The depreciation schedule for certain equipment has been arrived at by various methods. The estimated salvage value of the equipment at the end of its 7 years useful life is $493. Identify the resulting depreciation schedules. YEAR I II 1 $1526 2670.5 3193 2 3 $1526 1907.5 1629 4 $1526 1526 1164 5 6 7 IV 4020 $1526 2289 2281 2574 1648 1055 $1526 1144.5 831 676 $1526 763 593 433 $1526 381.5 424 277 Which scheme represents SOYD depreciation and how much is the first year depreciation ? O a. III, $3193 O b. IV, $4020 O c. II, $2670 O d. 1, $1526

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

On January 1, 2014, Waterway Industries purchased equipment at a cost of $404000. The equipment was estimated to have a salvage value of $17000 and it is being depreciated over eight years under the sum-of-the-years'-digits method. What should be the charge for depreciation of this equipment for the year ended December 31, 2021? O $50500 O $48375 O $10750 $11222
Vaughn Manufacturing purchased a depreciable asset for $1190000. The estimated salvage value is $63000, and the estimated useful life is 10000 hours. Vaughn used the asset for 1100 hours in the current year. The activity method will be used for depreciation. What is the depreciation expense on this asset? $130900 $1127000 $123970 $112700
Equipment was acquired on January 1, 2025 at a cost of $162,000. The equipment was originally estimated to have a salvage value of $8,200 and an estimated life of 10 years. Depreciation has been recorded through December 31, 2027 using the straight-line method. On January 1, 2028, the estimated salvage value was revised to $14.200 and the useful life was revised to a total of 8 years. Prepare the journal entry to record depreciation expense for 2028. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Depreciation expense for 2028 Adjusting journal entry at 12/31/28: $ Date Account Titles and Explanation Dec. 31 eTextbook and Media List of Accounts Somforter Debit Credit
Bramble Corp. purchased a depreciable asset for $ 726000 on April 1, 2018. The estimated salvage value is $ 72000, and the estimated useful life is 5 years. The straight-line method is used for depreciation. What is the balance in accumulated depreciation on May 1, 2021 when the asset is sold? $ 266800 $ 403300 $ 308800 $ 361300
Equipment was acquired on January 1, 2025 at a cost of $162,000. The equipment was originally estimated to have a salvage value of $8,200 and an estimated life of 10 years. Depreciation has been recorded through December 31, 2027 using the straight-line method. On January 1, 2028, the estimated salvage value was revised to $14,200 and the useful life was revised to a total of 8 years. Prepare the journal entry to record depreciation expense for 2028. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Depreciation expense for 2028 $ Adjusting journal entry at 12/31/28: Date Account Titles and Explanation Dec. 31 eTextbook and Media List of Accounts Save forlater Debit Credit
On January 1, a machine with a useful life of five years and a salvage value of $30000 was purchased for $170000. What is the depreciation expense for year 2 under straight-line depreciation? $81600. $20400. $102000. $28000.
Equipment costing $80000 with a salvage value of $11000 and an estimated life of 8 years has been depreciated using the straight-line method for 2 years. Assuming a revised estimated total life of 5 years and no change in the salvage value, the depreciation expense for year 3 would be O $20917. O $17250. O $10350. O $14450.
- A piece of equipment is available for purchase for ($44250), has an estimated useful life of (8 years), and an estimated salvage value of ($11500). Determine the depreciation and the book value for each of the 8 years using the DDB method.
A schedule of machinery owned by Crane Company is presented below: Estimated Estimated Total Cost Salvage Value Life in Years Machine X $584000 $38000 14 Machine Y 780000 78000 10 Machine Z 280000 58000 6 Crane computes depreciation by the composite method.The composite rate of depreciation (in percent) for these assets is A.)13.64 B.)10.11 C.)8.42 D.)8.89
1.)Equipment with a cost of P450,000 has an estimated salvage value of P30,000 and an estimated life of 4 years or 10,000 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year, during which the equipment was used 2,700 hours? A. P112,500 B. P105,000 C. P113,400 D. P108,750 2. On June 30, 2016, a fire in Jeremy Company's plant caused the total loss of a production machine. The machine was being depreciated at P20,000 annually. And had a carrying amount of P160,000 on December 31, 2015. On the date of the fire, the fair value of the machine was P220,000 and Jeremy received insurance proceeds of P200,000 in October 2016. In its income statement for the year ended December 31, 2016, what amount should Jeremy recognize as a gain or loss on disposition? Answer:
Concord Corporation purchased a depreciable asset for $ 553000. The estimated salvage value is $ 28000, and the estimated useful life is 9000 hours. Carson used the asset for 1800 hours in the current year. The activity method will be used for depreciation. What is the depreciation expense on this asset in the current year? $ 525000 $ 52500 $ 105000 $ 116200
Current Attempt in Progress Equipment was acquired on January 1, 2025 at a cost of $168,000. The equipment was originally estimated to have a salvage value of $8,800 and an estimated life of 10 years. Depreciation has been recorded through December 31, 2027 using the straight-line method. On January 1, 2028, the estimated salvage value was revised to $14,800 and the useful life was revised to a total of 8 years. Prepare the journal entry to record depreciation expense for 2028. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Depreciation expense for 2028 $ Adjusting journal entry at 12/31/28: Date Dec. 31 Account Titles and Explanation Debit Credit