Hillsborough Architecture and Engineering, Inc. has purchased a blueprint printing machine for $25.000. This printer falls under the MACRS cat- egory "Office Equipment" and thus has a 7-year MACRS class life. Prepare a depreciation table. Contributed by Paul R. McCright, University of South Florida
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- When depreciation is recorded each period, what account is debited? a. Depreciation Expense b. Cash c. Accumulated Depreciation d. The fixed asset account involved Use the following information for Multiple-Choice Questions 7-4 through 7-6: Cox Inc. acquired a machine for on January 1, 2019. The machine has a salvage value of $20,000 and a 5-year useful life. Cox expects the machine to run for 15,000 machine hours. The machine was actually used for 4,200 hours in 2019 and 3,450 hours in 2020.Milliken uses a digitally controlled “dyer” for placing intricate and integrated patterns on manufactured carpet squares for home and commercial use. It is purchased on April 1 for $350,000. It is expected to last 8 years and have a salvage value of $30,000. a. What is the MACRS-GDS property class? b. Determine the depreciation deduction during each year of the asset’s 8-year life. c. Determine the unrecovered investment at the end of each of the 8 years.Mohr Company purchases a machine at the beginning of the year at a cost of $36,000. The machine is depreciated using the double-declining- balance method. The machine's useful life is estimated to be 8 years with a $4,000 salvage value. Depreciation expense in year 2 is: Multiple Choice $4,500, $8,000. $9.000 S6750 Ac Sraw Hill 9:07 PM Type here to search 96% 3/21/202
- Mohr Company purchases a machine at the beginning of the year at a cost of $28,000. The machine is depreciated using the straight-line method. The machine's useful life is estimated to be 5 years with a $2,000 salvage value. Depreciation expense in year 2 is: Multiple Choice $5,600. $5,200. $11,200. Prev 1 of 10 Next > 9: 96% 3/2 ere to searchThick Trunk Sawmill purchases a new automated log planer for $95,000. The asset is depreciated by using straight-line depreciation over a useful life of 10 years to a salvage value of $5000. Find the book value at the end of Year 6.S Mohr Company purchases a machine at the beginning of the year at a cost of $36,000. The machine is depreciated using the straight-line method. The machine's useful life is estimated to be 8 years with a $5,000 salvage value. Depreciation expense in year 2 is: Multiple Choice $9,000. $31,000. $4,500. $3,875. $0.
- Based on the information bellow can someone please help finish the problem in this study guide In recent years, Splish Brothers Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine Acquired Cost SalvageValue Useful Life(in years) Depreciation Method 1 Jan. 1, 2020 $ 99,100 $ 12,500 8 Straight-line 2 July 1, 2021 91,500 11,000 5 Declining-balance 3 Nov. 1, 2021 101,500 7,500 6 Units-of-activity For the declining-balance method, Splish Brothers Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 47,000. Actual hours of use in the first 3 years were 2021, 900; 2022, 4,000; and 2023, 8,200.…Reeseco inc is specialty chemical compounding company. The company has 4 high precision compounding mixers and one manual mixer. The manual mixer was purchased six years ago for $52,000. It was being depreciated over eight years using straight-line depreciation without taking salvage value into consideration. Reeseco inç has decided to sell the old mixer to another firm. Assume that depleciation is up to date. a. DATE Make the required journal entry to record the sale assuming that Kenco received 15,500 in cash for the old mixer. Make the required journal entry to record the sale assuming that Kenco received 10,000 in cash for the old system. ACCOUNT DR CRTitle Prepare journal entries for each of the following transactions or events for Liu Cybersystems: Description Journal entries for depreciation and amortization expense Prepare journal entries for each of the following transactions or events for Liu Cybersystems: (a) Acquired computers costing $800 000 and software costing $80 000 on 1 January 2011. Liu expects the computers to have a service life of 10 years and $80 000 residual value. The software is expected to have a service life of four years and zero residual value. (b) Paid $40 000 to install the computers at Liu’s office. Paid $20 000 to test the software. (c) Liu records depreciation and amortization expense for the computers and the computer software using the straight-line method for 2011 and 2012.
- Comparison of Depreciation Methods P7. Bao Wao Designs Inc. purchased a computerized blueprint printer that will assist in the design and display of plans for factory layouts. The cost of the printer was $22,500, and its expected useful life is four years. The company can probably sell the printer for $2,500 at the end of four years. The printer is expected to last 6,000 hours. It was used 1,200 hours in year 1; 1,800 hours in year 2; 2,400 hours in year 3; and 600 hours in year 4. Required Compute the annual depreciation and carrying value for the new blueprint printer for each of the four years (round to the nearest dollar where necessary) under each of the following methods: (a) straight-line, (b) production, and (c) double-declining balance. If the printer is sold for $12,000 after year 2, what would be the gain or loss under each method? Accounting Connection ▶ What conclusions can you…Yazzie Incorporated bought a machine at the beginning of the year at a cost of $34,000. The estimated useful life was five years and the residual value was $4,000. Required: 1. Complete a depreciation schedule for the straight-line method. 2. Prepare the journal entry to record Year 2 depreciation. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to record Year 2 depreciation. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No X Answer is not complete. A Transaction 1 General Journal Depreciation Expense Accumulated Depreciation-Equipment Depreciation Expense Accumulated Depreciation-Equipment Depreciation Expense Accumulated Depreciation-Equipment Debit 6,000✔ Credit 6,000✔ ReRequired information Skip to question [The following information applies to the questions displayed below.] Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $43,500. The machine’s useful life is estimated at 10 years, or 385,000 units of product, with a $5,000 salvage value. During its second year, the machine produces 32,500 units of product. Determine the machine’s second-year depreciation using the double-declining-balance method. Double-declining-balance Depreciation Choose Factors: x Choose Factor(%) = Annual Depreciation Expense x = Depreciation expense First year's depreciation x = Second year's depreciation
