answer quickly Required information[The following information applies to the questions displayed below)Exact Photo Service purchased a new color printer at the beginning of Year 1 for $37.290. The printer is expected to havea four-year useful life and a $3.900 salvage value. The expected print production is estimated at $1772.900 pages. Actualprint production for the four years was as follows.Year 1551,100476,400380, 700306,700Year 2Year 3Year 4Total1,794, 900The printer was sold at the end of Year 4 for $4,200.b. Compute the depreciation expense for each of the four years, using units-of-production depreciation. (Round cost per unit to threedecimel pleces and final answers to the nearest whole dollar amount.)DepreciationExpenseYear 1Year 2Year 3Year 4Total accumulated depreciation< Prev

Depreciation expenses are considered as a reduction in the value of assets. It is a noncash expense…

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 13PA: Colquhoun International purchases a warehouse for $300,000. The best estimate of the salvage value...

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IMPACT OF IMPROVEMENTS AND REPLACEMENTS ON THE CALCULATION OF DEPRECIATION On January 1, 20-1, Dans Demolition purchased two jackhammers for 2,500 each with a salvage value of 100 each and estimated useful lives of four years. On January 1, 20-2, a stronger blade to improve performance was installed in Jackhammer A for 800 cash and the compressor was replaced in Jackhammer B for 200 cash. The compressor is expected to extend the life of Jackhammer B one year beyond the original estimate. REQUIRED 1. Using the straight-line method, prepare general journal entries for depreciation on December 31, 20-1, for Jackhammers A and B. 2. Enter the transactions for January 20-2 in a general journal. 3. Assuming no other additions, improvements, or replacements, calculate the depreciation expense for each jackhammer for 20-2 through 20-4.
A truck was recently purchased for 75,000 with a salvage value of 5,000 and an estimated useful life of eight years or 150,000 miles (24,000 miles per year for the first five years and 10,000 miles per year after that). Enter the new information in the Data Section of the worksheet. Again, make sure the totals for all three methods are in agreement. Print the worksheet. Save this new data as DEPREC5.
Colquhoun International purchases a warehouse for $300,000. The best estimate of the salvage value at the time of purchase was $15,000, and it is expected to be used for twenty-five years. Colquhoun uses the straight-line depreciation method for all warehouse buildings. After four years of recording depreciation, Colquhoun determines that the warehouse will be useful for only another fifteen years. Calculate annual depreciation expense for the first four years. Determine the depreciation expense for the final fifteen years of the assets life, and create the journal entry for year five.
! Required information [The following information applies to the questions displayed below.] Exact Photo Service purchased a new color printer at the beginning of Year 1 for $36,110. The printer is expected to have a four-year useful life and a $3,800 salvage value. The expected print production is estimated at $1,781,500 pages. Actual print production for the four years was as follows: Year 1 Year 2 Year 3 Year 4 Total 550,700 481,800 376,300 394,700 1,803,500 The printer was sold at the end of Year 4 for $4,100. Required: a. Compute the depreciation expense for each of the four years, using double-declining-balance depreciation. Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. Year 1 Year 2 Year 3 Year 4 Total accumulated depreciation Depreciation Expense
Exact Photo Service purchased a new color printer at the beginning of Year 1 for $40,600. The printer is expected to have a four-year useful life and a $4,060 salvage value. The expected print production is estimated at 1,500,000 pages. Actual print production for the four years was as follows: Year 1 549,200 Year 2 476,900 Year 3 383,100 Year 4 393,600 Total 1,802,800 The printer was sold at the end of Year 4 for $4,460. Required Compute the depreciation expense for each of the four years, using double-declining-balance depreciation. Compute the depreciation expense for each of the four years, using units-of-production depreciation. Calculate the amount of gain or loss from the sale of the asset under each of the depreciation methods.
Required information [The following information applies to the questions displayed below.] Exact Photo Service purchased a new color printer at the beginning of Year 1 for $38,000. The printer is expected to have a four-year useful life and a $3,500 salvage value. The expected print production is estimated at 1,500,000 pages. Actual print production for the four years was as follows. Year 1 Year 2 Year 3 Year 4 390,000 410,000 420,000 300,000 Total 1,520,000 The printer was sold at the end of Year 4 for $1,650. c. Calculate the amount of gain or loss from the sale of the asset under each of the depreciation methods. Double Declining Balance Units of Production
Exact Photo Service purchased a new color printer at the beginning of Year 1 for $37,300. The printer is expected to have a four-year useful life and a $3,900 salvage value. The expected print production is estimated at $1,774,500 pages. Actual print production for the four years was as follows: Year 1 552,700 Year 2 482,600 Year 3 378,000 Year 4 386,200 Total 1,799,500 The printer was sold at the end of Year 4 for $4,150. Required: a. Compute the depreciation expense for each of the four years, using double-declining-balance depreciation
exact photo service purchased a new color printer at the beginning of year 1 for $36,790. the printer is expected to have a four year useful life and a $3,600 salvage value. The expected print production is estimated at 1,773,200 pages. actual print production for the four years was as follows: year 1: 548,800 year 2: 475,400 year 3: 385,000 year 4: 386,000 total: 1,795,200 The printer was sold at the end of year 4 for $3850. Compute the depreciation expense for each of the four years, using units of production depreciation.
Exact Photo Service purchased a new color printer at the beginning of Year 1 for $39,000. The printer is expected to have a four-year useful life and a $3,900 salvage value. The expected print production is estimated at 1,500,000 pages. Actual print production for the four years was as follows: Year 1 551,300 483,700 Year 2 384,700 389,600 Year 3 Year 4 Total 1,809,300 The printer was sold at the end of Year 4 for $4,300. Required a. Compute the depreciation expense for each of the four years, using double-declining-balance depreciation. b. Compute the depreciation expense for each of the four years, using units-of-production depreciation. c. Calculate the amount of gain or loss from the sale of the asset under each of the depreciation methods. Complete this question by entering your answers in the tabs below. Required A Required B Required C Calculate the amount of qain or loss from the sale of the asset under each of the depreciation methods. (Amounts to be deducted should be…
Exact Photo Service purchased a new color printer at the beginning of Year 1 for $41,400. The printer is expected to have a four-year useful life and a $4,140 salvage value. The expected print production is estimated at 1,500,000 pages. Actual print production for the four years was as follows: Year 1 Year 2 Year 3 Year 4 Total 551,500 479,600 384, 200 386,800 1,802,100 The printer was sold at the end of Year 4 for $4,590. Required a. Compute the depreciation expense for each of the four years, using double-declining-balance depreciation. b. Compute the depreciation expense for each of the four years, using units-of-production depreciation. c. Calculate the amount of gain or loss from the sale of the asset under each of the depreciation methods.
Required information [The following information applies to the questions displayed below.] One Stop Copy purchased a new copy machine. The new machine cost $126,000 including installation. The company estimates the equipment will have a residual value of $31,500. One Stop Copy also estimates it will use the machine for four years or about 8,000 total hours. Actual use per year was as follows: Year Year 1 2 3 4 Required: 1. Prepare a depreciation schedule for four years using the straight-line method. (Do not round your intermediate calculations.) 1 2 3 4 Total Hours Used 2,000 2,000 2,000 3,200 $ ONE STOP COPY Depreciation Schedule Straight-Line End of Year Amounts Depreciation Expense 0 Accumulated Depreciation Book Value
exact photo service purchased a new color printer at the beginning of year 1 for $36,790. The printer is expected to have a four year useful life and $3,600 salvage value. The expected print production is estimated at 1,773,200 pages. Actual print production for the four years was as follows: year 1: 548,800 year 2: 475,400 year 3: 385,000 year 4: 386,000 total: 1,795,200 the printer was sold at the end of year 4 for $3850. Calculate the amount of gain or loss from the sale of the asset under each of the depreciation methods.

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