[The following information applies to the questions displayed below.] On January 1, 2024, the Allegheny Corporation purchased equipment for $150,000. The estimated service life of the equipment is 10 years and the estimated residual value is $18,000. The equipment is expected to produce 240,000 units during its life. Required: Calculate depreciation for 2024 and 2025 using each of the following methods. Exercise 11-2 (Algo) Part 3 Units of production (units produced in 2024, 50,000; units produced in 2025, 45,000). Note: Round "Depreciation per unit rate" answers to 2 decimal places. Select formula for Units of Production Depreciation: Calculate 2024 depreciation expense. Depreciation per unit rate Units produced in 2024 Depreciation in 2024 Calculate 2025 depreciation expense Depreciation per unit rate Units produced in 2025 Depreciation in 2025

[The following information applies to the questions displayed below.] On January 1, 2024, the Allegheny Corporation purchased equipment for $150,000. The estimated service life of the equipment is 10 years and the estimated residual value is $18,000. The equipment is expected to produce 240,000 units during its life. Required: Calculate depreciation for 2024 and 2025 using each of the following methods. Exercise 11-2 (Algo) Part 3 Units of production (units produced in 2024, 50,000; units produced in 2025, 45,000). Note: Round "Depreciation per unit rate" answers to 2 decimal places. Select formula for Units of Production Depreciation: Calculate 2024 depreciation expense. Depreciation per unit rate Units produced in 2024 Depreciation in 2024 Calculate 2025 depreciation expense Depreciation per unit rate Units produced in 2025 Depreciation in 2025

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Description: Please do not give solution in image format thanku [The following information applies to the questions displayed below.]On January 1, 2024, the Allegheny Corporation purchased equipment for $150,000. The estimated service life of theequipment is 10 y

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 1AFE

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The following intangible assets were purchased by Hanna Unlimited: A. A patent with a remaining legal life of twelve years is bought, and Hanna expects to be able to use it for six years. It is purchased at a cost of $48,000. B. A copyright with a remaining life of thirty years is purchased, and Hanna expects to be able to use it for ten years. It is purchased for $70,000. Determine the annual amortization amount for each intangible asset.
Dunedin Drilling Company recently acquired a new machine at a cost of 350,000. The machine has an estimated useful life of four years or 100,000 hours, and a salvage value of 30,000. This machine will be used 30,000 hours during Year 1, 20,000 hours in Year 2, 40,000 hours in Year 3, and 10,000 hours in Year 4. With DEPREC5 still on the screen, click the Chart sheet tab. This chart shows the accumulated depreciation under all three depreciation methods. Identify below the depreciation method that each represents. Series 1 _____________________ Series 2 _____________________ Series 3 _____________________ When the assignment is complete, close the file without saving it again. Worksheet. The problem thus far has assumed that assets are depreciated a full year in the year acquired. Normally, depreciation begins in the month acquired. For example, an asset acquired at the beginning of April is depreciated for only nine months in the year of acquisition. Modify the DEPREC2 worksheet to include the month of acquisition as an additional item of input. To demonstrate proper handling of this factor on the depreciation schedule, modify the formulas for the first two years. Some of the formulas may not actually need to be revised. Do not modify the formulas for Years 3 through 8 and ignore the numbers shown in those years. Some will be incorrect as will be some of the totals. Preview the printout to make sure that the worksheet will print neatly on one page, and then print the worksheet. Save the completed file as DEPRECT. Hint: Insert the month in row 6 of the Data Section specifying the month by a number (e.g., April is the fourth month of the year). Redo the formulas for Years 1 and 2. For the units of production method, assume no change in the estimated hours for both years. Chart. Using the DEPREC5 file, prepare a line chart or XY chart that plots annual depreciation expense under all three depreciation methods. No Chart Data Table is needed; use the range B29 to E36 on the worksheet as a basis for preparing the chart if you prepare an XY chart. Use C29 to E36 if you prepare a line chart. Enter your name somewhere on the chart. Save the file again as DEPREC5. Print the chart.
Montello Inc. purchases a delivery truck for $15,000. The truck has a salvage value of $3,000 and is expected to be driven for 120,000 miles. Montello uses the units-of-production depreciation method and in year one it expects to use the truck for 23,000 miles. Calculate the annual depreciation expense.
Dunedin Drilling Company recently acquired a new machine at a cost of 350,000. The machine has an estimated useful life of four years or 100,000 hours, and a salvage value of 30,000. This machine will be used 30,000 hours during Year 1, 20,000 hours in Year 2, 40,000 hours in Year 3, and 10,000 hours in Year 4. Dunedin buys equipment frequently and wants to print a depreciation schedule for each assets life. Review the worksheet called DEPREC that follows these requirements. Since some assets acquired are depreciated by straight-line, others by units of production, and others by double-declining balance, DEPREC shows all three methods. You are to use this worksheet to prepare depreciation schedules for the new machine.
Required information [The following information applies to the questions displayed below.] On October 1, 2024, the Allegheny Corporation purchased equipment for $134,000. The estimated service life of the equipment is 10 years and the estimated residual value is $2,000. The equipment is expected to produce 240,000 units during its life. Required: Calculate depreciation for 2024 and 2025 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service. 2. Double-declining-balance. Formula Amount for 2024 Amount for 2025 Beginning Book Value $ $ 134,000 240,000 ✔K Answer is complete but not entirely correct. Double-Declining-Balance Method Double the Straight-line Rate 2 2 % % X X Fraction of Year 6/12 X- 10/12 X- Depreciation Expense $ $ 100,000 100,000 x
Required information [The following information applies to the questions displayed below.] On January 1, 2024, the Allegheny Corporation purchased equipment for $162,000. The estimated service life of the equipment is 10 years and the estimated residual value is $8,000. The equipment is expected to produce 350,000 units during its life. Required: Calculate depreciation for 2024 and 2025 using each of the following methods. 3. Units of production (units produced in 2024, 42,000; units produced in 2025, 37,000). Note: Round "Depreciation per unit rate" answers to 2 decimal places. Select formula for Units of Production Depreciation: Calculate 2024 depreciation expense: Depreciation per unit rate Units produced in 2024 Depreciation in 2024 Calculate 2025 depreciation expense: Depreciation per unit rate Units produced in 2025 Depreciation in 2025
Required information [The following information applies to the questions displayed below.] On October 1, 2024, the Allegheny Corporation purchased equipment for $115,000. The estimated service life of the equipment is 10 years and the estimated residual value is $5,000. The equipment is expected to produce 220,000 units during its life. Required: Calculate depreciation for 2024 and 2025 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service. 1. Straight-line. Formula Amounts Year 2024 2025 Choose Numerator: Annual Depreciation Straight-Line Depreciation ++ + X X X Choose Denominator: Fraction of Year = E = Annual Depreciation Annual Depreciation Depreciation expense
! Required information [The following information applies to the questions displayed below.] On October 1, 2024, the Allegheny Corporation purchased equipment for $157,000. The estimated service life of the equipment is 10 years and the estimated residual value is $3,000. The equipment is expected to produce 350,000 units during its life. Required: Calculate depreciation for 2024 and 2025 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service. 3. Units of production (units produced in 2024, 14,000; units produced in 2025, 29,000). Note: Round "Depreciation per unit rate" answers 2 decimal places. Select formula for Units of Production Depreciation: Calculate 2024 depreciation expense: Depreciation per unit rate Units produced in 2024 Depreciation in 2024 Calculate 2025 depreciation expense: Depreciation per unit rate Units produced in 2025 Depreciation in 2025
Required information [The following information applies to the questions displayed below] On October 1, 2024, the Allegheny Corporation purchased equipment for $299,000. The estimated service life of the equipment is 10 years and the estimated residual value is $2,000. The equipment is expected to produce 540,000 units during its life. Required: Calculate depreciation for 2024 and 2025 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service. 1. Straight-line. Formula Amounts Year 2024 2025 Choose Numerator: Annual Depreciation Straight-Line Depreciation Choose Denominator: Fraction of Year B M Annual Depreciation Annual Depreciation Depreciation expense
At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $13.5 million. $10.5 million of the purchase price was allocated to the building. Depreciation for 2022 and 2023 was calculated using the straight-line method, a 25-year useful life, and a $2.5 million residual value. Assume that 2022 depreciation was incorrectly recorded as $32,000. This error was discovered in 2024. Required: 1. Record the journal entry needed in 2024 to correct the error. 2. What is depreciation on the building for 2024, assuming no change in estimate of useful life or residual value? Complete this question by entering your answers in the tabs below. General Journal Depreciation Record the journal entry needed in 2024 to correct the error. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answe whole dollars, and not in millions. View transaction list Journal entry worksheet < 1
Required information [The following information applies to the questions displayed below.] On January 1, 2024, the Allegheny Corporation purchased equipment for $162,000. The estimated service life of the equipment is 10 years and the estimated residual value is $8,000. The equipment is expected to produce 350,000 units during its life. Required: Calculate depreciation for 2024 and 2025 using each of the following methods. 2. Double-declining-balance. Formula Amount for 2024 Amount for 2025 Double-Declining-Balance Method X X X = Depreciation Expense % = % =
On January 1, 2024, the Allegheny Corporation purchased equipment for $150,000. The estimated service life of the equipment is 10 years and the estimated residual value is $7,000. The equipment is expected to produce 360,000 units during its life. Required: Calculate depreciation for 2024 and 2025 using each of the following methods. 3. Units of production (units produced in 2024, 40,000; units produced in 2025, 35,000). Note: Round "Depreciation per unit rate" answers to 2 decimal places.