Using the US Straight Line Depreciation Schedule, estimate the total value of depreciation recorded in the accounting books for the years 2010 through 2022 (i.e. calculate the sum of depreciation in each year for years 2010 through 2022).
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The City of Houghton bought new municipal sewage equipment in the year 2010. The equipment cost 122,325 dollars and the city spent an additional 19,080 dollars for installation. The sewage equipment was put into service on June 1st, 2010 and the city removed the equipment from service on September 12, 2022. Using the US Straight Line
(note: round your answer to the nearest cent and do not include spaces, currency signs, or commas; do not round the recovery factors from the depreciation tables)
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- On March 31, 2024, a company purchased the right to remove gravel from an old rock quarry. The gravel is to be sold as roadbed for highway construction. The cost of the quarry rights was $232,200, with estimated salable rock of 27,000 tons. During 2024, The company loaded and sold 5,000 tons of rock and estimated that 22,000 tons remained on December 31, 2024. On January 1, 2025, the company estimated that 10,000 tons still remained. During 2025, the company loaded and sold 15,000 tons. The company uses the units-of-production method. The company would record depletion in 2024 in the amount of: Note: Do not round depletion rate per ton. Multiple Choice $43,340. $52,773. $32,250. $43,000.Riverbed Company purchased a delivery truck for $33,000 on January 1, 2022. The truck has an expected salvage value of $2,760, and is expected to be driven 108,000 miles over its estimated useful life of 10 years. Actual miles driven were 16,800 in 2022 and 12,600 in 2023. (a1) Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Depreciation expense $ eTextbook and Media List of Accounts Save for Later (a2) (1) (2) Compute depreciation expense for 2022 and 2023 using (1) the straight-line method, (2) the units-of-activity method, and (3) the double-declining-balance method. (Round depreciation cost per unit to 2 decimal places, e.g. 0.50 and depreciation rate to O decimal places, e.g. 15%. Round final answers to O decimal places, e.g. 2,125.) (3) Straight-line method Units-of-activity method $ $ Declining-balance method $ per mile 2022 Depreciation Expense $ $ $ Attempts: 0 of 5 used 2023 Submit AnswerVaughn Company purchased a new machine on September 1, 2022, at a cost of $134,000. The company estimated that the machine will have a salvage value of $13,000. The machine is expected to be used for 10,000 working hours during its 5-year life. (a) Compute the depreciation expense under the Straight-line method for 2022, 2023, and 2024. (Round answers to O decimal places, eg. 15250) Depreciation expense for: 2022 $ (b) Your answer is correct. 2023 (c) $ 2024 $ eTextbook and Media List of Accounts Your answer is correct. eTextbook and Media Compute the depreciation expense under the Units-of-activity for 2022, assuming machine usage was 830 hours. List of Accounts Depreciation expense for 2022 $ 8067 Depreciation expense for: 2022 $ 24200 2023 $ 24200 2024 $ Attempts: 1 of 3 used 10043 Compute the depreciation expense under the Declining-balance using double the straight-line rate for 2022, 2023, and 2024. (Round answers to 0 decimal places, eg. 15250) Attempts: 1 of 3 used
- Cheyenne Corp. purchased a new machine on October 1, 2022, at a cost of $131,000. The company estimated that the machine will have a salvage value of $18,500. The machine is expected to be used for 10,000 working hours during its 5-year life. Straight-line method for depreciation expense for 2022 is 5625 My question is "Compute the depreciation expense under units-of-activity for 2022, assuming machine usage was 1,900 hours." The answer should be a depreciation expense this is for a study guide on wiley plusConcord Corporation purchased a new machine for its assembly process on August 1, 2025. The cost of this machine was $129,600. The company estimated that the machine would have a salvage value of $12,600 at the end of its service life. Its life is estimated at 5 years, and its working hours are estimated at 20,000 hours. Year-end is December 31. Compute the depreciation expense under the following methods. Each of the following should be considered unrelated. (Round depreciation rate per hour to 2 decimal places, e.g. 5.35 for computational purposes. Round your answers to O decimal places, e.g. 45,892.) (a) Straight-line depreciation for 2025 (b) (c) (d) Activity method for 2025, assuming that machine usage was 800 hours Sum-of-the-years'-digits for 2026 Double-declining-balance for 2026 $ $ LA $ 9,750 4,680 31,200 43,200Metlock Corporation purchased a new machine for its assembly process on August 1, 2025. The cost of this machine was $141,600. The company estimated that the machine would have a salvage value of $15,600 at the end of its service life. Its life is estimated at 5 years, and its working hours are estimated at 20,000 hours. Year-end is December 31. Compute the depreciation expense under the following methods. Each of the following should be considered unrelated. (Round A depreciation rate per hour to 2 decimal places, e.g. 5.35 for computational purposes. Round your answers to O decimal places, e.g. 45,892.) (a) (b) (c) Straight-line depreciation for 2025 Activity method for 2025, assuming that machine usage was 850 hours Sum-of-the-years'-digits for 2026 (d) Double-declining-balance for 2026 eTextbook and Media Save for Later Search $ $ $ DELL Attempts: 0 of 3 used D Submit Answer
- Academy Sports purchased a crane at a cost of $80,000. The crane has an estimated salvage value of $5,000 and an estimated life of 8 years, or 12,500 hours of operation. The crane was purchased on January 1, 2022 and was used for 2,700 hours in 2022 and 2,600 hours in 2023. Based on this information, what method of depreciation will produce the maximum depreciation expense for 2022?A plant asset was purchased on May 1, 2021. The asset had a cost of $54,000, a salvage value of $4,500, and an estimated useful life of 12 years. An additional $31,500 was paid for the delivery and installation of the asset. The straight-line method of depreciation is being used. What is the accumulated depreciation on this asset on the December 31, 2021 balance sheet?Lawson company purchased Equipment on January 1, 2020 for $10,000 units. The salvage value is estimated to be $1,000. During 2020 the equipment was used to produce 25,000 units. First, in the spaces below put the necessary data to be used in the calculations. Second, in the boxes below, calculate depreciation for 2020 using each of the methods indicated. Place your answers in the boxes under the name for each method. notice the effect of the varying depreciation methods on Net Income in the Income Statements to the right. NOTE: You will be graded on the formulas you create to calculate the amount of depreciation. Do not just calculate on paper and put the answers in this spreadsheet
- In 2000, Paradise Condo Inc. bought a new apartment building that was rented out to families on June 21st, 2000. The purchase cost was 697,798 dollars and in addition it had to spend 13,622 dollars remodeling the space. Paradise Condo estimated that in 2030 the building would have a net salvage value of $100,000. Using the US Straight Line Depreciation Schedule, compute the value of depreciation recorded in the accounting books in the year 2000. (note: round your answer to the nearest cent and do not include spaces, currency signs, or commas) You Answered 20,380.67 Correct Answer 14,012.84 margin of error +/- 10Blossom Company purchased a delivery truck for $48,000 on July 1, 2025. The truck has an expected salvage value of $8,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2025 and 12,000 in 2026. Blossom uses the straight-line method of depreciation. (a) Your answer is partially correct. Compute depreciation expense for 2025 and 2026. Depreciation Expense $ 2025 $ 2026 5,000Blue Corporation purchased a new machine for its assembly process on August 1, 2025. The cost of this machine was $169,800. The company estimated that the machine would have a salvage value of $16,800 at the end of its service life. Its life is estimated at 5 years, and its working hours are estimated at 20,000 hours. Year-end is December 31. Compute the depreciation expense under the following methods. Each of the following should be considered unrelated. (Round depreciation rate per hour to 2 decimal places, e.g. 5.35 for computational purposes. Round your answers to O decimal places, e.g. 45,892.) (a) Straight-line depreciation for 2025 (b) (c) (d) Activity method for 2025, assuming that machine usage was 800 hours Sum-of-the-years'-digits for 2026 Double-declining-balance for 2026 GA $ GA GA $ $
