Year Plant, Property, Equipment (Gross) Accumulated depreciation reported in 2020 Annual depreciation for 2020 year 2016 $710,000 $520,000 $50,000 Find the average remaining life of Plant, Property, Equipment (PPE).
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- Year 2016 Plant, Property, Equipment (Gross) Accumulated depreciation reported in 2020 Annual depreciation for 2020 year $710,000 $520,000 $50,000 Find the average remaining life of Plant, Property, Equipment (PPE). 21Computing Depreciation Using Various Depreciation Methods To demonstrate the computations involved in several methods of depreciating a fixed asset, the following data are used for equipment purchased on January 1, 2020. Cost and residual value Estimated service life: Acquisition cost $26,250 Years 5 Residual value $1,050 Service hours 21,000 Productive output (units) 50,400 e. Double-declining-balance method: Compute the depreciation amount for each year. 2020 2021 2022 2023 2024 Answer Answer Answer Answer AnswerBruce Company acquired a machinery on April 1, 2020. Cost P 1,200,000 Residual Value P 120,000 Estimated Useful Life 8 years What is the depreciation for 2020 using sum of years’ digits? A. P240,000 B. P180,000 C. P120,000 D. P160,000 What is the depreciation for 2021 using sum of years’ digits? A. P157,500 B. P217,500 C. P210,000 D. P105,000
- Following information provided related to an Equipment: • Book value (beginning of the year) OMR 100,000 • Depreciation rate 45% Which of the following is the equipment's book value (end of the year) using written down value method? a. OMR 55,000 b. OMR 45,000 c. OMR 40,000 d. OMR 100,000P10.5A Journalise a series of equipment transactions related to purchase, sale, retirement, and depreciation At December 31, 2021. Grand Regency Limited reported the following as Non-current tangible assets: 4,000,000 16,400,000 June 11 July 1 Dec. 31 Land Buildings Less: Accumulated depreciation - buildings Equipment Less: Accumulated depreciation - equipment Total plant assets During 2022, the following selected cash transactions occurred. April 1 Purchased land for R2,130,000. May 1 (b) (c) (d) 28,500,000 12,100,000 48,000,000 5,000,000 Required: (a) 43,000,000 £63,400,000 Sold equipment that cost R750,000 when purchased on January 1, 2018. The equipment was sold for R450,000. Sold land purchased on June 1, 2012 for R1,500,000. The land cost R400,000. Purchased equipment for R2,500,000. Retired equipment that cost R500,000 when purchased on December 31, 2012. No salvage value was received. Prepare general journal entries the above transactions. The company uses straight-line…The carrying amount of the intangible assets as of December 31,2020 is A) 7,400,000 B) 9,000,000 C) 9,070,000 D) 8,850,000
- Equipment acquired on October 1, 2022, at a cost of $754,000, has an estimated useful life of 10 years. The residual value is estimated to be $81,720. (a) Calculate the depreciation expense for the first two years using the straight-line method. Depreciation expense LA Year 1 $ Year 2Bruce Company acquired a machinery on April 1, 2020. Cost P 1,200,000 Residual Value P 120,000 Estimated Useful Life 8 years What is the depreciation for 2020 using straight line depreciation? A. P150,000 B. P101,250 C. P112,500 D. P125,000 What is the carrying amount of the machinery on December 31, 2022 using straight line depreciation? A. P750,000 B. P817,500 C. P828,750 D. P780,000Required information [The following information applies to the questions displayed below.] The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Balance Sheets 2019 2018 Plant assets Equipment Accumulated depreciation-Equipment $ 180,000 (100, еөө) $80,000 $ 270,e00 (210, 000) $ 60,000 $ 400,000 (285,000) $ 115,000 Equipment, net Buildings Accumulated depreciation-Buildings $ 380,000 (100, еее) $ 280,000 Buildings, net Fing 2019, a building with a book value of $70,000 and an original cost of $300,000 was sold at a gain of $60,000. How much cash did Anders receive from the sale of the building? How much depreciation expense was recorded on buildings during 2019? Prev 9. of 14 Next >
- Computing Partial Period Depreciation under Multiple Depreciation Methods To demonstrate the computations involved in several methods of depreciating a fixed asset, the following information is provided. Cost and residual value Estimated service life Acquisition cost $62,500 Years 5 Residual value $2,500 Service hours 50,000 Productive output (units) 120,000 d. Sum-of-the-years’-digits method: Compute the depreciation amount for each year. 2020 2021 2022 2023 2024 2025 Answer Answer Answer Answer Answer Answer e. Double-declining-balance method: Compute the depreciation amount for each year. 2020 2021 2022 2023 2024 2025 Answer Answer Answer Answer Answer Answer Required Compute the annual depreciation using each of the following methods assuming that the asset was purchased on August 1, 2020.Bitter Company acquired a machinery on April 1, 2019. 1,200,000 120,000 Cost Residual value 8 years Estimated useful life years' 1. What is the depreciation for 2019 using sum of; digits?Could you please explain why Depreciation Expenses for the year 2021 was calucated as $40,000 x 150% x (3/12)=$1,500