A machine was purchased on 1 January 2021 and the other details of the machine are:- Cost of machine N$324 000 Depreciation rate 5 % Determine the amount of deprecation as at 31 December 2021
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A machine was purchased on 1 January 2021 and the other details of the machine are:-
|
Cost of machine |
N$324 000 |
|
|
5 % |
Determine the amount of deprecation as at 31 December 2021
Step by step
Solved in 3 steps
- 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.The following information relates to equipment purchased on May 1, 2014. Cost of the equipment - $17,000 Residual value of the equipment- 1,500 Accumulated depreciation as of 12/31/18 - 9,200 Depreciation expense during 2019 - $600 Required: Calculate the equipment's book value on December 31, 2019Swifty Industries presents you with the following information.Complete the table for the year ended December 31, 2022. The company depreciates all assets using the half-year convention. (Round answers to 0 decimal places, e.g. 45,892.) Description DatePurchased Cost SalvageValue Lifein Years DepreciationMethod AccumulatedDepreciation to12/31/21 Depreciationfor 2022 Machine A 2/12/20 $146,800 $17,000 10 SYD $34,220 $20060 Machine B 8/15/19 81370 21,630 5 SL 29,870 11948 Machine C 7/21/18 67,200 23,500 8 DDB (A) (B) Machine D (C) 225,570 71,070 5 SYD 72,100 (D)
- The following data relate to the Machinery account of Wildhorse, Inc. at December 31, 2025. Original cost Year purchased Useful life Salvage value Depreciation method Accum. depr. through 2025* a. Cash A Machinery (Machine A) $54,280 2020 15,340 10 years $3,658 Sum-of-the-years'-digits $36,816 B 15,340 $60,180 2021 Machinery 15,000 hours $3,540 Activity $41,536 C $94,400 2022 15 years $5,900 Straight-line $17,700 D $94,400 *In the year an asset is purchased, Wildhorse, Inc. does not record any depreciation expense on the asset. In the year an asset is retired or traded in, Wildhorse, Inc. takes a full year's depreciation on the asset. The following transactions occurred during 2026. 2024 10 years $5,900 On May 5, Machine A was sold for $15,340 cash. The company's bookkeeper recorded this retirement in the following manner in the cash receipts journal. Double-declining balance $18,880Historical cost Estimated useful life Salvage value Estimated useful hours $ 270,000 6 уears $ 24,000 12,000 hours Estimated hours per year: 3,100 2019 1,100 2020 1,200 2021 2,800 2022 2,600 2023 1,200 2024 Required 1 Complete the depreciation schedule using the Straight-line Method. Page, Adventure Park, Corp. ciation Schedule - Straight Line Method Depreciation Accumulated Depreciable Year Expense Depreciation Cost 12.31.19 12.31.20 12.31.21 12.31.22 12.31.23 12.32.24 2 Record depreciation expense for 2020. General Journal DR CR 3 What is the net book value of the equipment on 12.31.20? Historical cost (Accumulated depreciation) Net book value at 12.31.20Swifty Industries presents you with the following information.Complete the table for the year ended December 31, 2022. The company depreciates all assets using the half-year convention. (Round answers to 0 decimal places, e.g. 45,892.) Description DatePurchased Cost SalvageValue Lifein Years DepreciationMethod AccumulatedDepreciation to12/31/21 Depreciationfor 2022 Machine A 2/12/20 $146,800 $17,000 10 (a) $34,220 (b) $ Machine B 8/15/19 (c) 21,630 5 SL 29,870 (d) Machine C 7/21/18 67,200 23,500 8 DDB (e) (f) Machine D (g) 225,570 71,070 5 SYD 72,100 (h)
- Skysong Industries presents you with the following information. Complete the table for the year ended December 31, 2027. The company depreciates all assets using the half-year convention. (Round answers to O decimal places, e.g. 45,892.) Description Machine A Machine B Machine C Machine D Date Purchased 2/12/25 8/15/24 7/21/23 Cost $151,050 80,000 232,140 (c) Salvage Value $16,960 22,260 23,500 73,140 Life in Years. 10 5 00 8 5 Depreciation Method SL DDB SYD (a) f DOn March 1 of the current year, Dexter Cormpany acquired a machine costing P 650,000 with an estimated useful life of 15 yoars with salvage value of P S0,000. The ond of the fiscal yoar is July 31 of the curront yoar. How much depreciation is to be charged on July 31 of the current year? P 36,667 P 13,333 P16,667 P 40,000Equipment acquired on January 1, 2018 at a cost of $96,000, has an estimated estimated useful life of 6 years and an estimated salvage value of $6,000. a. What was the annual amount of depreciation for the years 2018, 2019, and 2020, using the straight-line method of depreciation? b. What was the book value of the equipment on January 1, 2021. c. Assuming that the equipment was sold on January 1, 2021, for $38,000, journalize the entry to record the sale.
- Name and briefly explain four methods of depreciation. Mwakisha, a contractor, started business on 1 January 2018. Purchases and disposals of machines over the subsequent three years were as follows: Machine Date of Cost Date of Purchase Disposal Shs. MA 1 1 January 2018 5,000,000 MB 2 1 July 2019 2,500,000 1 June 2020 MC 3 1 October 2020 7,000,000 The machines are depreciated on straight line basis using a rate of…1. The total depreciation for the year ended December 31, 2020 isa. P237,000 c. P233,250b. P232,500 d. P236,250 2. The carrying amount of production machine as of December 31, 2020 isa. P1,024,500 c. P1,069,500b. P1,029,000 d. P 990,750Bitter 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?