A truck acquired at a cost of $195,000 has an estimated residual value of $9,000, has an estimated useful life of 62,000 miles, and was driven 6,200 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. (a) The Depreciable Cost $fill in the blank 1   (b) The Depreciation Rate $fill in the blank 2 per mile (c) The Units-of-activity Depreciation for the Year $fill in the blank 3

Equipment was acquired at the beginning of the year at a cost of $625,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $46,635. a.  What was the depreciation for the first year? Round your answer to the nearest cent.$ b.  Using the rounded amount from Part a in your computation, determine the gain(loss) on the sale of the equipment, assuming it was sold at the end of year eight for $105,608. Round your answer to the nearest cent and enter as a positive amount.$ Loss    c.  Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent

How do I solve 2,3 and 4

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Calculate the total cost, total depreciation, and annual depreciation (in $) for the following assets by using the straight-line method. (Round your answers to the nearest cent.) Cost ShippingCharges SetupCharges TotalCost SalvageValue EstimatedUseful Life(years) TotalDepreciation AnnualDepreciation $76,400 $1,500 $750 $  $4,500 11 $  $

Units-of-activity Depreciation A truck acquired at a cost of $225,000 has an estimated residual value of $14,100, has an estimated useful life of 37,000 miles, and was driven 3,000 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. (a) The depreciable cost $fill in the blank 1   (b) The depreciation rate $fill in the blank 2 per mile (c) The units-of-activity depreciation for the year $fill in the blank 3

Prepare the journal entry to record TWO of the following scenarios. Please be sure to identify which scenarios you have selected.       (a) Discarding of Machine #1: Original cost, $25,000; accumulated depreciation, $20,000.       (b) Sale of Machine #2: Original cost, $50,000; accumulated depreciation, $35,000; sold for $18,000 cash.       (c) Sale of Machine #3: Original cost, $75,000; accumulated depreciation, $65,000; sold for $4,000 cash.

A truck acquired at a cost of $60,000 has an estimated residual value of $2,000, has an estimated useful life of 200,000 miles, and was driven 15,000 miles during the year. Determine the following. If required, round your answer for the depreciation rate to 2 decimal places. Line Item Description Amount (a) The depreciable cost $fill in the blank 1              (b) The depreciation rate $fill in the blank 2 per mile (c) The units-of-activity depreciation for the year $fill in the blank 3

A piece of heavy equipment acquired on January 1 at a cost of $180,000 has an estimated useful life of 25 years. Assuming that it will have no residual value. a.  Determine the depreciation for each of the first two years ending December 31 by the straight-line method. Round your answer to the nearest cent if rounding is required.   Depreciation First year $fill in the blank 1 Second year $fill in the blank 2 b.  Determine the depreciation for each of the first two years ending December 31 by the double-declining-balance method. Round your answer to the nearest cent if rounding is required.   Depreciation First year $fill in the blank 3 Second year $fill in the blank 4

Determine depreciation for that first year using both the Straight-Line Method and the Units of Activity Method as well as determine if there was a gain or loss on disposal from the problem below.   On February 1, 2021, Harper Brewing Co. purchased a truck for $20,000. It's expected salvage value is $500. The estimated useful life (in years) is 5 years. And the estimated useful life (in miles) is 100,000. On December 31, 2021, Harper Brewing Co. sells the truck for $10,000 after driving it for 30,000 miles.