An asset acquired January 1, 2018, for OMR 20,000 with an estimated 10-year life and no residual value. Using the double-declining balance method, depreciation for 2019 would be:   Select one: A. 2,560 B. 3,200 C. 4,000 D. 2,048

Following are the details related to fixed assets of Jackson company as at December 31, 2022: Date of Residual Purchase January 1, 2020 $15,000 April 1, 2015 1,000 Asset Machinery Delivery Van September 30, 2018 Furniture 500 December 31, 2012 Building 25,000 Required: Estimated Useful Life 30 Years 12 Years 8 Years 40 Years Cost $ 550,000 45,000 72,000 1,250,000 Value 1. Calculate the annual depreciation for each of the fixed assets given above. 2. Determine the book value of each fixed asset as on December 31, 2022.

H1.

ABC Ltd acquired an item of machinery on 1 July 2021 for a cost of $120 000 When the asset was acquired it was considered that the asset would have a useful life to the entity of five years, after which time it would have no residual value It was considered that the pattern of economic benefits would best be reflected by applying the sum-of-digits method Contrary to expectations, on 1 July 2023 the asset was sold for $80 000 Required 1. What was the profit on disposal on 1 July 2023 and what are the journal entries to record the disposal? (Use sum of digit depreciation method) 2. Prepare Depreciation Schedule for the period.

A company sells a long-lived asset that originally cost $200,000 for $50,000 on December 31, 2018. The accumulated depreciation account had a balance of $110,000 after the current year's depreciation of $45,000 had been recorded. The company should recognize a: Multiple Choice   $100,000 loss on disposal.   $40,000 loss on disposal.   $40,000 gain on disposal.   $25,000 loss on disposal.

← Gulfcoast, Inc. purchased a van on January 1, 2019, for $830,000. Estimated life of the van was five years, and its estimated residual value was $94,000. Gulfcoast uses the straight-line method of depreciation. Calculate the book value of the van at the end of 2019. OA. $778,125 B. $682,800 C. $674,375 OD. $736,000

Asset C3PO has a depreciable base of $17.60 million and a service life of 10 years. What would the accumulated depreciation be at the end of year five under the sum-of-the-years'-digits method? (Do not round intermediate calculations.)

Dont uplode image in answer At 1 July 2019 David Ltd acquired the following non-current assets:               Machine A Machine B Machine C Cost 48,000 Cost 70,000 Cost 85,000 Useful Life 8 years Useful Life 8 years Useful Life 10 years     The firm uses the valuation model for all three assets          At 30 June 2020, the fair values of all assets were assessed. Machine A had a fair value of $45,000, and Machine B a fair value of $58,000. The remaining useful lives were assessed to be 5 years for Machine A and 4 years for Machine B. At this time the value of Machine C was unchanged.   At 30 June 2021, Machine C was sold for a consideration of $75,000. On the same date the fair values of Machine A and Machine B were reassessed. Machine A had a fair value of $32,000 and Machine B a fair value of $54,000.   Required:   Prepare the journal entries for David Ltd for the years ending 30 June 2020 and 2021. Assume a tax rate of 30%.

Dinnell Company, with a June 30 year-end, owns the following assets: A с 2017" 2019 $20,000 $100,000 5 years 10 years $2,000 $10,000 Depreciation method Straight-line Sum-of-the-years-digits Double-declining-balance Year purchased Cost Asset B Expected life Residual value 2018 $40,000 8 years In the year of acquisition and retirement of an asset, Dinnell records depreciation expense for one-half year. During 2020, Asset A was sold t $7,000. Required: Prepare the journal entries to record depreciation on each asset for 2017 through 2020 and the sale of Asset A