Andrea Torbert purchased a computer for $8,000 onJuly 1, 2017. She intends to depreciate it over 4 yearsusing the double-declining-balance method. Salvagevalue is $1,000. Compute depreciation for 2018

Lopez acquired a building on June 1, 2016, for $1,000,000. Compute the depreciation deduction assuming the building is classified as (a) residential and (b) non residential. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. a. Calculate Lopez's cost recovery deduction for 2021 if the building is classified as residential rental real estate. $4 b. Calculate Lopez's cost recovery deduction for 2021 if the building is classified as nonresidential real estate.

3. Counselors of Mableton purchased equipment on January 1, 2017, for $44,500. Counselors of Mableton expected the equipment to last for eight years and have a residual value of $4,500. Suppose Counselors of Mableton sold the equipment for $25,700 on December 31, 2020, after using the equipment for four full years. Assume depreciation for 2020 has been recorded. Journalize the sale of the equipment, assuming straight-line depreciation was used. First, calculate any gain or loss on the disposal of the equipment. Market value of assets received 25,700 Less: Book value of asset disposed of Cost 44,500 Less: Accumulated Depreciation Gain or (Loss)

SIMCO Company purchases a machine on 1/1/2020, at a cost of $24,000. The machine is depreciated using the straight-line method. The machine's useful life is estimated to be 5 years with a $4,000 salvage value. On 1/1/2022, management decides to change the useful life to 7 years, instead of 5 years, and keep salvage value the same.

truck costing $20,000 was purchased on January 1, 2004. It was depreciated using the straight-line method with an estimated useful life of 4 years and a salvage value of $2,000. If the truck is sold at the end of 2005 for $6,000, how much gain or loss will be recognized?

Kingbird, Inc. acquires a delivery truck at a cost of $57,000 on January 1, 2022. The truck is expected to have a salvage value of $13,500 at the end of its 4-year useful life. Compute annual depreciation for the first and second years using the straight-line method. Annual depreciation expense Year 1 Year 2

On January 1, 2014, Santo Company purchased a computer system for $30,500. The system had an estimated useful life of 5 years and no salvage value. On January 1, 2016, the company revised the remaining useful life to four years. Required: What amount of depreciation will be recorded for 2016?

Zorzi Corporation purchased a Machine on January 1, 2017 for S80,000. The machinery is estimated to have a salvage value of $8,000 after a useful life of 8 years. Compute the 2017 depreciation expense using the straight-line method assuming the machine was purchased on September 1, 2017 O s9.000 O s7000 O55,000 O S3.000

Mohr Company purchases a machine at the beginning of the year at a cost of $42,000. The machine is depreciated using the straight-line method. The machine's useful life is estimated to be 8 years with a $4,000 salvage value. The book value of the machine at the end of year 2 is:

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