Apex Chemicals Ltd acquires a delivery truck at a cost of $36,500 on 1 January 2016. The truck is expected to have a salvage value of $3.400 at the end of its 4-year useful life. Assuming the declining-balance depreciation rate is double the straight-line rate, compute annual depreciation for the first and second years under the declining-balance method. (Round your computations (including the rate) and answers to0 decimal places, eg. 5,275) First-year depreciation

Apex Chemicals Ltd acquires a delivery truck at a cost of $36,500 on 1 January 2016. The truck is expected to have a salvage value of $3.400 at the end of its 4-year useful life. Assuming the declining-balance depreciation rate is double the straight-line rate, compute annual depreciation for the first and second years under the declining-balance method. (Round your computations (including the rate) and answers to0 decimal places, eg. 5,275) First-year depreciation

Name: Apex Chemicals Ltd acquires a delivery truck at a cost of $36,500 on
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: Apex Chemicals Ltd acquires a delivery truck at a cost of $36,500 on 1 January 2016. The truck is expected to have a salvage value of$3.400 at the end of its 4-year useful life. Assuming the declining-balance depreciation rate is double the straight

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter18: Accounting For Long-term Assets

Section: Chapter Questions

Problem 3CE: A machine costing 350,000 has a salvage value of 15,000 and an estimated life of three years....

See similar textbooks

Similar questions

On April 21, 2018, OO YAN! Manufacturing Company bought new equipment for P725, 000. The new equipment has an estimated salvage value of P75, 000 and useful life of 12 years. Depreciation is computed using the sum-of -the-year's digits method whole year convention. How much is the amount of depreciation for 2018? Use four decimal places for your depreciation rate. Round off your final answer to the whole number.
Gordon Chemicals Company acquires a delivery truck at a cost of $25,000 on January 1, 2017. The truck is expected to have a salvage value of $4,000 at the end of its 3-year useful life. Compute annual depreciation for the first and second years using the straight-line method. (Round answers to 0 decimal places, e.g. 125.) First Year Second Year Annual depreciation under straight-line method
On June 30, 2018, Clooney Printers purchased a printer for $59,000. It expects the printer to last for four years and have a residual value of $9,000. Compute the depreciation expense on the printer for the year ended December 31, 2018, using the straight – line method. (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.) A. $12,500 O B. $14,750 C. $7,292 D. $6,250 n Tools
A fleet of refrigerated delivery trucks is acquired on January 5, 2018, at a cost of $1,030,000 with an estimated useful life of 8 years and an estimated salvage value of $92,700. Compute the depreciation expense for the first three years using the double-declining-balance method. (Round your answers to the nearest whole dollar.) Depreciation for the Period End of Period Beginning of Period Book Value Depreciation Rate (%) Depreciation Expense Accumulated Annual Period Book Value Depreciation First Year Second Year Third Year
Sandhill Co. purchased a new machine on October 1, 2022, at a cost of $80,010. The company estimated that the machine has a salvage value of $7,280. The machine is expected to be used for 72,400 working hours during its 7-year life.Compute the depreciation expense under the straight-line method for 2022 and 2023, assuming a December 31 year-end. (Round answers to 2 decimal places, e.g. 5,275.25.) 2022 2023 The depreciation expense under the straight-line method $Enter a dollar amount for year 2022 $Enter a dollar amount for year 2023
Sandhill Co. purchased a new machine on October 1, 2022, at a cost of $80,010. The company estimated that the machine has a salvage value of $7,350. The machine is expected to be used for 72,400 working hours during its 7-year life.Compute the depreciation expense under the straight-line method for 2022 and 2023, assuming a December 31 year-end. (Round answers to 0 decimal places, e.g. 5,275.) 2022 2023 The depreciation expense under the straight-line method $enter a depreciation expense rounded to 0 decimal places $enter a depreciation expense rounded to 0 decimal places
Your company is considering the purchase of a machine at a cost of P1,261,652, with an estimated salvage value of P207,760 and a projected useful life of 16 years. Determine the depreciation on the 5th year using the sum of years digits (SOYD) depreciation method. Write your final answer in two decimal places.
On January 1, 2018, the Allegheny Corporation purchased machinery for $115,000. The estimated service life ofthe machinery is 10 years and the estimated residual value is $5,000. The machine is expected to produce 220,000units during its life.Required:Calculate depreciation for 2018 and 2019 using each of the following methods. Round all computations to thenearest dollar.1. Straight line2. Sum-of-the-years’-digits3. Double-declining balance4. One hundred fifty percent declining balance5. Units of production (units produced in 2018, 30,000; units produced in 2019, 25,000)
Matlock inc .acquires a delivery at cost of $50000 on January 1,2022. The truck is expected to have a salvage value of $28000 at the of its 5 years useful life assuming the decline balance depreciation rate is double straight line rate ,compute annual depreciation for the first and second years under the declining balance method
Wan Company purchased a new machine on October 1, 2017, at a cost of $100,000. The company estimated that the machine has a salvage value of $4,000. The machine is expected to be used for 8-years. Instructions Compute the depreciationexpense under the straight-line method for 2017 and 2018, assuming a December 31 year-end (use comma in numbers, one thousand is 1,000, not 1000. NO decimal point, NO $ sign):
Crane Company purchased a new machine on October 1, 2022, at a cost of $80,500. The company estimated that the machine has a salvage value of $6,720. The machine is expected to be used for 72,400 working hours during its 7-year life.Compute the depreciation expense under the straight-line method for 2022 and 2023, assuming a December 31 year-end. (Round answers to 2 decimal places, e.g. 5,275.25.) 2022 2023 The depreciation expense under the straight-line method $Enter a dollar amount for year 2022 $Enter a dollar amount for year 2023
Required information [The following information applies to the questions displayed below.] On April 1, Cyclone Company purchases a trencher for $320,000. The machine is expected to last five years and have a salvage value of $60,000. Compute depreciation expense at December 31 for both the first year and second year assuming the company uses the straight-line method. Choose Numerator: Choose Denominator: Annual Depreciation Fraction of Year Depreciation Expense Year First year Second year Annual Depreciation X = Annual depreciation