Calculate depreciation. A machine cost $165,000 on April 28, 2021. Its estimated salvage value is $5,000 and its expected life is eight years. Instructions Prepare a depreciation schedule for each year using each of the following methods, showing the figures used. These schedules should have formulas in the cells referencing the "input section" that was discussed previously. (a) Straight-line (b) Double-declining-balance (c) Sum-of-the-years'-digits

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.

A storage tank acquired at the beginning of the fiscal year at a cost of $95,000 has an estimated residual value of $5,000 and an estimated useful life of 25 years. a.  Determine the amount of annual depreciation by the straight-line method.$ b.  Determine the amount of depreciation for the first and second years computed by the double-declining-balance method. Do not round the double-declining balance rate. If required, round your answers to the nearest dollar.     Depreciation Year 1   $ Year 2   $

At December 31, 2025, Martinez Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets Apr. 1 Purchased land for $2,774.200. May June 1 July 1 Dec. 31 $26,590,000 11.965,500 1 50,440,000 During 2026, the following selected cash transactions occurred. 6,305,000 $ 3,783,000 14,624,500 44,135.000 $62,542,500 Sold equipment that cost $756,600 when purchased on January 1, 2019. The equipment was sold for $214,370. Sold land for $2,017,600. The land cost $1.261.000. Purchased equipment for $1,387,100. Retired equipment that cost $882.700 when purchased on December 31, 2016. No salvage value was received.

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A machine with a cost of $57,300 has an estimated residual value of $3,956 and an estimated life of 5 years or 20,000 hours. What is the amount of depreciation for the second full year, using the double-declining-balance method?

Before you begin this assignment, review the Tying It All Together feature in the chapter iHeartMedia , Inc. in their annual report for the year ending December 31, 2015, state that the plant assets reported on its balance sheet includes the following: Depreciation is computed using the straight-line method. Requirements 1. Suppose iHeartMedia, Inc. purchases a new advertising structure for $100,000 on August 1. The residual value of the structure is $4,000 and the useful life is 10 years. How would iHeartMedia record the depreciation expense on December 31 in the first year of use? What about the second year of use? 2. What would be the book value of the structure at the end of the first year? What would be the book value of the structure at the end of the second year? 3. What would be the impact on iHeartMedia, Inc. financial statements if they failed to record the adjusting entry related to the structure?

Assume that a machine costing $120,000 and having a useful life of 10 years (with 10 salvage value). a. Compute the depreciation expense in year 5 by using straight-line col to ensrla 15 b. Compute the depreciation expense in year 7 by using sum-of-the-years' digits c. Compute the depreciation expense in year 3 by using double-declining method Question

Freeport-McMoRan Copper and Gold has purchased a new ore grading unit for $80,000. The unit has an anticipated life of 10 years and a salvage value of $ 10,000. Use the DB and DDB methods to compare the schedule of depreciation and book values for each year. Solve by hand and by spreadsheet.

Please help calculate depreciation expense for 2020 and 2021 by using double declining balance.