City Taxi Service purchased a new auto to use as a taxi on January 1, Year 1, for $21,500. In addition, City paid sales tax and title fees of $1,020 for the vehicle. The taxi is expected to have a five-year life and a salvage value of $6,940. Required a. Using the straight-line method, compute the depreciation expense for Year 1 and Year 2. b & c. Assume that the taxi was sold on January 1, Year 3, for $18,731. Prepare the general journal entries to record the Year 1 depreciation and sale of the taxi in Year 3. Complete this question by entering your answers in the tabs below. Req A Reg B and C Using the straight-line method, compute the depreciation expense for Year 1 and Year 2. (Round your answers to the nearest whole dollar amount.) Year 1 Year 2 Depreciation expense < Reg A Req B and C >

On January 1, Year 1, Marino Moving Company paid $48,000 cash to purchase a truck. The truck was expected to have a four-year useful life and an $8,000 salvage value. If Marino uses the straight-line method, the amount of depreciation expense recognized on the Year 2 income statement is

Smitty Inc. wishes to use the revaluation model for this property: Before Revaluation • Building Gross Value 120,000 • Building Accumulated Depreciation 40,000 • Net carrying value 80,000 The fair value for the property is $150,000. Assuming this is the first year of using the revaluation model, what amount would be booked to the Accumulated Depreciation account, if Smitty chooses to use the proportional method to record the revaluation? $75,000 Credit O None of the above. O $35.000 Credit $35.000 Debit $40,000 Debit

The Black Limo Company (BLC) purchased a limo on January 1 of Year 1. The limo cost $48,000. It had an expected useful life of 4 years and a $8,000 salvage value. At the start of Year 2, BLC determined the salvage value should be changed to $11,000. Based on this, the depreciation expense recorded in Year 2 will be $

Mohr Company purchases a machine at the beginning of the year at a cost of $31,000. 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. The book value of the machine at the end of year 2 is: Multiple Choice $5,400. $10,800. $16,200. $20,200.

At the beginning of Year 1. Copeland Drugstore purchased a new computer system for $210,000. It is expected to have a five-year life and a $30,000 salvage value. Required a. Compute the depreciation for each of the five years, assuming that the company uses (1) Straight-line depreciation.

shobha

The Masters Corporation purchased a piece of machinery for $300,000. The expected useful life (EUL) of the machine is 10 years. Machinery of this type normally has a salvage value of approximately 17 percent of the purchase price (use $50,000 for salvage value in this case.) Using the accounting/finance functions in Excel, complete the depreciation worksheet in Exercise11.xls in the following steps: 1. Use the following three methods to compute the depreciation in columns B, C, and D: (1) double- declining balance, (2) straight-line, and (3) sum-of-the-years’ digits. Columns F, G, and H should show the book value of each method for the 10 periods (10 years). Formulas should be used in the empty cells so that a change in the cost, salvage value, or expected useful life of the machinery automatically updates the worksheet. 2. PDF page 1: Print cells A8:H20 into one page with proper format. 3. PDF page 2: Print cell formulas in Cells A15:H15. You may edit the cell…

Please complete using the same formart. Thank you :)

At the beginning of Year 1, Copeland Drugstore purchased a new computer system for $52,000. It is expected to have a five-year life and a $7,000 salvage value. Required a. Compute the depreciation for each of the five years, assuming that the company uses (1) Straight-line depreciation. (2) Double-declining-balance depreciation. b. Record the purchase of the computer system and the depreciation expense for the first year under straight-line and double- declining-balance methods in a financial statements model. Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B Compute the depreciation for each of the five years, assuming that the company uses straight-line depreciation.