(b1)Compute accumulated depreciation by using MACRS and optional straight-line method for the 3-year period ending December31, 2026. Ignore present value considerations.MethodsMACRSOptional straight-line method$LAeTextbook and Media2024LAAccumulated Depreciation$$2025$tA2026Assistance Used Current Attempt in ProgressMOn January 1, 2024, Nash Company, a small machine-tool manufacturer, acquired for $1,190,000 a piece of new industrial equipment.The new equipment had a useful life of 5 years, and the salvage value was estimated to be $72,200. Nash estimates that the newequipment can produce 12,000 machine tools in its first year. It estimates that production will decline by 1,140 units per year over theremaining useful life of the equipment.The following depreciation methods may be used: (1) straight-line, (2) double-declining-balance, (3) sum-of-the-years'-digits, and (4)units-of-output. For tax purposes, the class life is 7 years. Use the MACRS tables for computing depreciation.(a1)

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Description: (b1)Compute accumulated depreciation by using MACRS and optional straight-line method for the 3-year period ending December31, 2026. Ignore present value considerations.MethodsMACRSOptional straight-line method$LAeTextbook and Media2024LAAccumulated

The depreciation under the MACRS is the rule and method which is used to compute the depreciation…

Business

Accounting

Compute accumulated depreciation by using MACRS and optional straight-line method for the 3-year period ending December 31, 2026. Ignore present value considerations. Methods MACRS 30 me Optional straight- line method $ $ 2024 $ $ Accumulated Depreciation 2025 $ $ 2026

Compute accumulated depreciation by using MACRS and optional straight-line method for the 3-year period ending December 31, 2026. Ignore present value considerations. Methods MACRS 30 me Optional straight- line method $ $ 2024 $ $ Accumulated Depreciation 2025 $ $ 2026

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Testbank Multiple Choice Question 86 Bramble Corp. purchased a depreciable asset for $698000 on April 1, 2018. The estimated salvage value is $68000, and the estimated useful life is 5 years. The straight-line method is used for depreciation. What is the balance in accumulated depreciation on May 1, 2021 when the asset is sold? O $252000 O $294000 O $346500 O $388500
Computing Partial Period Depreciation under Multiple Depreciation Methods Compute depreciation expense for 2021 for each asset #1, #2, #3, and #4. Note: Do not round until your final answer. Round your final answer to the nearest whole dollar. Acquisition Acquisition Useful Salvage 2021 Depreciation Value Asset Date Depreciation Method Cost Life Expense #1 Jan. 1, 2020 Straight-line $4,000 4 years $200 $ 950 v #2 Aug. 30, 2020 Double-declining-balance 5,800 8 years 400 $ 1,125 x #3 Feb. 1, 2021 Sum-of-the-years'-digits 7,200 4 years 320 $ 1,147 x #4 Jul. 31, 2021 Straight-line 13,520 8 years 0 $
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3 Question 2 of 2 E D (b) Your answer is partially correct. Date Apr. 1, 2026 Apr. 1, 2026 R On April 1, 2026, Blue sold the machine for $1,497,600 to Yoakam Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) % V T Account Titles and Explanation G Depreciation Expense Accumulated Depreciation - Machinery (To record current depreciation.) Cash eTextbook and Media Accumulated Depreciation - Machinery Machinery Gain on Disposal of Machinery (To record sale of the machine.) B H HQ Search N U J M K L DELL LCOP { [ 1 ? 1 Debit 111 Enter Delete Shift Ctrl End 15/30 1 1 Attempts: 3 of 3 used 1 PgDn ||| ↓ Credit Home End 400 0 Ins
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