Current Attempt in Progress At the end of its first year, the trial balance of Sandhill Company shows Equipment $21,900 and zero balances in Accumulated Depreciation - Equipment and Depreciation Expense. Depreciation for the year is estimated to be $3,900. Need annual adjusting entry.

Partial-Year Depreciation Equipment acquired at a cost of $65,000 has an estimated residual value of $4,000 and an estimated useful life of 10 years. It was placed in service on April 1 of the current fiscal year, which ends on December 31. If necessary, round your answers to the nearest cent. a.  Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method.   Depreciation Year 1 $fill in the blank 1 Year 2 $fill in the blank 2 b.  Determine the depreciation for the current fiscal year and the following fiscal year by the double-declining-balance method.   Depreciation Year 1 $fill in the blank 3 Year 2 $fill in the blank 4

Depreciation Methods On January 2, Alvarez Company purchased an electroplating machine to help manufacture a part for one of its key products. The machine cost $240,000 and was estimated to have a useful life of six years or 700,000 cuttings, after which it could be sold for $24,400. Required a. Calculate each year’s depreciation expense for the period under each of the following depreciation methods (round all answers to the nearest dollar): 1. Straight-line.2. Double-declining balance.3. Units-of-production. (Assume annual production in platings of 140,000; 180,000; 100,000; 110,000; 80,000; and 90,000.)   1. Straight-Line Year DepreciationExpense Year 1 $Answer Year 2 Answer Year 3 Answer Year 4 Answer Year 5 Answer Year 6 Answer   2. Double-declining balance Year DepreciationExpense Year 1 $Answer Year 2 Answer Year 3 Answer Year 4 Answer Year 5 Answer Year 6 Answer   3. Units of Production Year DepreciationExpense Year 1 $Answer…

A company purchased and installed equipment on January 1 at a total cost of $72,000.      Straight-line depreciation was calculated based on the assumption of a 5-year life and no salvage value.    The equipment was disposed of on July 1 of the fourth year. The company's year-end is December 31.             1. Prepare the general journal entry to update depreciation to July 1 in the fourth year.               2. Prepare the general journal entry to record the disposal of the equipment under each of these three independent situations:           a. The equipment was sold for $22,000 cash. (Remember to calculate accumulated depreciation.  A full year of  depreciation for the first 3 years and then the partial year for the fourth year calculated above).             b. The equipment was sold for $15,000 cash. (Remember accumulated depreciation)               c. The equipment was totally destroyed in a fire and the insurance company settled the claim for $18,000…

Prior to adjustment at the end of the year, the balance in Trucks is $403,000 and the balance in Accumulated Depreciation—Trucks is $120,400. Details of the subsidiary ledger are as follows: TruckNo. Cost EstimatedResidualValue EstimatedUsefulLife AccumulatedDepreciationat Beginningof Year MilesOperatedDuringYear 1 $84,500   $12,675   220,000 miles —       33,000 miles 2 119,000   14,280   360,000   $23,800       36,000   3 94,500   13,230   210,000   $75,600       21,000   4 105,000   12,600   340,000   $21,000       40,800   a.  Determine for each truck the depreciation rate per mile and the amount to be credited to the accumulated depreciation section of each subsidiary account for the miles operated during the current year. Keep in mind that the depreciation taken cannot reduce the book value of the truck below its residual value. Round the rate per mile to two decimal places. Enter all values as positive amounts. Truck No. Rate per Mile(in cents)…

On July 1, Andrew Company purchased equipment at a cost of $150,000 that has a depreciable cost of $120,000 and an estimated useful life of 3 years or 60,000 hours. a.  Using straight-line depreciation, prepare the journal entry to record depreciation expense for the first year ending December 31. If an amount box does not require an entry, leave it blank.     - Select - - Select -     - Select - - Select -   b.  Using straight-line depreciation, prepare the journal entry to record depreciation expense for the second year ending December 31. If an amount box does not require an entry, leave it blank.     - Select - - Select -     - Select - - Select -   c.  Using straight-line depreciation, prepare the journal entry to record depreciation expense for the last year ending December 31. If an amount box does not require an entry, leave it blank.     - Select - - Select -     - Select - - Select -

Entries for Sale of Fixed Asset  Equipment acquired on January 8 at a cost of $107,330 has an estimated useful life of 12 years, has an estimated residual value of $7,850, and is depreciated by the straight-line method. a.  What was the book value of the equipment at December 31 the end of the fourth year?$fill in the blank  b.  Assume that the equipment was sold on April 1 of the fifth year for $65,642. 1.  Journalize the entry to record depreciation for the three months until the sale date. If an amount box does not require an entry, leave it blank. Round your answers to the nearest whole dollar if required.     - Select - - Select -     - Select - - Select -   2.  Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations.     - Select - - Select -     - Select - - Select -     - Select - - Select -     - Select - - Select -

If a fixed asset, such as a computer, were purchased on January 1st for $1,533 with an estimated life of 7 years and a salvage or residual value of $243, the journal entry for monthly expense under straight-line depreciation is Oa. Depreciation Expense 184.29 Accumulated Depreciation 184.29 Ob. Accumulated Depreciation 15.36 Depreciation Expense 15.36 Oc. Accumulated Depreciation 184.29 Depreciation Expense 184.29 Od. Depreciation Expense 15.36 Accumulated Depreciation 15.36

On July 1, 2023, Yorkton Company purchased for $431,000 equipment having an estimated useful life of ten years with an estimated residual value of $33,000. Depreciation is calculated to the nearest month. The company has a December 31 year-end. Required: Complete the following schedules: (Amount to be deducted should be indicated by a minus sign.) 1. Assuming the purchase was made on January 1, 2023. 1. Double-declining-balance method: Equipment Less: Accumulated depreciation Year-end book value Depreciation expanse for the year 2. Straight-line method: Equipment Less: Accumulated depreciation Year-end book value Depreciation expense for the year $ $ $ $ $ $ 2023 431,000 $ 431,000 $ 86,200 $ 431,000 $ 431,000 $ 39,800 $ 2024 431,000 $ 431,000 431,000 $ 68,960 S 431,000 $ 2025 431,000 $ 39,800 $ 431,000 55,168 431,000 ww 431,000 39,800 Check my work

A building is acquired on January 1, at a cost of $980,000 with an estimated useful life of 10 years and salvage value of $88,200.  Compute depreciation expense for the first three years using the double-declining-balance method. (Round your answers to the nearest dollar.)         Depreciation for the Period End of Period Annual Period Beginning of Period Book Value Depreciation Rate (%) Depreciation Expense Accumulated Depreciation Book Value First Year           Second Year           Third Year