Dawn Company purchased a machine on January 1, 2018 for P3,000,000. At the date of acquisition, the machine had useful life of six years with no residual value. The machine was depreciated on a straight line basis. On January 1, 2021, the entity determined that the machine had a useful life of five years from the date of acquisition with residual value of P100,000. What amount should be recorded as depreciation for 2021?

On January 2, 2017, Union Co. purchased a machine for P264,000 and depreciated it by the straight-line method using an estimated useful life of eight years with no salvage value. On January 2, 2020, Union determined that the machine had a useful life of six years from the date of acquisition and will have a salvage value of P24,000. An accounting change was made in 2020 to reflect the additional data. The accumulated depreciation for this machine should have a balance at December 31, 2020, of O 146,000 O 154,000 O 176,000 O 160,000

Oriole Company purchased a machine on January 1, 2019, for $927000. At the date of acquisition, the machine had an estimated useful life of 6 years with no salvage. The machine is being depreciated on a straight-line basis. On January 1, 2022, Oriole determined, as a result of additional information, that the machine had an estimated useful life of 8 years from the date of acquisition with no salvage. An accounting change was made in 2022 to reflect this additional information.Assume that the direct effects of this change are limited to the effect on depreciation and the related tax provision, and that the income tax rate was 40% in 2019, 2020, 2021, and 2022. What should be reported in Oriole's income statement for the year ended December 31, 2022, as the cumulative effect on prior years of changing the estimated useful life of the machine? $463500 $61800 $0 $92700

Tinker Bell Company sold a delivery wing truck on March 1, 2022. Tinker had acquired the wing truck on January 1, 2019, for $ 52,000. At acquisition, Tinker had estimated that the truck would have a useful life of 6 years and a residual value of $4,000. On December 31, 2021, the truck had a book value of $ 28,000. Required: Prepare the journal entries to recognized the depreciation expense for 2022 prior to the sale and the sale of the truck assuming the truck sold at the following different prices (you will have 3 entries total): $32,000 26,000

Alteran Corporation purchased office equipment for $1.2 million at the beginning of 2022. The equipment is being depreciated over a 10-year life using the double-declining-balance method. The residual value is expected to be $600,000. At the beginning of 2024 (two years later), Alteran decided to change to the straight-line depreciation method for this equipment. Required: Prepare the journal entry to record depreciation for the year ended December 31, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars.

Blossom Enterprises purchased equipment on January 1, 2020, at a cost of €405,000. Blossom uses the straight-line depreciation method, a 5-year estimated useful life, and no residual value. At the end of 2020, independent appraisers determined that the assets have a fair value of €330,000. . Prepare the journal entry to record 2020 depreciation using the straight-line method.  Account Titles and Explanation Debit Credit Depreciation Expense     Accumulated Depreciation-Equipment (To record depreciation expense)   please help me fill the table

At the beginning of 2021, Westglow Company purchased equipment for $525,000 that was assigned an estimated useful life of 5 years and an estimated salvage value of $50,000. The company uses straight-line depreciation for all of its plant and equipment. When preparing adjusting entries at December 31, 2024, it was discovered that the bookkeeper had failed to deduct the salvage value in computing the depreciation base for 2021, 2022, and 2023.  Westglow issues 2-year comparative financial statements. Which of the following statements describes the procedure that should be followed at December 31, 2024?   Answer a. Westglow should compute the amount of annual depreciation expense that should have been recorded for 2023 and adjust accumulated depreciation and depreciation expense for the difference.  The financial statements for 2023 should be restated and the effect of the error should be reported as an adjustment to the beginning balance of retained earnings for 2024. b.…

On January 1, 2021, Riverbed Company purchased on credit machinery costing $165,000 and incurred $5.705 in installation costs. The machinery has an estimated useful life of 15 years and a residual value of $10,790. The company uses the straight-line method of depreciation. At the end of 2022, Riverbed recorded depreciation and assessed the asset, determining a recoverable amount of $137,800. Riverbed sold the equipment to Voilex Corporation on June 30, 2023, for $135,500. Prepare the necessary entries assuming Riverbed has a December 31 year-end. (Credit account titles are automatically indented when the 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. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem) Account Titles and Explanation Credit Date 2021 x 1.2021 31.2022 31, 2022 ne 30, 2023 230, 2023…