Debra acquired the following new assets during 2020: Date Asset Cost April 11 Furniture $40,000 July 28 Trucks 40,000 November 3 Computers 70,000 Debra does not elect immediate ex

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J 1. Account

Computing Partial Period Depreciation under Multiple Depreciation Methods Cruz Company purchased a computer on June 30, 2020, for $92,400. The computer had a salvage value of $26,400 and useful life of six years. Note: In answering the following questions, do not round until your final answer. Round your final answer to the nearest whole dollar. a. Using the declining-balance depreciation method (200%), determine depreciation expense for 2021. Answer   b. Using the declining-balance depreciation method (150%), determine depreciation expense for 2021. Answer   c. Using the straight-line depreciation method, determine depreciation expense for 2021. Answer

1 QUE A plant asset cost $101700 when it was purchased on January 1, 2011. It was depreciated by the straight-line method based on a 9-year life with no salvage value. On June 30, 2018, the asset was discarded with no cash proceeds. What gain or loss should be recognized on the retirement?   $16950 loss.   $11300 gain.   $22600 loss.   No gain or loss. 2 QUE Admire County Bank agrees to lend Vaughn Brick Company $599000 on January 1. Vaughn Brick Company signs a $599000, 8%, 9-month note. What entry will Vaughn Brick Company make to pay off the note and interest at maturity assuming that interest has been accrued to September 30?   a Notes Payable 634940      Cash   634940 b Notes Payable 599000   Interest Payable 35940      Cash   634940 c Interest Payable 23960   Notes Payable 599000   Interest Expense 11980      Cash   634940 d Interest Expense 35940   Notes Payable 599000…

Part 2. Martin Inc. purchased a new truck on April 30, 2020, by trading in its old model and paying the balance in cash. The following data relate to the transaction: List price of new truck $6,800 Cash paid 1,000 Cost of old truck (5-year life, $700 salvage value) 11,200 Accumulated depreciation-old truck (straight-line) 6,300 Fair value of old truck 5,200 Instructions: Martin's fiscal year ends on December 31, and depreciation has been recorded through December 31, 2019. 1. Prepare the journal entries to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. 2. Assume that instead of the 1,000 cash paid, Martin Inc. paid 10,000 cash in this transaction. Prepare the journal entries to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance.

Problem 8-34 (LO. 2) Weston acquires a new office machine (seven-year class asset) on August 2, 2017, for $75,000. This is the only asset Weston acquired during the year. He does not elect immediate expensing under § 179. He claims the maximum additional first-year depreciation deduction. On September 15, 2019, Weston sells the machine. Click here to access the depreciation tables in the textbook. If required, round your answers to the nearest dollar. a.  Determine Weston’s cost recovery for 2017 and 2018.2017: $fill in the blank 12018: $fill in the blank 2 b.  Determine Weston’s cost recovery for 2019.$fill in the blank 3

please dont provide answer in image format thank you   b. What is Anna's year 2 cost recovery for each asset?

Haresh

Calculate total accumulated depreciation of each asset until the sold date .