Early-July 2021: A significant renovation of the building was completed at a cost of $30,000. The renovation is expected to provide the building with a useful life of 25 years. This involved the scrapping of an old kitchen with carrying value of $4,000.what is the entry for building depreciation and show working of calculation.

Victor Mineli, the new controller of Cullumber Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Type ofAsset   DateAcquired   Cost   AccumulatedDepreciation,Jan. 1, 2022   Useful Life (in years)   Salvage Value         Old   Proposed   Old   Proposed Building   Jan. 1, 2014   $984,500   $182,900   40   58   $70,000   $36,600 Warehouse   Jan. 1, 2017   168,500   32,490   25   20   6,050   4,400 All assets are depreciated by the straight-line method. Cullumber Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Victor’s proposed changes. (The “Proposed” useful life is total life, not remaining life.)   Compute the revised annual depreciation on each asset in 2022. (Round answers to 0 decimal places, e.g. 125.)     Building   Warehouse Revised annual depreciation   $enter a…

Compute the annual depreciation to be charged, beginning with 2022. (Round answer to O decimal places, e.g. 45,892.) Annual depreciation expense-building %24

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UMPI Corporation purchased a new machine for production on 1/1/18. The cost of the machine was $175,000. The salvage value was estimated to be $25,000. Its useful life was estimated to be 5 years and its working hours was estimated at 25,000 hours. The hours used 2018 thru 2023 were 5,750, 5,000, 4,250, 5,500, 4,500, respectively. Year-end is December 31st. Fully depreciate the equipment through the full 5 years.   Instructions: Compute the depreciation expense under each of the following methods below. Record the journal entry for each year to record the depreciation expense.   5.1 Straight-Line method 5.2 Activity method 5.3 Double-Declining Balance method

Prepare depreciation schedules for straight-line, double-declining-balance, and units-of-production methods. Use the imformation below and the images attached: +when doing units-of-production methods use the image attached with the listed machine hours The Fraser River Corporation has purchased a new piece of factory equipment on January 1, 2024. The equipment costs $620,000 and has an estimated useful life of four years, or 12,000 machine hours. At the end of four years, the equipment is estimated to have a residual value of $60,000. also when competing each of the depreciation schedules for each of the methods, what is the minimum amount that Fraser River will sell the factory equipment for in order to have a gain of $16,000?

In 1990, Sunland Company completed the construction of a building at a cost of $880,000 and first occupied it in January 1991. It was estimated that the building would have a useful life of 40 years and a salvage value of $26,000 at the end of that time. Early in 2001, an addition to the building was constructed at a cost of $220,000. At that time, it was estimated that the remaining life of the building would be, as originally estimated, an additional 30 years, and that the addition would have a life of 30 years and a salvage value of $9,000. In 2019, it is determined that the probable life of the building and addition will extend to the end of 2050, or 20 years beyond the original estimate.   Compute the annual depreciation that would have been charged from 2001 through 2018. Annual depreciation from 2001 through 2018 Compute the annual depreciation to be charged, beginning with 2019. Annual depreciation expense—building

On April 1, 2021, Parks Co. purchased machinery at a cost of $42,000. The machinery is expected to last 10 years and to have a residual value of $6,000. Record the depreciation for office equipment purchased on March 31, 2018 for $24,000 having no residual value sold on September 30, 2021 , depreciated over a five-year life using the straight-line method, with depreciation based on months in service. Prepare the journal entries to record 2021 depreciation and the sale of the equipment. Please don't give image based answer..thanku

In 1990, Sheridan Company completed the construction of a building at a cost of $860,000 and fırst occupied it in January 1991. It was estimated that the building would have a useful life of 40 years and a salvage value of $26,000 at the end of that time. Early in 2001, an addition to the building was constructed at a cost of $215,000. At that time, it was estimated that the remaining life of the building would be, as originally estimated, an additional 30 years, and that the addition would have a life of 30 years and a salvage value of $9,000. In 2019, it is determined that the probable life of the building and addition will extend to the end of 2050, or 20 years beyond the original estimate. (a) Using the straight-line method, compute the annual depreciation that would have been charged each year from 1991 through 2000. Annual depreciation from 1991 through 2000 $ / yr %24

Prepare the entry, if necessary, to adjust the account balances because of the revision of the estimated life in 2027.