El Tapatio purchased restaurant furniture on September 1, 2018, for $35,000 residual value at the end of an estimated 10 year service life is expected to be $5000 calculate depreciation expense for 2018 and 2019, using the straight line method, and assuming a December 31 year end. Depreciation expense: 2018= 2019=

Bruce Company acquired a machinery on April 1, 2020. Cost                               P 1,200,000 Residual Value               P 120,000 Estimated Useful Life    8 years   What is the depreciation for 2020 using straight line depreciation?     A. P150,000 B. P101,250 C. P112,500 D. P125,000   What is the carrying amount of the machinery on December 31, 2022 using straight line depreciation?   A. P750,000 B. P817,500 C. P828,750 D. P780,000

A motor van was bought on 1st January 2018 for $10,000 The policy is to depreciate the motor van at 20% on straight line method     Required: Calculate the annual depreciation for the years ended 31st December 2018, 2019 and 2020.  Show the following accounts for the three years Motor vehicles account.  Accumulated depreciation account.

Depreciation Methods Sayers Company purchased a building for $250,000 on January 2, 2019. The building has an expected residual value of $20,000 at the end of its expected life of 20 years. Required: 1 a. Prepare a schedule showing depreciation expense for 2019 and 2020 and the book value on December 31, 2019, and December 31, 2020, for straight-line method. If required, round your answers to the nearest dollar. SAYERS COMPANY Depreciation Schedule Straight-line   Beginning Book Value Depreciation Ending Book Value 2019 $ $11500 $ 2020 $ $ $ b. Prepare a schedule showing depreciation expense for 2019 and 2020 and the book value on December 31, 2019, and December 31, 2020, for sum-of-the-years'-digits method. If required, round your answers to the nearest dollar. SAYERS COMPANY Depreciation Schedule Sum-of-the-years'-digits method   Beginning Book Value Depreciation Ending Book Value 2019 $ $ $ 2020 $ $ $ c. Prepare a schedule…

Computing Depreciation Using Various Depreciation Methods To demonstrate the computations involved in several methods of depreciating a fixed asset, the following data are used for equipment purchased on January 1, 2020. Cost and residual value   Estimated service life:   Acquisition cost $26,250 Years 5 Residual value $1,050 Service hours 21,000     Productive output (units) 50,400 e. Double-declining-balance method: Compute the depreciation amount for each year. 2020 2021 2022 2023 2024 Answer   Answer   Answer   Answer   Answer

Depreciation for Partial Periods Malone Delivery Company purchased a new delivery truck for $36,000 on April 1, 2019. The truck is expected to have a service life of 10 years or 180,000 miles and a residual value of $3,000. The truck was driven 12,000 miles in 2019 and 20,000 miles in 2020. Malone computes depreciation expense to the nearest whole month. Required: 1. Compute depreciation expense for 2019 and 2020 using the following methods: (Round your answers to the nearest dollar.) a. Straight-line method 2019 2020 b. Sum-of-the-years'-digits method 2019 2020 c. Double-declining-balance method 2019 2020 d. Activity method 2019 2020 2. For each method, what is the book value of the machine at the end of 2019? At the end of 2020? (Round your answers to the nearest dollar.) a. Straight-line method 2019 2020 b. Sum-of-the-years'-digits method 2019 2020 c. Double-declining-balance method 2019 2020 d. Activity method 2019 2020

Batman Inc. uses revaluation accounting for its Machinery. The following information has been provided. July 7, 2022: Purchased Machinery for $250 000 on account. Estimated Useful Life: 10 years Residual Value: $0 Depreciation Method: Straight-line (nearest full month) Frequency of Revaluation: Annually Valuation Data July 7, 2022: December 31, 2022: December 31, 2023: $250 000 $234 000 $220 000 Prepare the following journal entries for December 2022 and December 2023: 1. To record depreciation expense 2. To eliminate accumulated depreciation 3. To record change in reported value of asset

On July 1, 2020 ABC Company acquired vehicle costing $750,000. The management estimates that they can use it for 10 years and will be able to sell it at $75,000 at the end of its life Questions:1) Depreciation Expense for 20202) Accumulated Depreciation- December 31,20213) Adjusting Journal Entry on December 31,20204) Book value- December 31,2021

Depreciation for Partial Periods Bean Delivery Company purchased a new delivery truck for $42,000 on April 1, 2019. The truck is expected to have a service life of 5 years or 120,000 miles and a residual value of $3,000. The truck was driven 8,000 miles in 2019 and 16,000 miles in 2020. Bean computes depreciation expense to the nearest whole month. Required: 1. Compute depreciation expense for 2019 and 2020 using the following methods: (Round your answers to the nearest dollar.) a. Straight-line method 2019 2020 b. Sum-of-the-years'-digits method 2019 2020 c. Double-declining-balance method 2019 2020 d. Activity method 2019 2020 2. For each method, what is the book value of the machine at the end of 2019? At the end of 2020? (Round your answers to the nearest dollar.) a. Straight-line method 2019 2020 b. Sum-of-the-years'-digits method 2019 2020 c. Double-declining-balance method 2019 2020 d. Activity method 2019 2020 $

Revision of Depreciation On January 1, 2021, Blizzards-R-Us purchased a snow-blowing machine for $85,000. The machine was expected to have a residual value of $5,000 at the end of its 5-year useful life. On January 1, 2023, Blizzards-R-Us concluded that the machine would have a remaining useful life of 6 years with a residual value of $770. Required: Determine the revised annual depreciation expense for 2023 using the straight-line method.