Equipment was acquired at the beginning of the year at a cost of $637,500. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of 9 years and an estimated residual value of $43,195. A. What was the depreciation for the first year? Round your intermediate calculations to 4 decimal places. Round the depreciation for the year to the nearest whole dollar. B. Assuming that the equipment was sold at the end of the second year for $631,697, determine the gain or loss on the sale of the equipment. C. Journalize the entry on Dec. 31 to record the sale. Refer to the Chart of Accounts for exact wording of account titles.

Computer equipment was acquired at the beginning of the year at a cost of $57,500 that has an estimated residual value of $3,500 and an estimated useful life of 5 years. a. Determine the depreciable cost.fill in the blank 1 of 1$ b. Determine the double-declining-balance rate.fill in the blank 1 of 1 % c. Determine the double-declining-balance depreciation for the first year.fill in the blank 1 of 1$

An equipment asset was purchased on 1 January for $30,000 with an estimated residual value of $6,000 at the end of its useful life. For each financial year (ending on 31 December), the depreciation expense is $3,000 calculated on the straight-line basis and the balance of the Accumulated Depreciation account at the end of the latest financial year is $15,000. The remaining useful life of the equipment asset is: Select the one correct answer: O 10 years. 3 years. O 5 years. 8 years.

> Computer equipment was acquired at the beginning of the year at a cost of $29,375 that has an estimated residual value of $1,800 and an estimated useful life of 5 years. a. Determine the depreciable cost. b. Determine the double-declining-balance rate. % c. Determine the double-declining-balance depreciation for the first year. LA ?

A truck acquired at a cost of $195,000 has an estimated residual value of $11,250, has an estimated useful life of 35,000 miles, and was driven 2,800 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. (a) The depreciable cost     (b) The depreciation rate   per mile (c) The units-of-activity depreciation for the year

A storage tank acquired at the beginning of the fiscal year at a cost of $95,000 has an estimated residual value of $5,000 and an estimated useful life of 25 years. a.  Determine the amount of annual depreciation by the straight-line method.$ b.  Determine the amount of depreciation for the first and second years computed by the double-declining-balance method. Do not round the double-declining balance rate. If required, round your answers to the nearest dollar.     Depreciation Year 1   $ Year 2   $

A Kubota tractor acquired on January 8 at a cost of $54,000 has an estimated useful life of 10 years. Assuming that it will have no residual value. a. Determine the depreciation for each of the first two years by the straight-line method. First Year Second Year $ b. Determine the depreciation for each of the first two years by the double-declining-balance method. Do not round the double-declining balance rate. If required, round your final answers to the nearest dollar. First Year Second Year

Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $587,500. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $47,305. a. What was the depreciation for the first year? Round your answer to the nearest cent. b. Using the rounded amount from Part a in your computation, determine the gain or loss on the sale of the equipment, assuming it was sold at the end of year eight for $100,097. Round your answer to the nearest cent. Enter your answer as a positive amount. Feedback c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent.

An asset was purchased for $126,000.00 on January 1, Year 1 and originally estimated to have a useful life of 11 years with a residual value of $11,500.00. At the beginning of the third year, it was determined that the remaining useful life of the asset was only 4 years with a residual value of $1,600.00. Calculate the third-year depreciation expense using the revised amounts and straight line method. Select the correct answer. $24,895.45 $25,895.45 $26,895.45 $26,395.45

Equipment was acquired at the beginning of the year at a cost of $78,840. The equipment was depreciated using the straight-line method based upon an estimated useful life of 6 years and an estimated residual value of $7,860. a.  What was the depreciation expense for the first year?$fill in the blank 4b6aeefb5057020_1 b.  Assuming the equipment was sold at the end of the second year for $59,600, determine the gain or loss on sale of the equipment.$fill in the blank 4b6aeefb5057020_2       c.  Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank or enter "0".     - Select - - Select -     - Select - - Select -     - Select - - Select -     - Select - - Select -