ework Assignment i Required information Exercise 8-10A (Algo) Double-declining-balance and units-of-production depreciation: gain or loss on disposal LO 8-3, 8-4, 8-5 [The following information applies to the questions displayed below] Year 1 Year 2 Year 31 Year 4 Exact Photo Service purchased a new color printer at the beginning of Year 1 for $38,020. The printer is expected to have a four-year useful life and a $3,600 salvage value. The expected print production is estimated at $1,778,100 pages. Actual print production for the four years was as follows. Total 548,700 479,800 384,500 385,100 1,798,100 Saved The printer was sold at the end of Year 4 for $3,800 Help Exercise 8-10A (Algo) Part a Required a. Compute the depreciation expense for each of the four years, using double-declining-balance depreciation (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Save & Che

ework Assignment i Required information Exercise 8-10A (Algo) Double-declining-balance and units-of-production depreciation: gain or loss on disposal LO 8-3, 8-4, 8-5 [The following information applies to the questions displayed below] Year 1 Year 2 Year 31 Year 4 Exact Photo Service purchased a new color printer at the beginning of Year 1 for $38,020. The printer is expected to have a four-year useful life and a $3,600 salvage value. The expected print production is estimated at $1,778,100 pages. Actual print production for the four years was as follows. Total 548,700 479,800 384,500 385,100 1,798,100 Saved The printer was sold at the end of Year 4 for $3,800 Help Exercise 8-10A (Algo) Part a Required a. Compute the depreciation expense for each of the four years, using double-declining-balance depreciation (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Save & Che

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter8: Operating Assets: Property, Plant, And Equipment, And Intangibles

Section: Chapter Questions

Problem 8.5E: Change in Estimate Assume that Bloomer Company purchased a new machine on January 1, 2016, for...

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d = ces Problem 6-22A (Algo) Accounting for acquisition of assets, including a basket purchase LO 6-1 Trinkle Company made several purchases of long-term assets during the year. The details of each purchase are presented here. New Office Equipment 1. List price: $41,100; terms: 2/10, n/30; paid within the discount period. 2. Transportation-In: $740. 3. Installation: $470. 4. Cost to repair damage during unloading: $624. 5. Routine maintenance cost after eight months: $150. Basket Purchase of Copler, Computer, and Scanner for $53,500 with Fair Market Values 1. Copier, $26,445. 2. Computer, $9,030. 3. Scanner, $29,025. Land for New Warehouse with an Old Building Torn Down 1. Purchase price, $82,400. 2. Demolition of building, $5,410. 3. Lumber sold from old building, $2,210. 4. Grading in preparation for new building, $9,500. 5. Construction of new building, $217,000. Required In each of these cases, determine the amount of cost to be capitalized in the asset accounts. Asset Office…
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $151,850 has an estimated useful life of 17 years, has an estimated residual value of $7,350, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year?$fill in the blank f27e84fc8020072_1 Feedback Book value is the initial cost of the fixed asset minus the accumulated depreciation. b. Assume that the equipment was sold on April 1 of the fifth year for $110,335. 1. Journalize the entry to record depreciation for the three months until the sale date. If an amount box does not require an entry, leave it blank. Round your answers to the nearest whole dollar if required. Depreciation Expense-Equipment Depreciation Expense-Equipment Accumulated Depreciation-Equipment Accumulated Depreciation-Equipment Feedback The depreciation account of the fixed asset being…
ignment Required information Exercise 8-9A (Algo) Computing and recording straight-line versus double-declining-balance depreciation LO 8-2, 8-3 [The following information applies to the questions displayed below.] Exercise 8-9A (Algo) Part a F1 At the beginning of Year 1, Copeland Drugstore purchased a new computer system for $180,000. It is expected to have a five-year life and a $30,000 salvage value. Required: a-1. Compute the depreciation, assuming that the company uses straight-line depreciation. a-2. Compute the depreciation for each of the five years, assuming that the company uses double-declining-balance depreciation. Complete this question by entering your answers in the tabs below. Req A1 Year 1 Year 2 Compute the depreciation for each of the five years, assuming that the company uses double-declining-balance depreciation. Note: Leave no cells blank - be certain to enter "0" wherever required. Depreciation Expense Year 3 Year 4 Year 5 (@ 2 dx Req A2 F2 50° J # 3 F3 $ 4 पं…
MetaExercise 8 - 9A (Algo) Computing and recording straight-line versus double-declining - balance depreciation LO 8-2, 8-3 Skip to question [The following information applies to the questions displayed below.] At the beginning of Year 1, Copeland Drugstore purchased a new computer system for $280,000. It is expected to have a five-year life and a $ 40,000 salvage value. Exercise 8-9A (Algo) Part c c. Prepare the journal entries to recognize depreciation for each of the five years, assuming that the company uses: (2) Double - declining - balance depreciation.
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $168,000 has an estimated useful life of 18 years, has an estimated residual value of $15,000, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? 3,024,00 x Feedback V Check My Work Book value is the initial cost of the fixed asset minus the accumulated depreciation. b. Assume that the equipment was sold on April 1 of the fifth year for $125,000. 1. Journalize the entry to record depreciation for the three months until the sale date. If an amount box does not require an entry, leave it blank. Depreciation Expense-Equipment Accumulated Depreciation-Equipment
Problem 10-54 (LO 10-2, LO 10-3) (Static) Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (ignore $179 expense and bonus depreciation for this problem): (Use MACRS Table 1. Table 2. and Table 5) Asset Machinery Computer equipment Delivery truck Furniture Total Date Placed in Service October 25 February 3 MACRS depreciation March 17 April 22 Original Basis "The delivery truck is not a luxury automobile. In addition to these assets, Convers installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost of $300,000. $ 70,000 10,000 23,000 150,000 $ 253,000 Problem 10-54 Part a (Static) a. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect 5179 expense and elects out of bonus depreciation? 31,000
m/ilrn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSession Locator-assign... eBook Show Me How A ✩ Comparing three depreciation methods Dexter Industries purchased packaging equipment on January 8 for $112,500. The equipment was expected to have a useful life of 3 years, or 22,500 operating hours, and a residual value of $4,500. The equipment was used for 9,000 hours during Year 1, 6,750 hours in Year 2, and 6,750 hours in Year 3. Required: 1. Determine the amount of depreciation expense for the 3 years ending December 31, by (a) the straight-line method, (b) the units-of-activity method, and (c) the double-declining-balance method. Also determine the total depreciation expense for the 3 years by each method. Do not round intermediate calculations when determining the depreciation rate. Round the final answers for each year to the nearest whole dollar. Year Year 1 Year 2 Year 3 Total Straight-Line Method Depreciation Expense Units-of-Activity Method 2. What…
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $139,100 has an estimated useful life of 16 years, has an estimated residual value of $8,700, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? %$4 Feedback b. Assume that the equipment was sold on April 1 of the fifth year for $98,242. 1. Journalize the entry to record depreciation for the three months until the sale date. If an amount box does not require an entrY, leave it blank. Round your answers to the nearest whole dollar if required. Depreciation Expense-Equipment Accumulated Depreciation-Equipmentv Feedback 2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank, Do not round intermediate calculations. Cash Accumulated Depreciation-Equipment V Loss on Sale of Equipment y 00 00 000 %24
LL Capital Expenditure and Depreciation Willow Creek Company purchased and installed carpet in its new general offices on April 30 for a total cost of $18,000. The carpet is estimated to have a 15-year useful life and no residual value. a. Prepare the journal entry necessary for recording the purchase of the new carpet. If an amount box does not require an entry, leave it blank. Apr. 30 b. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that Willow Creek uses the straight-line method. Do not round intermediate calculations. If an amount box does not require an entry, leave it blank. Dec. 31 eck My Work Previous Next > All work saved. Save and Exit Submit Assignment for Grading
Change in Estimate Assume that Bloomer Company purchased a new machine on January 1, 2016, for $80,000. The machine has an estimated useful life of nine years and a residual value of $8,000. Bloomer has chosen to use the straight-line method of depreciation. On January 1, 2018, Bloomer discovered that the machine would not be useful beyond December 31, 2021, and estimated its value at that time to be $2,000. Required Calculate the depreciation expense, accumulated depreciation, and book value of the asset for each year 2016 to 2021. Was the depreciation recorded wrong in 2016 and 2017? If so, why was it not corrected?