Explore Incorporated is a new start-up specializing in renting camper vans. On January 1, Year 1, the company purchased a new camper van with a total cost of $82,000. The company estimates that the van will have a 10-year useful life and a salvage value of $10,000. The company has elected to depreciate the van using the double-declining-balance method. Required: a. Determine the amount of depreciation expense to be recognized on the van at the end of Year 1? b. Determine the amount of accumulated depreciation at the end of Year 2 a. Depreciation at the end of Year 1 b. Accumulated depreciation

Robert Parish Corporation purchased a new machine for its assembly process on August 1, 2020. The cost of this machine was $117,900. The company estimated that the machine would have a salvage value of $12,900 at the end of its service life. Its life is estimated at 5 years, and its working hours are estimated at 21,000 hours. Year-end is December 31. Instructions Compute the depreciation expense under the following methods. Each of the following should be considered unrelated. a.    Straight-line depreciation for 2020. b.    Activity method for 2020, assuming that machine usage was 800 hours. c.    Sum-of-the-years’-digits for 2021. d.    Double-declining-balance for 2021.

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Cheyenne Corp. purchased a new machine on October 1, 2022, at a cost of $131,000. The company estimated that the machine will have a salvage value of $18,500. The machine is expected to be used for 10,000 working hours during its 5-year life.   Straight-line method for depreciation expense for 2022 is 5625   My question is "Compute the depreciation expense under units-of-activity for 2022, assuming machine usage was 1,900 hours."   The answer should be a depreciation expense this is for a study guide on wiley plus

Counselors of Atlanta purchased equipment on January ​1, 2023​, for $20,000. Counselors of Atlanta expected the equipment to last for four years and have a residual value of $2,000. Suppose Counselors of Atlanta sold the equipment for $8,000 on December 31, 2025, after using the equipment for three full years. Assume depreciation for 2025 has been recorded. Journalize the sale of the​ equipment, assuming​ straight-line depreciation was used.   ​First, calculate any gain or loss on the disposal of the equipment.   Market value of assets received     Less: Book value of asset disposed of     Cost     Less: Accumulated Depreciation     Gain or (Loss)

[The following information applies to the questions displayed below.]On January 1, 2021, the Excel Delivery Company purchased a delivery van for $46,000. At the end of its five-year service life, it is estimated that the van will be worth $4,000. During the five-year period, the company expects to drive the van 165,000 miles. Required:Calculate annual depreciation for the five-year life of the van using each of the following methods.     1. Straight line. 2.Double-Declining Method 3. Units of production using miles driven as a measure of output, and the following actual mileage:

Freedom Co. purchased a new machine on July 2, 2019, at a total installed cost of $48,000. The machine has an estimated life of five years and an estimated salvage value of $6,600. Required: a. Calculate the depreciation expense for each year of the asset's life using: 1. Straight-line depreciation. 2. Double-declining-balance depreciation. b. How much depreciation expense should be recorded by Freedom Co. for its fiscal year ended December 31, 2019, under each method? (Note: The machine will have been used for one-half of its first year of life.) c. Calculate the accumulated depreciation and net book value of the machine at December 31, 2020, under each method. Complete this question by entering your answers in the tabs below. Required A1 Required A2 Required B Required C Calculate the depreciation expense for each year of the asset's life using Straight-line depreciation. Depreciation Expense Year 1 2 3 4 5

Cheadle Company purchased a fleet of 20 delivery trucks for $8,000 each on January 2, 2019. It decided to use composite depreciation on a straight-line basis and calculated the depreciation from the following schedule:                 1. Prepare the journal entries necessary to record the preceding events.        2. Assume that the company expected all the trucks to last 4 years and be retired for $1,600 each. Using group depreciation, prepare journal entries for all 6 years, assuming the company retired the trucks as shown by the latter schedule.

Colquhoun International purchases a warehouse for $301,000. The best estimate of the salvage value at the time of purchase was $16,000, and it is expected to be us for twenty-five years. Colquhoun uses the straight-line depreciation method for all warehouse buildings. After four years of recording depreciation, Colquhoun determir that the warehouse will be useful for only another fifteen years. A. Calculate annual depreciation expense for the first four years. $ 171,000 B. Determine the depreciation expense for the final fifteen years of the asset's life. 11,400 X Feedback V Check My Work When revising deprecation schedules, the book value is used as the adjusting base to apply the new changes to when determine the revised yearly depreciation amount. C. Prepare the journal entry for year five. If an amount box does not require an entry, leave it blank. Depreciation Expense 171,000 X Accumulated Depreciation-Warehouse 171,000

Bob Co purchased a building for $50,000 and began depreciating assuming a salvage value of $5,000 and useful life of 20 years. After 5 years, it was determined that the salvage value would be $10,000, but the useful life would only be for an additional 10 years. Calculate the depreciation, assuming straight line, for Year 1 and Year 6 of the building, and prepare the necessary journals.