Express Co purchased equipment on March 1, 2019, for $95.000 on account. The equipment had an estimated uneful e of five years with a residual value of $5.000. The equipment is disposed of on Febrary 1.2022 Express Co. uses the diminishing balance method of depreciation with a 20% rate and calculates depreciation for partial periods to the nearest month The company has an Aupunt 31 year end Your answer is correct Record the acquisition of the equipment on March 1. 2019. (Credit account titles are automatically indented when the amount is entered. De not indent manually. If no entry is required, select "Ne Entry for the account titles and enter Ofor the amounts Debit Credit Date Account Titles and Explanation 9000 Mar 1 fooment

On April 1, 2020, Saiqa Qureshi Industries purchased new equipment at cost of Rs. 325,000. Useful life of the equipment was estimated at 5 years, with residual value of Rs. 25,000. Required: Compute the annual depreciation expense for each year under each depreciation method listed below using half year convention method: i. Straight- line method (Using half year convention). ii. 150% declining-balance method (Using full year convention). iii. 200% declining balance method (Using half year convention method switching to straight line).

Peanut Company purchased a machine on January 1, 2019, for $100,000 with a $20,000 salvage value and an eight-year useful life. The company uses double-declining-balance depreciation. Required:Compute the depreciation expense for 2019 and 2020. Year DepreciationExpense 2019 $fill in the blank 1 2020 $fill in the blank 2

7. For AP Company, the following transactions occurred: a. On January 1 of 2018, the company paid $20,000 for the purchase of equipment. This equipment had no estimated residual value and was depreciated at a straight-line rate of 20%. The expected useful life is 5 years. b. After the December 31, 2019, adjusting entry, Accumulated Depreciation Equipment has a $8,000 balance. c. On March 31, 2020, the asset is removed from service and discarded. Based on this information, please record these transactions in the journal.

Jaen Advertising Inc. reported the following on its December 31, 2020, balance sheet: Equipment, P500,000 Accumulated depreciation-equipment, P135,000 In a footnote, Jaen indicates that it uses straight-line depreciation over 10 years and estimates salvage value as 10% of cost. What is the average age of the equipment owned by Jaen? O 7.3 years ОТ years О 2.7 years З years

An entity purchased equipment on January 1, 2020 for P8,000,000. The equipment had a useful life of 5 years and residual value of P600,000. The policy is to depreciate 5-year assets using the 200% double declining method for the first 2 years and then switch to straight line. What amount should be reported as accumulated depreciation on December 31, 2022?

The Canliss Milling Company purchased machinery on January 2, 2019, for $800,000. A five-year life was estimated and no residual value was anticipated. Canliss decided to use the straight-line depreciation method and recorded $160,000 in depreciation in 2019 and 2020. Early in 2021, the company changed its depreciation method to the sum-of-the-years’-digits (SYD) method. Required:2. Prepare any 2021 journal entry related to the change. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Record the adjusting entry for depreciation in 2021.

Khareef Salalah Company purchased an equipment for RO 420,000 on June 1, 2019. It is estimated to have a 4-year useful life and RO 15,000 residual value. Using the declining balance method of depreciation, the ending balance of accumulated depreciation at December 31, 2020 is: a. None of the options are correct O b. RO 271,500 O c. RO 86,250 O d. RO 271,250 O e. RO 155,000 NEXT PAGE edu.om/mod/quiz/attempt.php?attempt=1992852&cmid%3D903835# B. pe here to search tby vs 10 S acer

Cutter Enterprises purchased equipment for $72,000 on January 1, 2018. The equipment is expected to have a five-year life and a residual value of $6,000. Using the double-declining balance method, depreciation for 2018 and the book value at December 31, 2018, would be: O 26.400 and $36,600 respectively O $26.400 and $45.600 respectively O $28.800 and $37,200 respectively O $28.B00 and $43.200 respectively

On July 1, 2023, Yorkton Company purchased for $431,000 equipment having an estimated useful life of ten years with an estimated residual value of $33,000. Depreciation is calculated to the nearest month. The company has a December 31 year-end. Required: Complete the following schedules: (Amount to be deducted should be indicated by a minus sign.) 1. Assuming the purchase was made on January 1, 2023. 1. Double-declining-balance method: Equipment Less: Accumulated depreciation Year-end book value Depreciation expanse for the year 2. Straight-line method: Equipment Less: Accumulated depreciation Year-end book value Depreciation expense for the year $ $ $ $ $ $ 2023 431,000 $ 431,000 $ 86,200 $ 431,000 $ 431,000 $ 39,800 $ 2024 431,000 $ 431,000 431,000 $ 68,960 S 431,000 $ 2025 431,000 $ 39,800 $ 431,000 55,168 431,000 ww 431,000 39,800 Check my work