← Gulfcoast, Inc. purchased a van on January 1, 2019, for $830,000. Estimated life of the van was five years, and its estimated residual value was $94,000. Gulfcoast uses the straight-line method of depreciation. Calculate the book value of the van at the end of 2019. OA. $778,125 B. $682,800 C. $674,375 OD. $736,000

On Jan 1, 2019, Tuesday company purchased a delivery vehicle costing $40,000. The vehicle has an estimated 9 year life and $4,000 residual value. What is vehicle's accumulated depreciation as of December 31, 2020? Assuming they use straight line depreciation method. Do not put any decimal places.

Oman Cables Co. Purchased a machine for OR45,000 on January 1, 2020. The machine is expected to have a four - year life, with a residual value of OR5,000 at the end of four years. Using the sum - of - the years' - digits method, depreciation for 2021 would be Select one:  a. 16,000  b. 12,000 C. 13,500 O d. none of the above is correct

Swann Company sold a delivery truck on April 1, 2019. Swann had acquired the truck on January 1, 2015, for $42,000. At acquisition, Swann had estimated that the truck would have an estimated life of 5 years and a residual value of $5,000. Swann uses the straight-line method of depreciation. At December 31, 2018, the truck had a book value of $12,400. Required: 1. Prepare any necessary journal entries to record the sale of the truck, assuming it sold for: a.  $12,000 b.  $9,000 2. How should the gain or loss on disposal be reported on the income statement? 3. Assume that Swann uses IFRS and sold the truck for $12,000. In addition, Swann had previously recorded a revaluation surplus related to this machine of $4,000. What journal entries are required to record the sale?

The Vermont Construction Company purchased a hauling truck on January 1 of 2019, at a cost of $35,000. The truck has a useful life of eight years with an estimated salvage value of $6,000. Determine the book depreciation amount to be taken over the useful of the truck using straight-line method and double declining balance methods.

Equipment was purchased for $83700 on January 1, 2021. Freight charges amounted to $4000 and there was a cost of $12000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $16000 salvage value at the end of its 5-year useful life. What is the amount of accumulated depreciation at December 31, 2022 if the straight-line method of depreciation is used? O $16740. $13540. $28140. $33480.

Can you also show me how to do this one? 12. XYZ Co. purchased new trucks at the beginning of 2018 for $600,000. The trucks had an estimated life of four yearsand an estimated residual value of $50,000. They use straight-line depreciation. At the beginning of 2019, XYZ sold thetrucks for $480,000 and purchased new trucks for $700,000.A. Calculate book value of the trucks at the end of 2018.B. Calculate the gain (loss) on the sale of the trucks at the beginning of 2019. Calculate the amount and indicate if it is a gain or a loss.

Depreciation calculation methods Gandolfi Construction Co. purchased a CAT 336DL earth mover at a cost of $1,000,000 in January 2019. The company's estimated useful life of this heavy equipment is 8 years, and the estimated salvage value is $200,000. Required: a. Using straight-line depreciation, calculate the depreciation expense to be recognized for 2019, the first year of the equipment's life, and calculate the equipment's net book value at December 31, 2021, after the third year of the equipment's life. b. Using declining-balance depreciation at twice the straight-line rate, calculate the depreciation expense to be recognized for 2021, the third year of the equipment's life.

Newman Co. purchased CNC router cutting and engraving machinery at a cost of $320,000 in January 2019. The company's estimated useful life of this high tech equipment is 5 years, and the estimated salvage value is $48,000. Using the straight-line method, the net book value at December 31, 2021, after the third year of the machinery's life, would be: Multiple Choice $128,000. $163,200. $211,200. $156,800.

Swann Company sold a delivery truck on April 1, 2019. Swann had acquired the truck on January 1, 2015, for $40,500. At acquisition, Swann had estimated that the truck would have an estimated life of 5 years and a residual value of $3,000. Swann uses the straight-line method of depreciation. At December 31, 2018, the truck had a book value of $10,500. Required: 1. Prepare any necessary journal entries to record the sale of the truck, assuming it sold for: a.  $9,875 b.  $7,275 2. How should the gain or loss on disposal be reported on the income statement? 3. Assume that Swann uses IFRS and sold the truck for $9,875. In addition, Swann had previously recorded a revaluation surplus related to this machine of $5,000. What journal entries are required to record the sale?