If a fixed asset, such as a computer, were purchased on January 1 for $2,223 with an estimated life of 5 years and a salvage or residual value of $186, the journal entry for monthly expense under straight-line depreciation is a. Depreciation Expense 33.95      Accumulated Depreciation   33.95 b. Accumulated Depreciation 33.95     Depreciation Expense   33.95 c. Accumulated Depreciation 407.40     Depreciation Expense   407.40 d. Depreciation Expense 407.40     Accumulated Depreciation   407.40

A building with a cost of $843,750 has an estimated residual value of $168,750, has an estimated useful life of 27 years, and is depreciated by the straight-line method. a.  What is the amount of the annual depreciation? Do not round intermediate calculations.$fill in the blank 1 b.  What is the book value at the end of the fifteenth year of use?$fill in the blank 2 c.  If at the start of the sixteenth year it is estimated that the remaining life is 15 years and that the residual value is $33,750, what is the depreciation expense for each of the remaining 15 years?

Depreciation by two methods A storage tank acquired at the beginning of the fiscal year at a cost of $104,400 has an estimated residual value of $15,000 and an estimated useful life of 10 years. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Xx Open spreadsheet a. Determine the amount of annual depreciation by the straight-line method. Round your answer to the nearest dollar. 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. Round your answers to the nearest dollar. Year 1 Year 2 Depreciation

Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $145,100, has an estimated useful life of 15 years, has an estimated residual value of $9,800, 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? $ 9,020 X Book value is the initial cost of the fixed asset minus the accumulated depreciation. b. Assuming that the equipment was sold on April 1 of the fifth year for 100,745. 1. Journalize the entry to record depreciation for the three months until the salle date. Round your answers to the nerest whole dollar if required. The depreciation account of the fixed asset being sold or discarded needs to be updated to reflect the months of use in the year it is being discarded or sold. The straight-line method of depreciation calculates the amount of depreciation to be recognized each year. 2. Journalize the entry to record the sale of the equipment. If an amount box does not require an…

Accumulated Depreciation (Calculated formula) Determine the accumulated depreciation of year 3 for equipment with a value of 17270 and 7 years of life. The residual at the end of the equipment life will be 1583. Use a simple depreciation method.

Records show the following information for a plant asset purchased on October 1 of Year 1. Cost $ 330,000 Salvage Value $ 39,000 Purchase Date October 1 Useful Life 6 years Calculate depreciation expense for Year 1 and Year 2 for the year ended December 31. Depreciation expense for Year 1 for the year ended December 31 Depreciation Method Straight-line Depreciation expense for Year 2 for the year ended December 31

Endblast Productions showed the following selected asset balances on December 31, 2023: Land Building Accumulated depreciation, building¹ Equipment Accumulated depreciation, equipment² $476,800 606,400 425,600 211, 200 72,000 ¹Remaining estimated useful life is eight years with a residual value of $40,000; depreciated using the straight-line method to the nearest whole month. 2Total estimated useful life is 10 years with a residual value of $24,000; depreciated using the double-declining-balance method to the nearest whole month. Required: Prepare the entries for each of the following. (Round intermediate calculations to the nearest whole dollar.) 1. The land and building were sold on September 27, 2024, for $655,000 cash. View transaction list

1. BE.09.04 Revision of Depreciation Equipment with a cost of $240,000 has an estimated residual value of $18,600, has an estimated useful life of 12 years, and is depreclated by the straight-Iline method. a. Determine the amount of the annual depreciation. 24 b. Determine the book value at the end of the tenth year of use. $4 C. Assuming that at the start of the eleventh year the remaining life is estimated to be four years and the residual value is estimated to be $4,800, determine the depreciation expense for each of the remaining four years. $4

A truck acquired at a cost of $202,800 has an estimated residual value of $18,000, has an estimated useful life of 440,000 miles, and was driven 113,000 miles during the year. Determine the following. If required, round your answer for the depreciation rate to 2 decimal places. a. The depreciable cost $   b. The depreciation rate $ per mile c. The units-of-activity depreciation for the year $

Machinery was purchased on January 1 for $65,660. The machinery has an estimated life of seven years and an estimated salvage value of $9,000. Double-declining-balance depreciation for the second year (rounded to the nearest dollar) would be: Oa. $13,400 Ob. $12,900 Oc. $12,400 Od. $14,400 Previous Next 1:04 PM a $eg 12/11/2020