har.5 In recent years, kingbird Company has purchased three machines. Because of frequent employee turnover in the accountingdepartment, a different accountant was in charge of selecting the depreciation method for each machine, and various methods havebeen used. Information concerning the machines is summarized in the table below.Machine123AcquiredJan. 1, 20201July 1, 2021Nov. 1, 2021(a1)SalvageValueCost$ 95,000 $ 15,00087,00011,5009,000141,000Depreciable costUseful Life"(in years)856For the declining-balance method, Kingbird Company uses the double-declining rate. For the units-of-activity method, total machinehours are expected to be 44,000. Actual hours of use irfthe first 3 years were 2021, 600; 2022, 4,800; and 2023, 7,900.DepreciationMethodStraight-lineDeclining-balanceUnits-of-activityFor Bus #3, calculate depreciable cost per mile under units-of-activity method.per mile

Name: har.5 In recent years, kingbird Company has purchased three machines.
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: har.5 In recent years, kingbird Company has purchased three machines. Because of frequent employee turnover in the accountingdepartment, a different accountant was in charge of selecting the depreciation method for each machine, and various methods h

Depreciation expense :— It is the allocation of depreciable cost of asset over the estimated useful…

Business

Accounting

In recent years, Kingbird Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine 1 2 3 Acquired Jan. 1,2020 July 1, 2021 Nov. 1, 2021 (a1) Cost $ 95,000 87,000 Depreciable cost 141,000 $ Salvage Value $ 15,000 11,500 9,000 Useful Life - (in years) 8 5 6 For the declining-balance method, Kingbird Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 44,000. Actual hours of use irfthe first 3 years were 2021, 600: 2022,4,800; and 2023,7,900. Depreciation Method For Bus #3, calculate depreciable cost per mile under units-of-activity method. Straight-line Declining-balance Units-of-activity per mile

In recent years, Kingbird Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine 1 2 3 Acquired Jan. 1,2020 July 1, 2021 Nov. 1, 2021 (a1) Cost $ 95,000 87,000 Depreciable cost 141,000 $ Salvage Value $ 15,000 11,500 9,000 Useful Life - (in years) 8 5 6 For the declining-balance method, Kingbird Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 44,000. Actual hours of use irfthe first 3 years were 2021, 600: 2022,4,800; and 2023,7,900. Depreciation Method For Bus #3, calculate depreciable cost per mile under units-of-activity method. Straight-line Declining-balance Units-of-activity per mile

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 3MCQ: When depreciation is recorded each period, what account is debited? a. Depreciation Expense b. Cash...

See similar textbooks

Similar questions

In recent years, Larkspur Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine Acquired Cost Salvage Value Useful Life (years) Depreciation Method 1 1/1/2020 $ 99,800 $ 13,000 8 Straight-line 2 7/1/2021 92,000 11,000 5 Declining-balance 3 11/1/2021 104,000 8,000 6 Units-of-activity For the declining-balance method, Larkspur Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 32,000. Actual hours of use in the first 3 years were 2021, 600; 2022, 4,700; and 2023, 6,700. For Bus #3, calculate depreciable cost per mile under units-of-activity method.
In recent years, Larkspur Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine Acquired Cost Salvage Value Useful Life (years) Depreciation Method 1 1/1/2020 $ 99,800 $ 13,000 8 Straight-line 2 7/1/2021 92,000 11,000 5 Declining-balance 3 11/1/2021 104,000 8,000 6 Units-of-activity For the declining-balance method, Larkspur Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 32,000. Actual hours of use in the first 3 years were 2021, 600; 2022, 4,700; and 2023, 6,700. Compute the amount of accumulated depreciation on each machine at December 31, 2023.
In recent years, Larkspur Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine Acquired Cost Salvage Value Useful Life (years) Depreciation Method 1 1/1/2020 $ 99,800 $ 13,000 8 Straight-line 2 7/1/2021 92,000 11,000 5 Declining-balance 3 11/1/2021 104,000 8,000 6 Units-of-activity For the declining-balance method, Larkspur Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 32,000. Actual hours of use in the first 3 years were 2021, 600; 2022, 4,700; and 2023, 6,700. If machine 2 was purchased on 4/1/2021 instead of 7/1/2021, what would be the depreciation expense for this machine in 2021 and in 2022?
Based on the information bellow can someone please help finish the problem in this study guide In recent years, Splish Brothers Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine Acquired Cost SalvageValue Useful Life(in years) Depreciation Method 1 Jan. 1, 2020 $ 99,100 $ 12,500 8 Straight-line 2 July 1, 2021 91,500 11,000 5 Declining-balance 3 Nov. 1, 2021 101,500 7,500 6 Units-of-activity For the declining-balance method, Splish Brothers Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 47,000. Actual hours of use in the first 3 years were 2021, 900; 2022, 4,000; and 2023, 8,200.…
Please see below. I need help with this problem. In recent years, Crane Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine Acquired Cost SalvageValue Useful Life(in years) DepreciationMethod 1 Jan. 1, 2015 $121,500 $11,500 10 Straight-line 2 July 1, 2016 71,000 12,000 5 Declining-balance 3 Nov. 1, 2016 68,100 8,100 6 Units-of-activity For the declining-balance method, Crane Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 30,000. Actual hours of use in the first 3 years were: 2016, 710; 2017, 5,900; and 2018, 7,300. Compute the amount of accumulated depreciation on each machine at…
In recent years, Cullumber Corporation has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine 1 2 (a) 3 Acquired Jan. 1, 2025 July 1, 2026 Nov. 1, 2026 ulation eciation ate % % % Cost $89,900 92,500 65,960 For the diminishing-balance method, Cullumber Corporation uses double the straight-line rate. For the units-of-production method, total machine hours are expected to be 23,780. Actual hours of use in the first 3 years were: 2026, 380, 2027, 4,230; and 2028, 4,830. % % Prepare separate depreciation schedules for each machine. Prepare the schedule for all years, information permitting. (Round depreciation per unit to 2 decimal places, eg. 5.20 and answers to the nearest whole dollar, e.g. 5,275. Do not leave any answer field blank. Enter O…
In recent years, Darnell Company purchased three machines. Because of heavy turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and each selected a different method. Infor- mation concerning the machines is summarized below. Machine Acquired 1 1/1/12 1/1/13 11/1/15 Salvage Useful Life Value in Years Cost $105,000 $5,000 180,000 10,000 125,000 15,000 10 8 6 Depreciation Method Straight-line Declining-balance Units-of-activity For the declining-balance method, the company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 25,000. Actual hours of use in the first 3 years were 2015, 2,000; 2016, 4,500; and 2017, 5,500. Instructions (a) Compute the amount of accumulated depreciation on each machine at December 31, 2015. (b) If Machine 2 had been purchased on May 1 instead of January 1, what would be the depreciation expense for this machine in (1) 2013 and (2)…
In recent years, Blossom Corporation has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine Acquired Cost ResidualValue Useful Life(in years) Depreciation Method 1 Jan. 1, 2022 $101,200 $11,600 5 Straight-line 2 July 1, 2023 81,250 9,520 5 Diminishing-balance 3 Nov. 1, 2023 66,430 6,550 6 Units-of-production For the diminishing-balance method, Blossom Corporation uses double the straight-line rate. For the units-of-production method, total machine hours are expected to be 24,950. Actual hours of use in the first 3 years were: 2023, 420; 2024, 4,440; and 2025, 5,500.
Skysong Industries presents you with the following information. Complete the table for the year ended December 31, 2027. The company depreciates all assets using the half-year convention. (Round answers to O decimal places, e.g. 45,892.) Description Machine A Machine B Machine C Machine D Date Purchased 2/12/25 8/15/24 7/21/23 Cost $151,050 80,000 232,140 (c) Salvage Value $16,960 22,260 23,500 73,140 Life in Years. 10 5 00 8 5 Depreciation Method SL DDB SYD (a) f D
Pete's Propellers Company showed the following information in its Property, Plant, and Equipment Subledger regarding Machine #5027. Machine #5027 Component Single metal housing Motor Blade View transaction list < *SL = Straight-line; DDB = Double-declining-balance On January 7, 2023, the machine blade cracked and it was replaced with a new one costing $14,000 purchased for cash (the old blade was scrapped). The new blade had an estimated residual value of $2,000 and an estimated life of five years and would continue to be depreciated using the straight-line method. During 2023, it was determined that the useful life on the metal housing should be increased to a total of 18 years instead of 15 years and that the residual value should be increased to $10,400. Required: 1. Prepare the entry to record the purchase of the replacement blade. Journal entry worksheet 1 Date of Depreciation purchase Method* SL DDB SL Jan. 12/21 Jan. 12/21 Jan. 12/21 2 Record replacement/sale of old blade.…
Help Save Required information Enter your search term E8-4 (Algo) Determining Financial Statement Effects of an Asset Acquisition and Depreciation (Straight- Line Depreciation) LO8-2, 8-3 [The following information applies to the questions displayed below.] During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $23,000. On the date of delivery, January 2, the company paid $6,000 on the machine, with the balance on credit at 9 percent interest due in six months. On January 3, it paid $600 for freight on the machine. On January 5, Ashkar paid installation costs relating to the machine amounting to $2,800. On July 1, the company paid the balance due on the machine plus the interest. On December 31 (the end of the accounting period), Ashkar recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $4,200. E8-4 Part 2 2. Compute the acquisition cost of the machine. Acquisition…
During the current year, Rayon Corporation disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Asset Machine A Machine B Original. Cost $56,000 15,200 The machines were disposed of in the following ways: View transaction list N a. Machine A: Sold on January 2, for $34,500 cash. b. Machine B: On January 2, this machine was scrapped with zero proceeds (and zero cost of removal). No 1 Required: 1.82. Prepare the journal entries related to the disposal of Machine A and Machine B on January 2 of the current year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 2 3 4 Residual Value. $10,500 2,400 Date January 02 Estimated Life View Journal entry worksheet January 02 January 02 January 02 7 years 5 years. No Journal Entry Required Accumulated Depreciation (straight-line). $26,000 (4 years) 7,680 (3 years) General Journal Cash Accumulated Depreciation-Equipment Gain on…