Irons Delivery Inc. purchased a new delivery truck for $45,000 on January 1, 2013. The truck is expected to have a $3,000 residual value at the end of its 5-year useful life. Irons uses the straight-line method of depreciation. Required:     Hide     Prepare the journal entry to record depreciation expense for 2013 and 2014.             2013 Dec. 31                 (Record straight-line depreciation expense)             2014 Dec. 31                 (Record straight-line depreciation expense)

Workman Company purchased a machine on January 2,2017, for $800,000. The machine has an estimated usefullife of 5 years and a salvage value of $100,000. Depreciationwas computed by the 150% declining-balance method. What is the amount of accumulated depreciation at the end of December 31, 2018?

Yoshi Company completed the following transactions and events involving its delivery trucks.  2016 Jan.   1   Paid $20,515 cash plus $1,485 in sales tax for a new delivery truck estimated to have a five-year life and a $2,000 salvage value. Delivery truck costs are recorded in the Trucks account. Dec.   31   Recorded annual straight-line depreciation on the truck.   2017 Dec.   31   Due to new information obtained earlier in the year, the truck’s estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,400. Recorded annual straight-line depreciation on the truck.  2018 Dec.   31   Recorded annual straight-line depreciation on the truck. Dec.   31   Sold the truck for $5,300 cash.   Required: 1-a. Calculate depreciation for year 2017.1-b. Calculate book value and gain (loss) for sale of Truck on December, 2018.1-c. Prepare journal entries to record these transactions and events.

Wildhorse Company purchaseda hot tub for $ 11,790 on January 1, 2016. Straight-line depreciation is used, based on a 6-year life and a $ 1,890 salvage value. In 2018, the estimates are revised. Wildhorse now feels the hot tub will be used until December 31, 2020, when it can be sold for $ 885. Compute the 2018 depreciation. Depreciation expense, 2018 %24

devrat

On January 1, 2018, a company purchased a delivery truck for $45,000 cash. The truck had an estimated useful life of  seven years and an estimated salvage value of $3,000. The straight-line method of depreciation was used.   The annual depreciation recorded each year (2018-2021) was $6,000 [(45,000 - 3,000) = 42,000/7].                Prepare the journal entries to record depreciation expense and the disposition of the truck on September 1, 2022,  under the following assumption:                   The truck and $45,000 cash were given in exchange for a new delivery truck that had a cash price of $60,000.    This transaction has commercial substance.                    GENERAL JOURNAL             Date Account Titles and Explanation PR Debit Credit Sept. 1 2022                         Record depreciation for 2022.  Show calculation below.                                           Sept. 1 2022…

Irons Delivery Inc. purchased a new delivery truck for $45,000 on January 1, 2013. The truck is expected to have a $3,000 residual value at the end of its 5-year useful life. Irons uses the units-of-production method of depreciation. Irons expects the truck to run for 160,000 miles. The actual miles driven in 2013 and 2014 were 40,000 and 36,000, respectively. Required:   Hide     Prepare the journal entry to record depreciation expense for 2013 and 2014.             2013 Dec. 31                 (Record units-of-production depreciation expense)             2014 Dec. 31                 (Record units-of-production depreciation expense)

SEAT Inc. acquired the following assets in January of 2015.        Equipment, estimated service life, 5 years; salvage value, $16,200                   $503,700        Building, estimated service life, 30 years; no salvage value                               $648,000 The equipment has been depreciated using the sum-of-the-years’-digits method for the first 3 years for financial reporting purposes. In 2018, the company decided to change the method of computing depreciation to the straight-line method for the equipment, but no change was made in the estimated service life or salvage value. It was also decided to change the total estimated service life of the building from 30 years to 40 years, with no change in the estimated salvage value. The building is depreciated on the straight-line method.        (a) Prepare the journal entry to record depreciation expense for the equipment in 2018.        (b) Prepare the journal entry to record depreciation expense for the building in 2018.

Bradley Company purchased a machine for $34,000 on January 1, 2017. It depreciates the machine using the straight-line method over a useful life of eight years and a $2,000 residual value. On January 1, 2019, Bradley revised its estimate of residual value to $1,000 and shortened the machine's useful life to four more years. Depreciation expense for 2019 is:

On September 30​, 2017​, Foley Distribution Service purchased a copy machine for $36,800. Foley Distribution Service expects the machine to last for four years and to have a residual value of $2,000. Compute depreciation expense on the machine for the year ended December​ 31, 2017​, using the​ straight-line method.