Jill's 2023 balance sheet showed net fixed assets of $2.4 million, while its 2020 balance sheet showed net fixed assets of $2.3 million. Its 2023 income statement reported a depreciation expense of $240,000. How much did Jill spend to acquire new fixed assets during 2023?

You invest $7,500,000 in a commercial building that you place into service on 2/1/2023. How much can you deduct in depreciation for 2023? And for 2024?

In 2023 , Kahlon Company sold equipment for $ 15,000 . The equipment originally cost Kahlon $30,000 in 2019 , and accumulated depreciation when Kahlon sold the equipment was $ 18,000 . The gain on the sale-\$3.000-wa included in Kahlon's 2023 income statement . The sale of the equipment would affect Kahlon's statement of cash flows as follows :   The $15,000 would be reported as a positive cash flow in the Financing Activities section . The $ 3,000 gain would be deducted from net income in the Operating Activities section . All of the choices listed above are correct . None of the listed choices are correct . The $18,000 accumulated depreciation would be added to net income in the Operating Activities section .

On July 1, 2020, Flint Company purchased for $3,960,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $165,000. Depreciation is taken for the portion of the year the asset is used.

Oxtongue Limited paid $135,000 to purchase equipment at the beginning of 2020. Oxtongue Limited estimated the useful life of the equipment to be 4 years or 200,000 units. The equipment will be considered fully amortized when the balance in the Accumulated Depreciation account reaches $ 120,000. The equipment produced 52,000 units in 2023. Required Determine the estimated residual value of the equipment. What is the depreciablecost of the equipment? 3. Calculate the depreciation expense for 2023 under each of the following methods: a. straight-line b. units-of-production c. double- diminishing-balance

Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the purchase of the printer impacts not only depreciation expense each year but also the assets book value. What amount will be recorded as depreciation expense each year, and what will the book value be at the end of each year after depreciation is recorded?

Gray Companys financial statements showed income before income taxes of 4,030,000 for the year ended December 31, 2020, and 3,330,000 for the year ended December 31, 2019. Additional information is as follows: Capital expenditures were 2,800,000 in 2020 and 4,000,000 in 2019. Included in the 2020 capital expenditures is equipment purchased for 1,000,000 on January 1, 2020, with no salvage value. Gray used straight-line depreciation based on a 10-year estimated life in its financial statements. As a result of additional information now available, it is estimated that this equipment should have only an 8-year life. Gray made an error in its financial statements that should be regarded as material. A payment of 180,000 was made in January 2020 and charged to expense in 2020 for insurance premiums applicable to policies commencing and expiring in 2019. No liability had been recorded for this item at December 31, 2019. The allowance for doubtful accounts reflected in Grays financial statements was 7,000 at December 31, 2020, and 97,000 at December 31, 2019. During 2020, 90,000 of uncollectible receivables were written off against the allowance for doubtful accounts. In 2019, the provision for doubtful accounts was based on a percentage of net sales. The 2020 provision has not yet been recorded. Net sales were 58,500,000 for the year ended December 31, 2020, and 49,230,000 for the year ended December 31, 2019. Based on the latest available facts, the 2020 provision for doubtful accounts is estimated to be 0.2% of net sales. A review of the estimated warranty liability at December 31, 2020, which is included in other liabilities in Grays financial statements, has disclosed that this estimated liability should be increased 170,000. Gray has two large blast furnaces that it uses in its manufacturing process. These furnaces must be periodically relined. Furnace A was relined in January 2014 at a cost of 230,000 and in January 2019 at a cost of 280,000. Furnace B was relined for the first time in January 2020 at a cost of 300,000. In Grays financial statements, these costs were expensed as incurred. Since a relining will last for 5 years, Grays management feels it would be preferable to capitalize and depreciate the cost of the relining over the productive life of the relining. Gray has decided to nuke a change in accounting principle from expensing relining costs as incurred to capitalizing them and depreciating them over their productive life on a straight-line basis with a full years depreciation in the year of relining. This change meets the requirements for a change in accounting principle under GAAP. Required: 1. For the years ended December 31, 2020 and 2019, prepare a worksheet reconciling income before income taxes as given previously with income before income taxes as adjusted for the preceding additional information. Show supporting computations in good form. Ignore income taxes and deferred tax considerations in your answer. The worksheet should have the following format: 2. As of January 1, 2020, compute the retrospective adjustment of retained earnings for the change in accounting principle from expensing to capitalizing relining costs. Ignore income taxes and deferred tax considerations in your answer.

Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense for 2019 if the units-of-production method were used ( Note: Round your answer to the nearest dollar)? a. $179,400 b. $184,000 c. $218,400 d. $224,000

Please help me find the amount on 2019 and 2020

Ranjit Inc. purchases equipment on January 1, 2025 at a cost of $500,000. The equipment has an expected useful life of 10 years and an estimated salvage value of $50,000. The depreciation expense for 2026 using the straight-line depreciation method is [Select] The depreciation expense for 2026 using the sum of the years' digits depreciation method is [Select] The depreciation expense for 2026 using the double-declining depreciation method is [Select]