John Deere purchased equipment for $60,000 on Jan. 1, 2021. The equipment is expected to have a five year life, with a residual life of $5,000 at the end of five years. Using the double declining balance method, the book value at December 31, 2022 would be

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Kansas Enterprises purchased equipment for $74,500 on January 1, 2021. The equipment is expected to have a ten-year service life, with residual value of $6,750 at the end of ten years. Using the straight-line method, depreciation expense for 2022 and the book value at December 31, 2022, would be: Multiple Choice $6,775 and $60,950. $7450 and $52,850. $6,775 and $54,200. $7.450 and $59,600.

On January 1, 2020, QuickAir Transportation Company purchased a used aircraft at a cost of $64,400,000. QuickAir expects the plane to remain useful for five years (7,000,000 miles) and to have a residual value of $6,400,000. QuickAir expects to fly the plane 925,000 miles the first year, 1,225,000 miles each year during the second, third, and fourth years, and 2,400,000 miles the last year. Read the requirements. 1. Compute QuickAir's depreciation for the first two years on the plane using the straight-line method, the units-of-production method, and the double-declining balance method. a. Straight-line method Using the straight-line method, depreciation is for 2020 and for 2021.

On January 1, 2020, Bing Company acquired equipment on credit. The terms were $8,000 cash down payment plus payments of $6,000 on January 1 for each of the next four years. The implicit interest rate was 6%. The equipment’s list price was $30,000. Additional costs of $2,000 were incurred   to install the equipment. Determine the value at which Ling should report the acquired asset. Show your calculations. For any measurement involving present value concepts, provide your calculations.

how much is the depreciation expense for 2025 using the double declining balance depreciation method?

On January 1, 2018, Spring Co. purchased a land for $12,000,000. Thecompany expected to extract 2,000,000 tons of mine from this land overthe next 20 years at which time, the residual value of the asset shall bezero. During 2018 and 2019 operations, 60,000 tons were mined each yearand sold for P80 per ton. The estimate of the remaining lifetime capacityof the mine was raised to 2,400,000 tons at the start of 2020 and theresidual value was to be $960,000. How much should be recognized asdepletion in 2020 if the total production for 2020 is 100,000 tons?

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Cutter Enterprises purchased equipment for $66,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $8,100. Using the double-declining-balance method, depreciation for 2022 would be: Multiple Choice $26,400. $13,896. $15,840 None of these answer choices are correct.

Cutter Enterprises purchased equipment for $99,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $3,900. Using the double-declining-balance method, depreciation for 2021 and the book value at December 31, 2021, would be: