Jon Bonjovi Guitar Corp. purchased machinery on May 1, 2020. The following are provided concerning the machinery.     Machinery cost      $ 315,000         Estimated salvage value         15,000         Estimated useful life                10 years     Estimated production        240,000 units       Estimated working hours         25,000 hours     Actual hours used in 2021           2,650 hours     Actual units produced in 2021       25,500 units                   Instructions:             From the information given, compute the depreciation charge for 2021 under each of the following methods. (Round to the nearest dollar.)Please show all steps (e) Declining-balance (use 20% as the annual rate).                    $

Concord Corporation purchased a delivery truck for $36,800 on January 1, 2020. The truck has an expected salvage value of $1,800, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 13,500 in 2020 and 13,000 in 2021.     Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Depreciation expense   $enter Depreciation expense per mile rounded to 2 decimal paces   per mile

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Funseth Farms Inc. purchased a tractor in 2018 at a cost of $34,800. The tractor was sold for $3,400 in 2021. Depreciation recorded through the disposal date totaled $30,000. (1) Prepare the journal entry to record the sale. (2) Now assume the tractor was sold for $11,200; prepare the journal entry to record the sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the sale of the tractor for $3,400. Note: Enter debits before credits. Event 1 Record entry General Journal Clear entry Debit Credit View general journal >

What are the answers to Required 1 (the depreciation expenses for 2021), Required 2 (the two journal entries), and Required 3 (the depreciation expenses for 2022)?

On September 19, 2020, Sunland Company purchased machinery for $478000. Salvage value was estimated to be $24000. The machinery will be depreciated over eight years using the sum-of-the-years'-digits method. If depreciation is computed on the basis of the nearest full month, Sunland should record depreciation expense for 2021 on this machinery of O $75667. O $102903. O $97736. O $97972.

On January 1, 2021, Truesdale, Incorporated, purchased a piece of machinery for use in operations. The total acquisition cost was $33,000. The machine has an estimated useful life of 3 years and a salvage value of $3,000. Using the double-declining balance method, depreciation for 2023 is approximately $3,667 $2,445 $3,000 $667

On March 31, 2021, Company A purchased a manufacturing facility along with vehicles and other equipment. The distribution of the total purchase price of $1,500,000 to the various types of assets, along with the estimated useful lives and residual values is as follows: The purchase on March 31, 2021 included equipment at the purchase cost of $150,000. The company sold equipment for $120,000 on June 29, 2022. Company A uses the following depreciation methods: straight-line depreciation method for buildings and equipment double-declining-balance method for vehicles Company A calculates partial-year depreciation based on the number of months an asset is in service. Company A Asset & Cost Land $150,000 Building $750,000 Equipment $360,000 Vehicles $240,000 Total $1,500,000 On June 29, 2022, equipment inculded in the March 31, 2021, purchase that cost $150,000 and was sold for $120,000. Company A uses the straight line depreciation method for buildings and equipment and the…

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