Kansas Enterprises purchased equipment for $77,000 on January 1, 2021. The equipment is expected to have a ten-year service life, with a residual value of $6,450 at the end of ten years. Using the double-declining balance method, depreciation expense for 2021 would be: (Do not round your intermediate calculations)

On January 1, 2021, Blizzards-R-Us purchased a snow-blowing machine for $85,000. The machine was expected to have a residual value of $5,000 at the end of its 5-year useful life. On January 1, 2023, Blizzards-R-Us concluded that the machine would have a remaining useful life of 6 years with a residual value of $800. Required: Determine the revised annual depreciation expense for 2023 using the straight-line method.

Cutter Enterprises purchased equipment for $72,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $6,000. Using the double-declining-balance method, depreciation for 2021 and the book value at December 31, 2021, would be: O $26,400 and $39,600 respectively. O $26,400 and $45,600 respectively. O $28,800 and $37,200 respectively. O $28,800 and $43,200 respectively.

Novak Company purchased a piece of equipment at the beginning of 2022. The equipment cost $402,120. It has an estimated service life of 8 years and an expected salvage value of $74,160. The sum-of-the-years-digits method of depreciation is being used. Someone has already correctly prepared a depreciation schedule for this asset. This schedule shows that $36,440 will be depreciated for a particular calendar year. Determine for what particular year the depreciation amount for this asset will be $36,440. Year of depreciation

On July 1, 2020, Concord Corporation purchased factory equipment for $28300O. Salvage value was estimated to be $7900. The equipment will be depreciated over five years using the double-declining balance method. Counting the year of acquisition as one-half year, Concord should record depreciation expense for 2021 on this equipment of O $58180. O $67920. O $90560. O $113200.

Kansas Enterprises purchased equipment for $73,000 on January 1, 2024. The equipment is expected to have a five-year life, with a residual value of $7,950 at the end of five years. Using the double-declining balance method, the book value at December 31, 2025, would be: (Do not round your intermediate calculations) Multiple Choice

On October 1, 2021, the Allegheny Corporation purchased equipment for $123,000. The estimated service life of the equipment is 10 years and the estimated residual value is $2,000. The equipment is expected to produce 220,000 units during its life.  Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service. Double-declining-balance.                                                                                    Double-Declining-Balance Method                                           Choose Numerator:    x   Choose Denominator:    x   Fraction of      = Depreciation Expense Formula                       Beginning Book Value   x Double the Straight-line Rate x Fraction of Year = Depreciation  Amount for 2021          $ _________________   x  __________________      % x _____________ =  _________ Amount for 2022          $_________________    x…

10) Hi-Crest Company purchased a machine on January 1, 2019, for $300,000. The machine has an estimated useful life of 5 years and a $10,000 residual value. Calculate depreciation expense and the year-end book value for 2019 and 2020 using the double declining-balance method of depreciation. Answer: Date 12/31/2019 12/31/2020 Depreciation Expense (for the year) Book Value (at the end of the year)

At the beginning of 2019, Robotics Inc. acquired a manufacturing facility for $13.9 million. $10.9 million of the purchase price was allocated to the building. Depreciation for 2019 and 2020 was calculated using the straight-line method, a 25-year useful life, and a $2.9 million residual value. In 2021, the estimates of useful life and residual value were changed to 20 total years and $690,000, respectively. What is depreciation on the building for 2021? (Round answer to the nearest whole dollar.) Depreciation

Kansas Enterprises purchased equipment for $72,500 on January 1, 2024. The equipment is expected to have a five-year service life, with a residual value of $6,600 at the end of five years. Using the straight-line method, depreciation expense for 2024 would be: Multiple Choice $13,180. $15,820. $29,000. $14,500.