Keller Industries uses the straight-line depreciation method. One asset had been purchased for $6,000. Annual depreciation expense was $600. after considering residual value of $1,000. What was the approximate life of the asset? a. 5.0 years b. 8.3 years c. 9.5 years d. 10.2 years

The total depreciation of an equipment after its 22 years of useful life is P621,765. Using the Straight-Line method of depreciation, determine the following: A. Total depreciation after 9 years B. First cost if the salvage value is 10% of the first cost

A plant asset was purchased on January 1 for $59000 with an estimated salvage value of $9000 at the end of its useful life. The current year's Depreciation Expense is $5000 calculated on the straight-line basis and the balance of the Accumulated Depreciation account at the end of the year is $30000. The remaining useful life of the plant asset is O 10.0 years. O 11.8 years. ○ 4.0 years. O 6.0 years.

An asset was originally purchased by the Sampson Corp. for $260,000. The depreciable base was determined to be $209,000, with an eight-year useful life. Given this information, the salvage value of this asset is a.) $51,000. b.) $58,625. c.) $26,125. d.) $35,000.

Subject :- Accounting  Assume an asset with an original cost of $40,000, $6,000 salvage value, is depreciated using straight-line depreciation over 5 years. After year 2, the salvage value was modified to a $2,000 salvage value, with 5 years of depreciation remaining. What is the new yearly depreciation?

Mango Company purchased equipment for $100,000 and assigned it an estimated salvage value of $10,000 and a useful life of 10 years. After two years of using the double-declining balance method for depreciation, the company decided to switch to the straight-line method. The company also revised the equipment's remaining useful life to 6 years. What is the depreciation expense for the equipment for the third year? Answer a. $12,000 b. $9,000 c. $11,500 d. $13,500

What is the solution and/or answer to this problem? Depreciation by Three Methods; Partial Years Perdue Company purchased equipment on April 1 for $52,650. The equipment was expected to have a useful life of three years, or 3,780 operating hours, and a residual value of $1,620. The equipment was used for 700 hours during Year 1, 1,300 hours in Year 2, 1,100 hours in Year 3, and 680 hours in Year 4. Required: Determine the amount of depreciation expense for the years ended December 31, Year 1, Year 2, Year 3, and Year 4, by (a) the straight-line method, (b) units-of-activity method, and (c) the double-declining-balance method. Note: FOR DECLINING BALANCE ONLY, round the multiplier to four decimal places. Then round the answer for each year to the nearest whole dollar. a.  Straight-line method Year Amount Year 1 $fill in the blank 1 Year 2 $fill in the blank 2 Year 3 $fill in the blank 3 Year 4 $fill in the blank 4 b.  Units-of-activity method Year Amount Year 1 $fill…

A truck acquired at a cost of $195,000 has an estimated residual value of $9,000, has an estimated useful life of 62,000 miles, and was driven 6,200 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. (a) The Depreciable Cost $fill in the blank 1   (b) The Depreciation Rate $fill in the blank 2 per mile (c) The Units-of-activity Depreciation for the Year $fill in the blank 3

A plant asset was purchased on January 1 for $120000 with an estimated salvage value of $10000 at the end of its useful life. The current year's Depreciation Expense is $10000 calculated on the straight-line basis and the balance of the Accumulated Depreciation account at the end of the year is $60000. The remaining useful life of the plant asset is 5 years. O. 11 years. O 12 years. O 7 years.

A machine was purchased for $72,000, has a 10-year useful life, and a $4,000 salvage value. What is its depreciation expense in year 2 using the sum of the years' digits method (rounded to the nearest dollar)? Select one: O a. 12,364 O b. 11,782 c. 13,091 d. 11,127 O