Kubota tractor acquired on January 8 at a cost of $36,000 has an estimated useful life of 10 years. Assuming that it will have no residual value. a.  Determine the depreciation for each of the first two years by the straight-line method. First year        Second year $                     $  b. Determine the depreciation for each of the first two years by the double-declining-balance method. Do not round the double-declining balance rate. If required, round your final answers to the nearest dollar. First year      Second year $                   $

Nevertire Ltd purchased a delivery van costing $52,000. It is expected to have a residual value of$12,000 at the end of its useful life of 4 years or 200,000 kilometres. Ignore GST.Required:a) Assume the van was purchased on 1 July 2019 and that the accounting period ends on 30 June.Calculate the depreciation expense for the year 2019–20 using each of the following depreciationmethods  straight-line diminishing balance (depreciation rate has been calculated as 31%) units of production (assume the van was driven 78,000 kilometres during the financial year)b) Record the adjusting entries for the depreciation at 30 June 2021 using diminishing balancemethod. c) Show how the van would appear in the balance sheet prepared at the end of year 2 using Straightline method.

A machine with a cost of $64,800 has an estimated residual value of $4,863 and an estimated life of 5 years or 18,281 hours. What is the amount of depreciation for the second full year, using the double-declining-balance method? a. $12,960.00 b. $23,974.80 c. $15,552.00 d. $25,920.00

Prepare the depreciation schedule, using the declining-balance method (twice the straight-line rate). Note: Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required. Chevrolet Colorado Residual value Estimated life End of year 1 End of year 2 End of year 3 End of year 4 Cost of Chevy truck $ 27,000 $ 5,400 5 years Accumulated depreciation at beginning of year Book value at beginning of year Depreciation for expense year Accumulated depreciation at end of year Book value at end of year

Nevertire Ltd purchased a delivery van costing $52,000. It is expected to have a residual value of $12,000 at the end of its useful life of 4 years or 200,000 kilometres. Ignore GST.   Required: Assume the van was purchased on 1 July 2019 and that the accounting period ends on 30 June. Calculate the depreciation expense for the second year using each of the following depreciation methods straight-line diminishing balance (depreciation rate has been calculated as 31%) units of production (assume the van was driven 50,000 kilometers in the first year and 78,000 kilometres during the second financial year). Record the adjusting entries for the depreciation at the end of the second financial year using straight-line method. Show how the van would appear in the balance sheet prepared at the end of year 2 using Straight-line method.

A truck acquired at a cost of $435,000 has an estimated residual value of $26,900, has an estimated useful life of 53,000 miles, and was driven 4,200 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

Sterling Steel Inc. purchased a new stamping machine at the beginning of the year at a cost of $680,000. The estimated residual value was $70,500. Assume that the estimated useful life was five years. Required: 1. Complete a depreciation schedule for the straight-line method. (Round your answers to the nearest dollar amount. Do not round your intermediate calculations. Omit the "$" sign in your response.) a.Straight-line. Year At acquisition 1 2345 2 Depreciation Expense $ Accumulated Depreciation SA Net Book Value 27

Nevertire Ltd purchased a delivery van costing $52,000. It is expected to have a residual value of $12,000 at the end of its useful life of 4 years or 200,000 kilometres.  Ignore GST.  Required: a) Assume the van was purchased on 1 July 2019 and that the accounting period ends on 30 June. Calculate the depreciation expense for the year 2019–20 using each of the following depreciation methods by straight-line, diminishing balance (depreciation rate has been calculated as 31%)  units of production (assume the van was driven 78,000 kilometres during the financial year)   b) Record the adjusting entries for the depreciation at 30 June 2021 using diminishing balance methd and Show how the van would appear in the balance sheet prepared at the end of year 2 using Straightline method.

Explain why fixed assets are depreciated.   A patent is purchased at a cost of $100,000, and the buyer expects the useful life to be 20 years. What is the adjusting entry needed at year-end?   What is the reasoning of using the declining balance method?   A delivery truck that costs $40,000 has a residual value of $8,000 and a useful life of 160,000 miles and the truck was driven 20,000 miles that year. Calculate the first year’s depreciation. What is the book value of the truck at the end of the first year?

A truck acquired at a cost of $202,800 has an estimated residual value of $18,000, has an estimated useful life of 440,000 miles, and was driven 113,000 miles during the year. Determine the following. If required, round your answer for the depreciation rate to 2 decimal places. a. The depreciable cost $   b. The depreciation rate $ per mile c. The units-of-activity depreciation for the year $