Linton Company purchased a delivery truck for $S34,000 on January 1, 2014. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 10 years. Actual miles driven were 19,000 in 2014 and 16,000 in 2015. Instructions a) Compute depreciation expense for 2014 and 2015 using (1) the straight-line method and                                                              (2) the units-of-activity method                                                               (b) Assume that Linton uses the straight-line method, Prepare the journal entry to record 2014 depreciation.

Honesty Manufacturing purchased a machine on 1 July, 2017. The following financial information has been collected to calculate the depreciation at 30 June 2019: Cost $58,500 Expected salvage value $1,000 Estimated useful life in years 5 Estimated useful life in hours 200,000 Hours used in 2020 is:             48,000 Required: Calculate the depreciation expense of the machine for the year ended 30 June 2019 using: a) Straight-line method b) Unit of activity method c) Declining balance method using double straight-line rate

Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $155,000. The residual value of the equipment was estimated to be $14,000 at the end of a five-year life. The equipment was sold on March 31, 2021, for $48,000. Howarth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. Required:1. Prepare the journal entry to record the sale.2. Assuming that Howarth had instead used the double-declining-balance method, prepare the journal entry to record the sale.

On April 1, 2016, Cyclone's Backhoe Co. purchases a trencher for $288,000. The machine is expected to last five years and have a salvage value of $44,000.   Compute depreciation expense for both years ending December 2016 and 2017 assuming the company uses the straight-line method.

On September 30​, 2017​, Foley Distribution Service purchased a copy machine for $36,800. Foley Distribution Service expects the machine to last for four years and to have a residual value of $2,000. Compute depreciation expense on the machine for the year ended December​ 31, 2017​, using the​ straight-line method.

Devon Manufacturing Company purchased a new canning machine on July 1, 2015, for $190,000. The estimated salvage value is $15,000. The company uses units-of-production depreciation and estimates the machine will produce 125,000 units during its useful life. In 2015, the company manufactured 5,000 units after acquiring the machine. Depreciation expense for 2015 will be   $7,600 $6,500 $14,000 $7,000

On January 2, 2011, Jansing Corporation acquired a new machine with an estimated useful life of five years. The cost of the equipment was $40,000 with a residual value of $5,000.   Prepare a complete depreciation table under the two depreciation methods listed below.   Straight-line. 200 percent declining-balance. 150 percent declining-balance with a switch to straight-line when it will maximize depreciation expense.

On January 1, 2010, Graham Company purchased a new machine for $2,100,000. The new machine has an estimated useful life of nine years and the residual value was estimated to be $75,000. Depreciation was computed on the sum-of-the-years'-digits method. What amount should be shown in Graham's balance sheet at December 31, 2011, net of accumulated depreciation, for this machine? OA. $1,244,250 OB. $1,695,000 OC $1,335,000 OD. $1,306,666

Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $800,000. The residual value of the equipment was estimated to be $50,000 at the end of a five-year life. The equipment was sold on March 31, 2021, for $170,000. Howarth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. ces Required: 1. Prepare the journal entry to record the sale. 2. Assuming that Howarth had instead used the double-declining-balance method, prepare the journal entry to record the sale. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assuming that Howarth had instead used the double-declining-balance method, 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.) General Journal No 1 Event 1 Cash Accumulated…

A truck acquired at a cost of $195,000 has an estimated residual value of $11,250, has an estimated useful life of 35,000 miles, and was driven 2,800 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. (a) The depreciable cost     (b) The depreciation rate   per mile (c) The units-of-activity depreciation for the year