Lockard Company purchased machinery on January 1, 2020, for $80,000. The machinery is estimated to have a salvage value of $8,000 after a useful life of 8 years. (a) Compute 2020 depreciation expense using the straight-line method. (b) Compute 2020 depreciation expense using the straight-line method assuming the machinery was purchased on September 1, 2020.

Chandler Company purchased a factory machinery on May 1, 2030 for $133,500 with an estimated 5- year life. It is estimated that the machinery will have a $22,000 salvage value. What is the amount of depreciation expense at December 31, 2030 using the straight-line method of depreciation? O $26,700 O $20,733 O $22,300 O $14,867 O $17,800

On July 1, 2019, Cullumber Company purchased new equipment for $90,000. Its estimated useful life was 6 years with a $12,000 salvage value. On December 31, 2022, the company estimated that the equipment’s remaining useful life was 10 years, with a revised salvage value of $5,000. Compute the revised annual depreciation on December 31, 2022.

Concord Corporation purchased a new machine for its assembly process on August 1, 2025. The cost of this machine was $129,600. The company estimated that the machine would have a salvage value of $12,600 at the end of its service life. Its life is estimated at 5 years, and its working hours are estimated at 20,000 hours. Year-end is December 31. Compute the depreciation expense under the following methods. Each of the following should be considered unrelated. (Round depreciation rate per hour to 2 decimal places, e.g. 5.35 for computational purposes. Round your answers to O decimal places, e.g. 45,892.) (a) Straight-line depreciation for 2025 (b) (c) (d) Activity method for 2025, assuming that machine usage was 800 hours Sum-of-the-years'-digits for 2026 Double-declining-balance for 2026 $ $ LA $ 9,750 4,680 31,200 43,200

On January 1, 2022, Betty DeRose, Inc. purchased equipment for $86,000. The equipment was assigned a useful life of 12 years and a salvage value of $5,300. On January 1, 2026, Betty DeRose decided the life of the equipment should be changed from 12 to 18 years with a salvage value of $3,800 at the end of the 18 years. Betty DeRose uses the straight-line depreciation method to calculate depreciation on its long-term assets. Calculate the amount of depreciation expense recorded on the equipment for 2026.

Best Buy Company Limited (Best Buy) bought a machine for $400,000 on 1 July 2019. The machine had an estimated residual value of $50,000, and had estimated useful life of 10 years, or had an estimated operation output of 50,000 hours. The financial year-end date of Best Buy is 31 December. Required: (a) Compute the depreciation on this machine in the years of 2019 and 2020 using the following methods. (i) Straight-line (with depreciation calculated to the nearest whole month) (ii) 200%-declining-balance (with half-year convention) (iii) Units-of-output method (hours of operation:2,500 in 2019; 5,000 in 2020) 2019 (i)$________ (ii)$________ (iii)$________ 2020 (i)$________ (ii)$________ (iii)$________ (b) Which of the method(s) in part (a) would result in the highest net profit in the year of 2019?Briefly explain.

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.

The Vermont Construction Company purchased a hauling truck on January 1 of 2019, at a cost of $35,000. The truck has a useful life of eight years with an estimated salvage value of $6,000. Determine the book depreciation amount to be taken over the useful of the truck using straight-line method and double declining balance methods.

A company purchased factory equipment on June 1, 2022 for $101800. It is estimated that the equipment will have a $13000 salvage value at the end of its 10-year useful life. Using the straight-line method of depreciation, the amount to be recorded as depreciation expense at December 31, 2022 is

Culver Automotive purchased equipment on October 1, 2024, at a total cost of $182,000. The machine has an estimated useful life of eight years or 100,000 hours, and an estimated residual value of $42,000. During 2024 and 2025, the machinery was used 6,300 and 14,700 hours, respectively. Calculate depreciation expense at December 31, 2024 and December 31, 2025, under the following depreciation methods: (Round answers to 0 decimal places, e.g. 5,275. and Round Depreciation cost per unit to 1 decimal places, e.g. 527.5) Straight-line depreciation Units-of-production depreciation Double diminishing-balance depreciation $ LA $ LA 2024 $ LA $ LA 2025