NC purchased a cement mixer for $ 14500. The mixer is expected to have a useful life of five years and a residual value of $ 1000 at the end of that time. Required: Prepare the journal entries to record the disposal of the mixer at the end of second year, assume the straight line depreciation method was used and that: a.​It was sold for $ 10000 cash b.​It was sold for $ 8000 cash c.​It was traded in on a similar mixer ( new) having a list price of $ 16500, a trade in allowance of $ 8000 was given and the balance was paid in cash.

Cheyenne Corp. purchased a new machine on October 1, 2022, at a cost of $131,000. The company estimated that the machine will have a salvage value of $18,500. The machine is expected to be used for 10,000 working hours during its 5-year life.   Straight-line method for depreciation expense for 2022 is 5625   My question is "Compute the depreciation expense under units-of-activity for 2022, assuming machine usage was 1,900 hours."   The answer should be a depreciation expense this is for a study guide on wiley plus

Counselors of Atlanta purchased equipment on January ​1, 2023​, for $20,000. Counselors of Atlanta expected the equipment to last for four years and have a residual value of $2,000. Suppose Counselors of Atlanta sold the equipment for $8,000 on December 31, 2025, after using the equipment for three full years. Assume depreciation for 2025 has been recorded. Journalize the sale of the​ equipment, assuming​ straight-line depreciation was used.   ​First, calculate any gain or loss on the disposal of the equipment.   Market value of assets received     Less: Book value of asset disposed of     Cost     Less: Accumulated Depreciation     Gain or (Loss)

Freedom Co. purchased a new machine on July 2, 2019, at a total installed cost of $48,000. The machine has an estimated life of five years and an estimated salvage value of $6,600. Required: a. Calculate the depreciation expense for each year of the asset's life using: 1. Straight-line depreciation. 2. Double-declining-balance depreciation. b. How much depreciation expense should be recorded by Freedom Co. for its fiscal year ended December 31, 2019, under each method? (Note: The machine will have been used for one-half of its first year of life.) c. Calculate the accumulated depreciation and net book value of the machine at December 31, 2020, under each method. Complete this question by entering your answers in the tabs below. Required A1 Required A2 Required B Required C Calculate the depreciation expense for each year of the asset's life using Straight-line depreciation. Depreciation Expense Year 1 2 3 4 5

Colquhoun International purchases a warehouse for $301,000. The best estimate of the salvage value at the time of purchase was $16,000, and it is expected to be us for twenty-five years. Colquhoun uses the straight-line depreciation method for all warehouse buildings. After four years of recording depreciation, Colquhoun determir that the warehouse will be useful for only another fifteen years. A. Calculate annual depreciation expense for the first four years. $ 171,000 B. Determine the depreciation expense for the final fifteen years of the asset's life. 11,400 X Feedback V Check My Work When revising deprecation schedules, the book value is used as the adjusting base to apply the new changes to when determine the revised yearly depreciation amount. C. Prepare the journal entry for year five. If an amount box does not require an entry, leave it blank. Depreciation Expense 171,000 X Accumulated Depreciation-Warehouse 171,000

Mohr Company purchases a machine at the beginning of the year at a cost of $42,000. The machine is depreciated using the straight-line method. The machine's useful life is estimated to be 8 years with a $4,000 salvage value. The book value of the machine at the end of year 2 is:

Bob Co purchased a building for $50,000 and began depreciating assuming a salvage value of $5,000 and useful life of 20 years. After 5 years, it was determined that the salvage value would be $10,000, but the useful life would only be for an additional 10 years. Calculate the depreciation, assuming straight line, for Year 1 and Year 6 of the building, and prepare the necessary journals.

Splish Company purchases equipment on January 1, Year 1, at a cost of $612,000. The asset is expected to have a service life of 12 years and a salvage value of $55,080. (a) Compute the amount of depreciation for each of Years 1 through 3 using the straight-line depreciation method. (Round answers to O decimal places, e.g. 5,125.) Your answer is correct. Depreciation for Year 2 (b) Depreciation for Year 1 Depreciation for Year 3 (c) eTextbook and Media Depreciation for Year 1 Your answer is correct. Depreciation for Year 2 Depreciation for Year 3 $ eTextbook and Media $ $ Compute the amount of depreciation for each of Years 1 through 3 using the sum-of-the-years-digits method. Depreciation for Year 2 $ $ $ Depreciation for Year 1 $ 46,410 $ 46,410 Depreciation for Year 3 $ 46,410 85.680 78.540 Compute the amount of depreciation for each of Years 1 through 3 using the double-declining-balance method. (Round depreciation rate to 2 decimal places, e.g. 15.84% and final answers to 0 decimal…

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

Borrell Company purchased four delivery trucks on January 2, 2019, for $22,000 each. Borrell expected two of the trucks to last 5 years and have a residual value of $3,500 each. The other two trucks had an expected life of 8 years and no residual value. Borrell uses straight-line depreciation on a composite basis. Required:   Prepare journal entries to record the following events: 1. January 1, 2021. One of the two trucks expected to last 5 years is destroyed in an accident. The truck was not insured and the scrap value is $400. 2. January 5, 2021. A new truck is acquired for $26,000. It has an expected life of 4 years and a residual value of $3,920. 3. Depreciation expense for 2021.