On 1 June 20X9 a machine was sold which cost $20,000 on 31 July 20X5. Sale proceeds were $5,500 and the profit on disposal was $1,500. The depreciation policy for machinery is straight line with a full year being charged in the year of acquisition and none in the year of sale. What is the depreciation rate?

Equipment with a cost of $446,900 has an estimated residual value of $51,400, has an estimated useful life of 35 years, and is depreciated by the straight-line method.   a. Determine the amount of the annual depreciation. b. Determine the book value at the end of the 20 full years of use. c.  Assuming that at the start of the year 21 the remaining life is estimated to be 22 years and the residual value is estimated to be $53,700, determine the depreciation expense for each of the remaining 22 years.

Company D recently purchased an equipment that costs $50,000, has a life of 4 years and a salvage value of $10,000. The production output of this equipment is 1800 on the first year, 2200 on the second year, 3000 units on the third year, and 4000 units on the fourth year. What is the accumulated depreciation charge on the second year?

A company purchased factory equipment for $640000. It is estimated that the equipment will have a $62000 salvage value at the end of its estimated 5-year useful life. If the company uses the double-declining-balance method of depreciation, what would be the amount of annual depreciation recorded for the second year after purchase?

On January 1, 20x0, a company purchased a delivery truck for $30,000. They estimated the useful life of the truck to be 6 years, and the salvage value to be $6,000. On July 1, 20x5, they sold the truck for $7,400. Assuming the company uses straight line depreciation and records depreciation expense monthly, calculate the gain or loss associated with selling the truck.

A building with a cost of $247,500 has an estimated residual value of $49,500, has an estimated useful life of 9 years, and is depreciated by the straight-line method. a. What is the amount of the annual depreciation? Do not round intermediate calculations. $ b. What is the book value at the end of the fifth year of use? $ c. If at the start of the sixth year it is estimated that the remaining life is 5 years and that the residual value is $12,500, what is the depreciation expense for each of the remaining 5 years?

1. The company purchased the equipment on October 1, 20X1 for $100,000, and estimated that the equipment will use for 5 years and has a residual value of $2,000. The equipment has the following capacity: 10,000 service hours. December 31 is the reporting date. The equipment provided 600 and 2,200 service hours in 20X1 and 20X2, respectively.   Required Calculate depreciation expense for 20X1 and 20X2 using different methods in the following table Straight-line Double-declining-balance Activity method For  20X1, 20X2 2. The company provided the data of PP&E in a cash-generating unit (CGU) as follows:                           Cost    Acmulated Depreciation Equipmnt A   $15,000       $8,000 Equipment B $30,000       $19,000 Equipment C $45,000       $23,000       The unit’s fair value less costs to sell was $25,000. The unit’s future cash flows was $32,000, and its present value was $28,000. The company adopted IFRS.       Required  (1) Prepare journal entries to record impairment.…

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…

On 1 July 20X7 Brown Ltd bought a machine for GHS 48,000. The machine was depreciated at 25% per annum on a straight-line basis until 30 June 20X9.   On 1 July 20X9, the machine was revalued to GHS 30,000. Brown Ltd considers that its remaining useful life is three years.   According to IAS 16 Property, Plant and Equipment, what should be the depreciation charge for the year ended 30 June 20Y0 and the balance on the revaluation surplus as at 30 June 20Y0? (Ignore any transfer of excess depreciation.)               Depreciation charge                  Revaluation surplus A         GHS 8,000                              GHS 4,000 B          GHS 8,000                              GHS 6,000 C         GHS 10,000                             GHS 6,000 D         GHS 10,000                             GHS 4,000

A storage tank acquired at the beginning of the fiscal year at a cost of $95,000 has an estimated residual value of $5,000 and an estimated useful life of 25 years. a.  Determine the amount of annual depreciation by the straight-line method.$ b.  Determine the amount of depreciation for the first and second years computed by the double-declining-balance method. Do not round the double-declining balance rate. If required, round your answers to the nearest dollar.     Depreciation Year 1   $ Year 2   $