On April 2, 2017, Victor, Inc. acquired a new piece of filtering equipment. The cost of the equipment was $220,000 with a residual value of $20,000 at the end of its estimated useful lifetime of 10 years.   Assume that in its financial statements, Victor uses straight-line depreciation and rounds depreciation for fractional years to the nearest whole month. Depreciation recognized on this equipment in 2017 and 2018 will be:

Blossom Limited sold equipment on September 30, 2024, for $37,870 cash. The equipment originally cost $156,280 when purchased on January 1, 2022. It had an estimated residual value of $4,380 and a useful life of five years. Depreciation is recorded annually and was last recorded on December 31, 2023, the company's year end. (a) Prepare the journal entry to update depreciation using the straight-line method to September 30, 2024. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit

Depreciation by Three Methods; Partial Years Razar Sharp Company purchased equipment on July 1, 2014, for $69,660. The equipment was expected to have a useful life of three years, or 5,400 operating hours, and a residual value of $2,160. The equipment was used for 1,000 hours during 2014, 1,900 hours in 2015, 1,600 hours in 2016, and 900 hours in 2017. Required: Determine the amount of depreciation expense for the years ended December 31, 2014, 2015, 2016, and 2017, by (a) the straight-line method, (b) units-of-output 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 2014 $fill in the blank 1 2015 $fill in the blank 2 2016 $fill in the blank 3 2017 $fill in the blank 4 b.  Units-of-output method Year Amount 2014 $fill in the blank 5 2015 $fill in the blank 6 2016 $fill in the blank…

Presented below is information related to equipment owned by Monty Company at December 31, 2017. Cost   $9,450,000 Accumulated depreciation to date   1,050,000 Expected future net cash flows   7,350,000 Fair value   5,040,000 Monty intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $21,000. As of December 31, 2017, the equipment has a remaining useful life of 4 years.           Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2017. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31                   SHOW LIST OF ACCOUNTS LINK TO TEXT…