On April 20, 2020, Maskell Co. purchased an asset costing $66,000 with a useful life of nine years and a residual value of $6,000. The company uses sum-of-the-years'-digits depreciation. Required: Compute depreciation expense for 2020 using the a. nearest whole month method b. nearest whole year method c. half-year convention method

Rehearsal Corporation purchased equipment on Jan 1, 2020, for $250,000. The equipment was expected to have a useful life of three years , or12,000 operating hours, and a residual value of $10,000. The equipment was used for 3,500 hours during 2020, 3,500 hours during 2021, and 5,000 hours in 2022.Instructions:Determine the amount of depreciation expense for the years ended December 31, 2020, 2021, and 2022, by (a) the straight-line method,(b) the units-of-production method, and ( c ) the double-declining-balance method. Round DDB Rate to two decimal places. Round final answers to the nearest dollar.SHOW YOUR WORK:Depreciation ExpenseYear Staight-Line

On July 1, 2023, Yorkton Company purchased for $431,000 equipment having an estimated useful life of ten years with an estimated residual value of $33,000. Depreciation is calculated to the nearest month. The company has a December 31 year-end. Required: Complete the following schedules: (Amount to be deducted should be indicated by a minus sign.) 1. Assuming the purchase was made on January 1, 2023. 1. Double-declining-balance method: Equipment Less: Accumulated depreciation Year-end book value Depreciation expanse for the year 2. Straight-line method: Equipment Less: Accumulated depreciation Year-end book value Depreciation expense for the year $ $ $ $ $ $ 2023 431,000 $ 431,000 $ 86,200 $ 431,000 $ 431,000 $ 39,800 $ 2024 431,000 $ 431,000 431,000 $ 68,960 S 431,000 $ 2025 431,000 $ 39,800 $ 431,000 55,168 431,000 ww 431,000 39,800 Check my work

On April 1, 2021, Parks Co. purchased machinery at a cost of $42,000. The machinery is expected to last 10 years and to have a residual value of $6,000. Record the depreciation for office equipment purchased on March 31, 2018 for $24,000 having no residual value sold on September 30, 2021 , depreciated over a five-year life using the straight-line method, with depreciation based on months in service. Prepare the journal entries to record 2021 depreciation and the sale of the equipment. Please don't give image based answer..thanku

On September 30, 2021, Bricker Enterprises purchased a machine for $200,000. The estimated service life is 10 years with a $20,000 residual value. Bricker records partial-year depreciation based on the number of months in service.Depreciation (to the nearest dollar) for 2022, using sum-of-the-years'-digits method, would be:   Multiple Choice   $31,909.   $29,455.   $35,456.   $54,000.

Sunland Corporation owns machinery that cost $25,200 when purchased on July 1, 2022. Depreciation has been recorded at a rate of $3,024 per year, resulting in a balance in accumulated depreciation of $10,584 at December 31, 2025. The machinery is sold on September 1, 2026, for $13,230. Prepare journal entries to (a) update depreciation for 2026 and (b) record the sale.

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.

Tasty Subs acquired a delivery truck on October 1, 2021, for $25,800. The company estimates a residual value of $2,400 and a six- year service life. Required: Calculate depreciation expense using the straight-line method for 2021 and 2022, assuming a December 31 year-end. 2021 2022 Depreciation expense

Swifty Company purchased a new plant asset on April 1, 2025, at a cost of $720,000. It was estimated to have a service life of 20 years and a salvage value of $56,400. Swifty accounting period is the calendar year. (a) 4 Compute the depreciation for this asset for 2025 and 2026 using the sum-of-the-years'-digits method. (Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 45,892.) Depreciation for 2025 Depreciation for 2026 IA $ $

On January 1, 2018, the Allegheny Corporation purchased machinery for $150,000. The estimated service life of the machinery is 10 years and the estimated residual value is $7,000. The machine is expected to produce 300,000 units during its life. Required: Calculate depreciation for 2018 and 2019 using each of the following methods. 1. Straight line. 2. Sum-of-the-years'-digits. 3. Double-declining balance. 4. One hundred fifty percent declining balance. 5. Units of production (units produced in 2018, 41,000; units produced in 2019, 36,000). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Calculate depreciation for 2018 and 2019 using sum-of-the-years' digits. 2018 2019 Sum-of-the-years' digits depreciation Rate per Year Depreciable Base X X X = = Required 5 Depreciation Expense