On January 1, 2016, Denver Company bought a machine for $60,000. It was then estimated that the useful life of the machine would be eight years with a salvage value of $8,000. On January 1, 2020, it was decided that the machine's total life from acquisition date should have been only six years with a residual value of only $2,000. The company used straight-line depreciation.   Required: Compute depreciation expense for 2020 (1/1/20 ~ 12/31/20).  No credit if no computation is shown.

Birkey Company purchased equipment on January 1, 2020, at a total cost of $99,000. The machinery’s estimated useful life is 8 years or 60,000 hours, and its residual value is $9,000. During 2020 and 2021, the machinery was used 7,000 and 8,00 hours, respectively.   Calculate the depreciation expense for 2020 using the units-of-production method.   Show your calculations  Blank 1. Fill in the blank, read surrounding text. 2020 Depreciation Expense Units-of-Production Method  Blank 2. Fill in the blank, read surrounding text.

Wildhorse Company purchaseda hot tub for $ 11,790 on January 1, 2016. Straight-line depreciation is used, based on a 6-year life and a $ 1,890 salvage value. In 2018, the estimates are revised. Wildhorse now feels the hot tub will be used until December 31, 2020, when it can be sold for $ 885. Compute the 2018 depreciation. Depreciation expense, 2018 %24

Gotham Company purchased a new machine on October 1, 2025, at a cost of $90,000. The company estimated that the machine has a salvage value of $8,000. The machine is expected to be used for 70,000 working hours during its 10-year life. (a) Compute depreciation using declining-balance using double the straight-line rate for 2025 and 2026. (Round answers to 2 decimal places, eg 2,152.75.) Depreciation using the declining-balance method $ 2025 2026 $

Honesty Manufacturing purchased a machine on 1 July, 2017. The following financial information has been collected to calculate the depreciation at 30 June 2019: Cost $58,500 Expected salvage value $1,000 Estimated useful life in years 5 Estimated useful life in hours 200,000 Hours used in 2020 is:             48,000 Required: Calculate the depreciation expense of the machine for the year ended 30 June 2019 using: a) Straight-line method b) Unit of activity method c) Declining balance method using double straight-line rate

Alt Company purchased a new piece of manufacturing machinery on January 2, 2021. The machine had a total cost of $392,000 and an estimated salvage value of $125,000. Its useful life is estimated to be 6 years; over its life, it should produce 2,000,000 units of product. During 2022, the machine produced 309,000 units.   Show calculations on tab for the amount of depreciation expense Alt will recognize in 2022 under straight-line, units-of-production, and double-declining depreciation methods. Depreciation was recorded normally for 2021. You are calculating depreciation for the second year in the machine’s life.

Machinery purchased for $65,400 by Bonita Co. in 2021 was originally estimated to have a life of 8 years with a salvage value of $4,360 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2026, it is determined that the total estimated life should be 10 years with a salvage value of $4,905 at the end of that time. Assume straight-line depreciation. (a) Prepare the entry to correct the prior years' depreciation, if necessary. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Account Titles and Explanation Debit Credit

Concord Corporation purchased a delivery truck for $36,800 on January 1, 2020. The truck has an expected salvage value of $1,800, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 13,500 in 2020 and 13,000 in 2021.     Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Depreciation expense   $enter Depreciation expense per mile rounded to 2 decimal paces   per mile

10) Hi-Crest Company purchased a machine on January 1, 2019, for $300,000. The machine has an estimated useful life of 5 years and a $10,000 residual value. Calculate depreciation expense and the year-end book value for 2019 and 2020 using the double declining-balance method of depreciation. Answer: Date 12/31/2019 12/31/2020 Depreciation Expense (for the year) Book Value (at the end of the year)

REMAX Ltd. purchased a warehouse on January 2, 2016, for $440,000. The straight-line method is used, and useful life is estimated to be 10 years, with a $40,000 residual value. At the beginning of 2022 REMAX spent $96,000 on major renovations. After the renovations, REMAX estimated that the useful life would be extended by 4 years, and the residual value would be $20,000.  Calculate the depreciation expense for 2022.