On January 1, 2024, Canseco Plumbing Fixtures purchased equipment for $38,000. Residual value at the end of an estimated 7 year service life is expected to be $10,000. The company expects the equipment to operate for 12,000 hours. Required: a. Calculate depreciation expense for 2024 and 2025 using sum-of-the-years'-digits, assuming the equipment was purchased on January 1, 2024. b. Calculate depreciation expense for 2024 and 2025 using sum-of-the-years'-digits, assuming the equipment was purchased on March 31, 2024. Complete this question by entering your answers in the tabs below. Required A Required B Calculate depreciation expense for 2024 and 2025 using sum-of-the-years'-digits, assuming the equipment was purchased on January 1, 2024. Sum-of-the-years' digits depreciation 2024 2025 Depreciable Base x Rate per Year = Depreciation Expense x x = < Required A Required B >

On July 1, 2018, Mundo Corporation purchased factory equipment for $50,000. Residual value was estimated at $2,000. The equipment will be depreciated over 10 years using the doubledeclining balance method. Counting the year of acquisition as one-half year, Mundo should record 2019 depreciation expense of:

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

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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 January 2, 2021, Morales Paint Company purchased a truck that cost $60,000 with a residual value of $2,500. The expected useful life of the truck is 4 years and 100,000 miles. It is expected to be driven 13,000 miles in the first year; 40,000 miles the second year; 27,000 miles in the third year and 20,000 miles in the fourth year.   A. Prepare a depreciation schedule for the asset’s entire useful life using each of the following methods: Straight Line Production (Units of Production) Double Declining Balance   B. Prepare the journal entry to record depreciation expense for year 2 for each of the Depreciation Methods (a total of 3 journal entries).   C. Assume that the company decided to sell the equipment in year 3 for $15,000 in cash. Prepare the required journal entry for each of the Depreciation Methods (a total of 3 journal entries).

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

On September 1, 2018, Gabe's Brewing Co. purchased equipment for $168,000. Residual value at the end of an estimated 8-year useful life is expected to be $18,000. The company expects the machine to operate for 20,000 hours. The machine operated for 1,500 and 3,500 hours in 2018 and 2019, respectively. REQUIRED: 1. Calculate depreciation expense for 2018 and 2019 using the straightline method. 2. Calculate depreciation expense for 2018 and 2019 using the 150% declining balance method. 3. Calculate depreciation expense for 2018 and 2019 using the units-of-production method. 4. Now, assume the company sells the equipment on December 31, 2019, for $135,000 cash. Prepare the journal entry for the sale of the equipment assuming the company has used the straight-line method of depreciating the equipment.

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

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