On January 1, 20X4, XYZ Company purchased a truck for $120,000. The truck is expected to have an estimated useful life of 5 years or 125,000 miles, and the company estimates that it will be able to dispose of the truck at the end of its useful life for $20,000. Complete the tables below using the specified depreciation method. a) Straight-line Depreciation Accumulated Book Value After Year's Year Computation Expense Depreciation Depreciation 20X4 20X5 20X6 20X7 20X8 b) Double-declining Depreciation Accumulated Book Value After Year's Year Computation Expense Depreciation Depreciation 20X4 20X5 20X6 20X7 20X8

An asset was purchased for $101,000 on January 1, Year 1, and originally estimated to have a useful life of 12 years with a residual value of $14,000. At the beginning of the third year, it was determined that the remaining useful life of the asset was only 4 years with a residual value of $2,200. Compute the third-year depreciation expense using the revised amounts and straight-line method. Oa. $22,075.00 Ob. $21,075.00 Oc. $20,075.00 Od. $21,575.00

Concord Corporation purchased a piece of equipment for $85,200. It estimated an 5-year life and $2,200 salvage value. At the end of year 4 (before the depreciation adjustment), it estimated the new total life to be 10 years and the new salvage value to be $17,620.Compute the revised depreciation, assuming Concord uses the straight-line method. Revised annual depreciation   $enter the revised annual depreciation in dollars

Equipment was acquired at the beginning of the year at a cost of $75,000. The equipment was depreciated using the straight-line method based upon an estimated useful life of 6 years and an estimated residual value of $7,500. a. What was the depreciation expense for the first year? $4 11,250 b. Assuming the equipment was sold at the end of the second year for $59,000, determine the gain or loss on sale of the equipment. Gain Feedback V Check My Work Partially correct c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Cash 7,500 Accumulated Depreciation 67,500 X 11,250 Equipment 75,000 Gain on Sale of Equipment

The fisher company purchased a machine on October 1, 2023 for $60,000. At the time of acquistion, the machine was estimated to have a useful life of five years and an estimated salvage of $4,000. Fisher has recorded deprectiation using the straight-line method. On april 1, 2025 the machine was solf for $40,000 the company's fiscal year end is dec. 31. it calculates depreciation on a monthly basis and no depreciation has been recorded for 2025 yet. Record the hournal entries for 2025 related to the disposal of the machine.

Billings Corporation purchased a wood pulp mixer for $17,400. Delivery costs totaled $464. The useful is 7 years, and the salvage value is $1,372. Prepare a depreciation schedule using the sum-of-the-years' digits method.   chart attached

Big M's BBQ purchased a truck for $51,000 on 1/1 in Year 1. The truck is expected to have a five-year life or last 100,000 miles and have a residual value of $10,000. The truck was driven as follows for year 1 & 2: Year 1 29,000 miles • Year 2 11,000 miles If the activity based depreciation method is used, what will be the book value of the truck at the end of Year 2 on 12/31? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 ASUS f4 f5 f6 f7 f8 f9 f10 f11 图

will you please give me the solution to this?  Depreciation by Three Methods; Partial Years Perdue Company purchased equipment on April 1 for $77,760. The equipment was expected to have a useful life of three years, or 7,560 operating hours, and a residual value of $2,160. The equipment was used for 1,400 hours during Year 1, 2,600 hours in Year 2, 2,300 hours in Year 3, and 1,260 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

An asset was purchased for $115,000 on January 1, Year 1 and originally estimated to have a useful life of 12 years with a residual value of $8,500. At the beginning of the third year, it was determined that the remaining useful life of the asset was only 4 years with a residual value of $1,800. Calculate the third-year depreciation expense using the revised amounts and straight-line method. Oa. $24,862.50 Ob. $22,862.50 Oc. $24,362.50 Od. $23,862.50