On January 1,2013, a new building was purchased at a cost of $30,000,000. Depreciation was computed on the straight-line basis at 4% per year. On January 1,2016, the building was appraised and was reported to have a fair value of $36,000,000 and an estimated remaining life of 15 years. This was the first revaluation made in the building since acquisition. What is the revised depreciation expense on the building for 2016?

Q: On July 1, 2013, Farm Fresh Industries purchased a specialized delivery truck for $126,000. At the…

A: Annual depreciation = (Cost of truck - Residual value) / Life of the truck = ($126,000 - $30,000) /…

Q: On January 1, 2018, a new building was purchased at a cost of P30 million. Depreciation was computed…

A: Concept: Revaluation surplus will be the differed between carrying amount of the building on…

Q: Archer Company purchased equipment in January of 2011 for P90,000. The equipment was being…

A: Depreciation Expense (Straight Line Method) = Cost - Salvage ValueUseful Life of an Asset

Q: The following transactions occurred during 2020. Assume that depreciation of 10% per year is charged…

A: Journal Entry It is used to record the business transaction of the business.

Q: At the beginning of 2016, Robotics Inc. acquired a manufacturing facility for $12 million. $9…

A: Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset due to…

Q: On January 13, 2013, Dillo Company purchased a drilling truck for $45,000. Dillo expects the truck…

A: There are different methods are available to compute depreciation expense, like straight-line method…

Q: On January 1, 2015, Truesdale, Inc., purchased a piece of machinery for use in operations. The total…

A: Assets: Assets are the resources of an organization used for the purpose of business operations.…

Q: On October 1, 2017, ABC Company purchased a delivery equipment for P1,000,000. It had an estimated…

A: Solution : Given Purchase date October 1 2017 Purchase cost 1,000,000 Estimated…

Q: The KOBE Company acquired a drilling machine on October 1,2013 at a cost of $250,000 and depreciated…

A: Capital Expenditure: It is the amount invested  by a company to acquire, upgrade, and maintain…

Q: Mazaya Company purchased a piece of equipment on January 1, 2010. The equipment cost $80,000 and had…

A: Double declining depreciation rate = Straight line depreciation rate x 2 = (100/8 years) x 2 = 25%

Q: On January 1,2013, a new building was purchased at a cost of $30,000,000. Depreciation was computed…

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…

Q: Howarth Manufacturing Company purchased a lathe on June 30, 2012, at a cost of $80,000. The residual…

A: Depreciation is the loss in the value of the asset caused due to its usage, wear and tear.There are…

Q: On Jan. 1, 2014, a company placed into service a machine that had an acquisition cost of $60,000, a…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: At the beginning of 2009, Glass Manufacturing purchased a new machine for its assembly line at a…

A: Formula:

Q: On January 1, 2011, RIGHTEOUS MORAL Co. acquired a piece of equipment for ₱2,000,000. The equipment…

A: Discount rate = 10% Revised useful life = 4 years Annual cash flows from revenues = P200,000 Present…

Q: The following transactions occurred during 2020. Assume that depreciation of 10% per year is charged…

A: Recording of the above transactions are as follows:

Q: On July 1, 2015, Ling Company purchased a building for P49,200,000. The building has an estimated…

A: Accumulated depreciation on December 31, 2019 = Cost of building  - book value of the building on…

Q: Madison Corporation acquired a machine for $27,000 and has recorded depreciationfor two years using…

A: Depreciation: Depreciation is a method of reducing the capitalized cost of long-lived operating…

Q: Tristen Company purchased a five-story office building on January 1, 2016, at a cost of $5,000,000.…

A: Annual depreciation = (Cost of the assets - residual value of the assets) / Estimated useful life of…

Q: Wardell Company purchased a minicomputer on January 1, 2013, at a cost of $50,000. The computer was…

A: Total sum of digit for 7 year = 1+2+3+4+5+6+7 = 28 Total sum for 3 year = 7+6+5 = 18 Accumulated…

Q: During 2015, Sheridan Company purchased a building site for its proposed research and development…

A: Research and development expenses are those expenses which are incurred for the research of any plan…

Q: Hotroad LLC acquired a new asphalt mixing plant for $500,000 on 1st of January 2016. The…

A: Depreciation is referred to as an amount which is charged by the business on its tangible…

Q: Prepare general journal entries for the transactions

A: Straight line of Depreciation It is the simple way which measures  the loss of value of an asset…

Q: Ping Company provided the following information with respect to its building: • The building was…

A: Lets understand the basics. Depreciation is a reduction in value of asset due to wear and tear,…

Q: A building was purchased on January 1, 1998, for $240,000 and straight line depreciation method was…

A: Given the following information: Building was purchased on January 1, 1998, for $240,000 Straight…

Q: On August 3, Cinco Construction purchased special-purpose equipment at a cost of $1,000,000. The…

A: Depreciation is a reduction in the value of assets due to the usage of that asset. We can evaluate…

Q: A building that was purchased on December 31, 2003, for $2,500,000 was originally estimated to have…

A: Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset due to its…

Q: On January 1, 2018, Bie Corp. purchased a new building at a cost of P3 million. Depreciation was…

A: Revaluation Surplus To Calculating the Revaluation surplus first to calculate the Carrying amount of…

Q: On January 1, 2017, Windsor Company purchased a building and equipment that have the following…

A:

Q: Funseth Company purchased a five-story office building on January 1, 2014, at a cost of $5,000,000.…

A: Calculate Depreciation expenses on building.

Q: Sanders LLC purchased new packaging equipment with an estimated useful life of five years. The cost…

A: Straight Line Method: It is a method  of calculating depreciation , amortisation on asset over a…

Q: The following transactions occurred during 202O. Assume that depreciation of 10% per year is charged…

A: Depreciation refers to the expenditure that is incurred using the fixed assets of the organization.

Q: On January 1,2015, Rekto Corporation acquired a building at a cost of $22,000,000. The building has…

A: Annual depreciation = (Cost of the assets - residual value)/ life of the assets = (P22,000,000 -…

Q: On January1, 2013, FUSS Company acquired a bakery equipment at a cost of $650,000. The equipment is…

A: Impairment of assets means reducing the book value  of assets when carrying amount is more than…

Q: On April 1, 2016, Cyclone's Backhoe Co. purchases a trencher for $288,000. The machine is expected…

A: Solution:- Calculation of depreciation expense for both years ending December 2016 and 2017 using…

Q: On January 1,2013, HUTS Company acquired a bakery equipment at a cost of $650,000. The equipment is…

A: Depreciation expense: Depreciation expense is the reduction in a particular asset due to its use or…

Q: King Manufacturing Company purchased a machine on January 1, 2016 at a cost of $60,000. The company…

A: Double declining balance(DDB Rate) method is one of the method of depreciation where asset is…

Q: Howarth Manufacturing Company purchased a lathe on June 30, 2014, at a cost of $80,000. The residual…

A: Straight line depreciation method is a method in which same amount is charged as depreciation in…

Q: The following transactions occurred during 2020. Assume that depreciation of 10% per year is charged…

A: Depreciation: Depreciation is a method of reducing the capitalized cost of long-lived operating…

Q: On January 1, 2014, Raven Company acquired a building at cost of P5,000,000. The building has been…

A: 1. Carrying amount = building cost - depreciation  = P5,000,000 - (P5,000,000/20 years)*5 year =…

Q: Ping Company provided the following information with respect to its building: The building was…

A: Depreciation expenses: Depreciation expenses are the expense incurred on the wear and tear of the…

Q: The following transactions occurred during 2020. Assume that depreciation of 10% per year is charged…

A: The following entries shows the way to record the transactions as mentioned:

Q: At the beginning of 2014, Robotics Inc. acquired a manufacturing facility for $12 million. $9…

A:

Q: Greg Maddox Company constructed a building at a cost of $2,200,000 and occupied it beginning in…

A: "Hey, since multiple sub parts are posted, we will answer the first three questions alone. If you…

Q: On May 1, 2011, Waller Company purchased new equipment at a cost of Rs 525,000. The useful life of…

A: Assets can be either current or non-current based on their term of life. Assets that lasts for more…

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.