On January​ 1, 2024, Sanderson Company acquired a machine for $1,000,000. The estimated useful life of the asset is five years. Residual value at the end of five years is estimated to be $65,000. What is the book value of the machine at the end of 2025 if the company uses the straight−line method of​ depreciation?

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On January 1, 2024, Hobart Manufacturing Company purchased a drill press at a cost of $36,000. The drill press is expected to last 10 years and has a residual value of $6,000. During its 10-year life, the equipment is expected to produce 500,000 units of product. In 2024 and 2025, 25,000 and 84,000 units, respectively, were produced. Required: Compute depreciation for 2024 and 2025 and the book value of the drill press on December 31, 2024 and December 31, 2025, assuming the double-declining-balance method is used. Depreciation Book Value 2024 2025

Howarth Manufacturing Company purchased equipment on June 30, 2020, at a cost of $90,000. The residual value of the equipment was estimated to be $6,000 at the end of a five-year life. The equipment was sold on March 31, 2024, for $18,000. Howarth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. Required: Prepare the journal entry to record the sale. Assuming that Howarth had instead used the double-declining-balance method, prepare the journal entry to record the sale.

Cox Inc. acquired a machine for $410,000 on January 1, Year 1. The machine has a salvage value of $10,000 and a 5-year useful life. Cox expects the machine to run for 10,000 machine hours. The machine was actually used for 1,700 hours in 2019 and 2,000 hours in 2020. What would be the balance in the accumulated depreciation account at the end of the second year, if the straight-line method were used? a.$148,000 b.$160,000 c.$250,000 d.$80,000

Howarth Manufacturing Company purchased equipment on June 30, 2020, at a cost of $175,000. The residual value of the equipment was estimated to be $10,000 at the end of a five-year life. The equipment was sold on March 31, 2024, for $48,000. Howarth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. Required: D 1. Prepare the Journal entry to record the sale. 2. Assuming that Howarth had Instead used the double-declining-balance method, prepare the Journal entry to record the sale. Complete this question by entering your answers in the tabs below. Required 1 Assuming that Howarth had instead used the double-declining-balance method, prepare the journal entry to record the sale. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not roun intermediate calculation. Round your final answers to the…

Assume that Bloomer Company purchased a new machine on January 1, 2017, for $80,000. The machine has an estimated useful life of nine years and a residual value of $8,000. Bloomer has chosen to use the straight-line method of depreciation. On January 1, 2019, Bloomer discovered that the machine would not be useful beyond December 31, 2022, and estimated its value at that time to be $2,000. Required: 1.  Calculate the depreciation expense, accumulated depreciation, and book value of the asset for each year 2017 to 2022. If necessary, round any depreciation calculations to the nearest dollar.

On January 1, 2021, Slim Inc. purchased machinery for $350,000. The machinery had an estimated useful life of 10 years and a salvage value of $35,000. The company elected to use sum-of-years digits depreciation. At the beginning of 2025, Slim decided to switch to the straight-line method of depreciation and reassessed the remaining useful life of the machinery to be 4 years with no change in the salvage value. A change in depreciation methods together with a change in the useful life of the asset is   Question 26Answer a.   a change in accounting principle.   b.   an error correction.   c.   a change in accounting principle effected as a change in accounting estimate.   d.   a change in accounting estimate.

Oman Cables Co. Purchased a machine for OR45,000 on January 1, 2020. The machine is expected to have a four - year life, with a residual value of OR5,000 at the end of four years. Using the sum - of - the years' - digits method, depreciation for 2021 would be Select one:  a. 16,000  b. 12,000 C. 13,500 O d. none of the above is correct

Oklahoma Company purchased a machine on January 1, 2020. The machine had a cost of $520,000 with a $20,000 residual value. The estimated useful life of the machine was eight years. On January 1, 2022, due to technological innovations, the estimated useful life was reduced by two years from the original life and the residual value was reduced by 50%. The company uses straight-line depreciation.   Required: Prepare the journal entry to record the annual depreciation on December 31, 2022. Show your calculations before you post the journal entry.