On October 1, 2020, Saria Company purchased equipment for $13,000 with an estimated useful life of 3 years and a salvage value of $4,000. The company uses the straight-line method of depreciation. The Depreciable Cost of the equipment is: O $13,000 O $10,000 O $9,000 $3,000 None of the above

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On January 2, 2017, Cancer Company purchased transportation equipment 1 costing P2,400,000. The new asset has an estimated useful life of 8 years with no salvage value. Cancer Company depreciates this type of asset using the straight-line method. On January 2, 2019, Cancer determined that the machine has a useful life of 6 years from the date of acquisition with no salvage value. As a result of the change in the estimated useful life of the asset, what is the carrying amount of the transportation equipment as of December 31, 2019?

Jason Co purchased a machinery for £100,000 on 1/1/2018. It had an estimated useful life of ten years and it was depreciated using the reducing balance method at a rate of 20%. On 1/1/20 it was decided to change the depreciation method to the straight line. There was no change to the useful life, and no residual value is anticipated.   What are the accumulated depreciation and the net book value of the asset for the year ended 31 December 2021?

Marsh Corporation purchased a machine on July 1, 2012, for $1,250,000. The machine was estimated to have a useful life of 10 years with an estimated salvage value of $70,000. During 2015, it became apparent that the machine would become uneconomical after December 31, 2019, and that the machine's salvage value is now $0. Accumulated depreciation on this machine as of December 31, 2014, was $295,000. What should be the charge for depreciation in 2015 under generally accepted accounting principles? O $177,000 O $191,000 O $205,000 O $238,750

Equipment was purchased for $83700 on January 1, 2021. Freight charges amounted to $4000 and there was a cost of $12000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $16000 salvage value at the end of its 5-year useful life. What is the amount of accumulated depreciation at December 31, 2022 if the straight-line method of depreciation is used? O $16740. $13540. $28140. $33480.

On January 1, 2016, Rexford Company purchased a drilling machine for $11,500. The machines has an estimated useful life of 4 years and a salvage value of $200. Given this information, if Rexford uses double-declining-balance method of depreciation, and sells the machine on December 31, 2017, for $3,000 cash. Then how much will be gain or loss on disposal of this asset?   $ 2,750 loss $ 1,800 loss $1,562 gain $ 125 gain

Zorzi Corporation purchased a Machine on January 1 2017 for $80 000. The machinery is estimated to have a salvage value of $8 000 after a useful life of 8 years. Compute the depreciation expense using the Straight-line method for 2017 O S8.900 O $9.000 O $9 100 O $9.200

Lugar Company purchased a piece of machinery for $28,500 on January 1, 2016, and has been depreciating the machine using the sum-of-the-years'-digits method based on a five-year estimated useful life and no salvage value. On January 1, 2018, Lugar decided to switch to the straight-line method of depreciation. The salvage value is still zero and the estimated useful life is changed to a total of six years from the date of purchase. Ignore income taxes. Required:1. Prepare the appropriate journal entry, if any, to record the accounting change under GAAP.2. Prepare the journal entry to record depreciation for 2018.

Zorzi Corporation purchased a Machine on January 1, 2017 for $80,000. The machinery is estimated to have a salvage value of $8,000 after a useful life of 8 years. Compute the depreciation expense for 2017 using the sume of the years didgets method assuming the machine was purchased on October 1, 2017 O $2,500 O $12.000 O S7.500 O $10,000