Purchased a piece of equipment that cost $250,000 on January 1, 2011. The equipment will last 8 years and have a residual value of $10,000. Compute the following using the straight-line method of depreciation.

Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $587,500. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $41,420. a. What was the depreciation for the first year? Round your answer to the nearest cent. 2$ b. Using the rounded amount from Part a in your computation, determine the gain or loss on the sale of the equipment, assuming it was sold at the end of year eight for $97,086. Round your answer to the nearest cent. Enter your answer as a positive amount. c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent.

Equipment was acquired at the beginning of the year at a cost of $78,840. The equipment was depreciated using the straight-line method based upon an estimated useful life of 6 years and an estimated residual value of $7,860. a.  What was the depreciation expense for the first year?$fill in the blank 4b6aeefb5057020_1 b.  Assuming the equipment was sold at the end of the second year for $59,600, determine the gain or loss on sale of the equipment.$fill in the blank 4b6aeefb5057020_2       c.  Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank or enter "0".     - Select - - Select -     - Select - - Select -     - Select - - Select -     - Select - - Select -

Depreciation by Three Methods; Partial Years Razar Sharp Company purchased equipment on July 1, 2014, for $69,660. The equipment was expected to have a useful life of three years, or 5,400 operating hours, and a residual value of $2,160. The equipment was used for 1,000 hours during 2014, 1,900 hours in 2015, 1,600 hours in 2016, and 900 hours in 2017. Required: Determine the amount of depreciation expense for the years ended December 31, 2014, 2015, 2016, and 2017, by (a) the straight-line method, (b) units-of-output 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 2014 $fill in the blank 1 2015 $fill in the blank 2 2016 $fill in the blank 3 2017 $fill in the blank 4 b.  Units-of-output method Year Amount 2014 $fill in the blank 5 2015 $fill in the blank 6 2016 $fill in the blank…

Equipment acquired on January 8, 20Y1, at a cost of $675,000, has an estimated useful life of 17 years and an estimated residual value of $135,000. What was the annual amount of depreciation for the years 20Y1, 20Y2, and 20Y3, using the straight-line method of depreciation? Round annual depreciation to the nearest dollar and use this amount in your follow-on calculations. Depreciation expense 20Y1$ 20Y2$ 20Y3$

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Slotkin Products purchased a machine for $39,000 on July 1, 2014. The company intends to depreciate it over 8 years using the double-declining balance method. Salvage value is $3,000. Depreciation for 2015 to the closest dollar is A.$8,531 B.$19,500 C.$4,875 D. $7,500

Batman Inc. uses revaluation accounting for its Machinery.  The following information has been provided. July 7, 2022:  Purchased Machinery for $250 000 on account. Estimated Useful Life:  10 years Residual Value:  $0 Depreciation Method:  Straight-line (nearest full month) Frequency of Revaluation:  Annually  Valuation Data July 7, 2022:                $250 000 December 31, 2022:   $234 000 December 31, 2023:   $220 000   Prepare all necessary journal entries at December 31, 2022 and 2023.

An asset was purchased for $78,000 and originally estimated to have a useful life of 10 years with a residual value of $4,100. After two years of straight-line depreciation, it was determined that the remaining useful life of the asset was only 2 years with a residual value of $1,640. a. Determine the amount of the annual depreciation for the first two years. 24 b. Determine the book value at the end of Year 2. c. Determine the depreciation expense for each of the remaining years after revision. 2$

Required information [The following information applies to the questions displayed below.] On April 1, Cyclone Company purchases a trencher for $320,000. The machine is expected to last five years and have a salvage value of $60,000. Compute depreciation expense at December 31 for both the first year and second year assuming the company uses the straight-line method. Choose Numerator: Choose Denominator: Annual Depreciation Fraction of Year Depreciation Expense Year First year Second year Annual Depreciation X = Annual depreciation