Q 9.42: In order to calculate book value, subtract accumulated depreciation from. A fair value market value C cost D replacement cost
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Q: A) What is residual value? Support your answer with an example ( word count 100)
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Q: Time left 0:15:48 18 When accounting for self-constructed PPE and computing the amount of interest…
A: Answer are as follows.
Book Value = Cost - Accumulated Depreciation
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- Q5 Under CCA method, depreciation is provided on the _____ of the asset: a. Historical cost b. Past cost c. Current cost d. Original costLC5Q5. In which of the following method of depreciation, the amount of depreciation remains constant? Reducing balance method Diminishing balance method Written down value method. Straight line methodQuestion When computing depreciation expence of PE bo g toutle-decing e depreciation method produce the seme OA aual book vatue of the asset OR lotal depreciation expecse over the assets usetul e Oc amnua depreciation expense of the assat. OD. annual tax paid. MacBookk Pro
- 12:25 Assignment Details BSA_2102 : Intermediate Accounting 1 & 2 4. What are the conditions for classfiication as held for sale? 5. Explain the term highly probable. 6. Explain the measurement of noncurrent aset classified as held for sale. 7. Explain the writedowin of the noncurrent asset to fair value less cost of disposal any subsequent increase in fair value. 8. What is the treatment of abandoned and temporarily abandoned noncurrent asset or disposal group? 9. Explain the treatment of a change in classification of a noncurrent asset classified as held for sale. 10. Explain the presentation of noncurrent asset classified as held for sale in the statement of financial position. Submit Assignment Dashboard Calendar To Do Notifications Inbox 因6. Which depreciation method calculates annual depreciation expense based on the book value of an asset? a. double-declining balanceb. sum-of-the-years'-digitsc. Inventory systemsd. group depreciationq26 Which of the following methods of fixed assets valuation provides more relevant information to users of the financial statements? Select one: a. Carrying value less accumulated depreciation and impairment losses b. Revaluation Method c. Book value less accumulated depreciation d. Historical Cost Method
- PA7. LO 4.3Using the following information: make the December 31 adjusting journal entry for depreciation determine the net book value (NBV) of the asset on December 31 Cost of asset, $250,000 Accumulated depreciation, beginning of year, $80,000 Current year depreciation, $25,000On January 1, 2025, Pharoah Company purchased a machine costing $356000. The machine is in the MACRS 5-year recovery class for tax purposes and has an estimated $71000 salvage value at the end of its economic life. Assuming the company uses the general MACRS approach, the MACRS deduction for tax purposes for the year 2025 is Recovery Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 MACRS Depreciation Rates By Class of Property 10-Year (200% DB) 3-Year 5-Year 7-Year (200% DB) (200% DB) (200% DB) 33.33 44.45 14.81* 7.41 20.00 32.00 19.20 11.52* 5.76 14.29 24.49 17.49 12.49 8.93* 8.92 8.93 4.46 10.00 18.00 14.40 11.52 9.22 7.37 6.55* 6.55 6.56 6.55 3.28 15-Year (150% DB) 5.00 9.50 8.55 7.70 6.93 6.23 5.90* 5.90 5.91 5.90 5.91 5.90 5.91 5.90 20-Year (150% DB) 3.750 7.219 6.677 6.177 5.713 5.285 4.888 4.522 4.462* 4.461 4.462 4.461 4.462 4.461 SUPPORTQ10 Which of the following statement is NOT correct? Select one: a. When the carrying amount of an asset is less than the recoverable amount, then an asset should have its previous impairments reversed to the value of the recoverable amount provided there is accumulated amortization to cover the difference. b. The difference between the carrying amount of an asset and the recoverable is the impairment loss if the carrying amount is greater. c. When the carrying amount of an asset is greater than the recoverable amount, then an asset should be impaired to the value of the recoverable amount d. The difference between the carrying amount of an asset and the recoverable is the impairment loss if the carrying amount is less.
- 21- The book value of the asset sold is calculated as a. Book Value = Cost – Sale Value b. Book Value = Cost – Depreciation for the year c. Book Value = Cost – Accumulated Depreciation d. Book Value = Cost – Salvage Value03:35 An asset is depreciated over whichever is longer, the asset's service life or physical life. True or False True False0.4KB/s O l 4G+ 12:42 PM 61 00:18:06 Remaining Multiple Choice When an intangible asset is acquired by an exchange of assets, which of the following measures will need to be considered in the determination of the cost? Fair value of the asset given up Initial cost of the asset given up Carrying amount of the asset received Replacement cost of the asset received 21 of 25 II レ