FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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led The following information relates to Riggs Corp.'s purchase of equipment on 15 June 20X7: Invoice price Discount for early payment (if paid by 30 June) Shipping costs Installation Testing $ The equipment was installed and tested during the week of 22 June 20X7. Riggs paid the invoice price on 1 July 20X7. The equipment was ready for use on 30 June and put into production on 3 July 20X7. Riggs uses straight-line depreciation for the company's equipment and expects to use the asset for six years. Component parts are not significant and need not be recognized and depreciated separately. The estimated residual value is zero. The company's fiscal year-end is 31 December. Book value of the equipment after installation 498,000 2,550 5,600 5,400 10,800 Required: 1. What is the book value of the equipment after installation? 2017 $ 519,800 X 2. Compute depreciation expense for 20X7, using the straight-line method, calculating depreciation to the nearest month. (Round your answers to nearest whole dollars.)
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Transcribed Image Text:led The following information relates to Riggs Corp.'s purchase of equipment on 15 June 20X7: Invoice price Discount for early payment (if paid by 30 June) Shipping costs Installation Testing $ The equipment was installed and tested during the week of 22 June 20X7. Riggs paid the invoice price on 1 July 20X7. The equipment was ready for use on 30 June and put into production on 3 July 20X7. Riggs uses straight-line depreciation for the company's equipment and expects to use the asset for six years. Component parts are not significant and need not be recognized and depreciated separately. The estimated residual value is zero. The company's fiscal year-end is 31 December. Book value of the equipment after installation 498,000 2,550 5,600 5,400 10,800 Required: 1. What is the book value of the equipment after installation? 2017 $ 519,800 X 2. Compute depreciation expense for 20X7, using the straight-line method, calculating depreciation to the nearest month. (Round your answers to nearest whole dollars.)
d 2. Compute depreciation expense for 20X7, using the straight-line method, calculating depreciation to the nearest month. (Round your answers to nearest whole dollars.) a. b. C. Closest month Full first year Half-year convention Closest month Full first year Half-year convention SASS 3. This part of the question is not part of your Connect assignment. 4. Calculate depreciation expense for both 20X7 and 20X8 using declining-balance depreciation with a 33% rate. (Round your answers to nearest whole dollars.) 4 $ $ 20X7 $ 7,219 X $ $ 866,333 433,166 $ 20X7 14,295 $ 85,767 $ 85,767 $ 20X8 9,577 X 57,469 57,464
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Transcribed Image Text:d 2. Compute depreciation expense for 20X7, using the straight-line method, calculating depreciation to the nearest month. (Round your answers to nearest whole dollars.) a. b. C. Closest month Full first year Half-year convention Closest month Full first year Half-year convention SASS 3. This part of the question is not part of your Connect assignment. 4. Calculate depreciation expense for both 20X7 and 20X8 using declining-balance depreciation with a 33% rate. (Round your answers to nearest whole dollars.) 4 $ $ 20X7 $ 7,219 X $ $ 866,333 433,166 $ 20X7 14,295 $ 85,767 $ 85,767 $ 20X8 9,577 X 57,469 57,464
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