Revision of Depreciation On January 1, 2021, Blizzards-R-Us purchased a snow-blowing machine for $85,000. The machine was expected to have a residual value of $5,000 at the end of its 5-year useful life. On January 1, 2023, Blizzards-R-Us concluded that the machine would have a remaining useful life of 6 years with a residual value of $770. Required: Determine the revised annual depreciation expense for 2023 using the straight-line method. $

On July 1, 2020 Waterway's Greenhouse purchased a new delivery truck for $100,000. Waterway estimates that the delivery truck will have a five-year useful life, or 225,000 kilometres, and a residual value of $10,000. Waterway's Greenhouse has a December 31 year end. Waterway drove the truck 14,000 km in 2020 and 38,000 km in 2021. Calculate depreciation expense using the straight-line method for 2020 and 2021. 2020 2021 Depreciation Expense eTextbook and Media Calculate depreciation expense using the double-diminishing-balance method for 2020 and 2021. 2020 2021 Depreciation Expense %24 eTextbook and Media Calculate depreciation expense using the units-of-production method for 2020 and 2021. (Round depreciable amount per unit to 2 decimal places, eg. 5.27 and the final answers to O decimal places, eg. 5,275.) 2020 2021 Depreciation Expense %24 %24

SABM Co. acquired a machine on January 1, 2018, at a cost of P120,000. It was expected to have a useful economic life of 10 years. SABM Co. uses the straight-line method in depreciating its machinery and equipment and reports on a calendar year basis. On December 31, 2020, the machine was appraised as having a gross replacement cost of P150,000. SABM Co. applies the revaluation model in valuing this class of property, plant, and equipment after its initial recognition. What is the balance of the revaluation surplus account on December 31, 2021 assuming that piecemeal realization of revaluation surplus is in order? *   P30,000 P21,000 P18,000 P15,000 answer not given

On January 2, 2021, Morales Paint Company purchased a truck that cost $60,000 with a residual value of $2,500. The expected useful life of the truck is 4 years and 100,000 miles. It is expected to be driven 13,000 miles in the first year; 40,000 miles the second year; 27,000 miles in the third year and 20,000 miles in the fourth year.   A. Prepare a depreciation schedule for the asset’s entire useful life using each of the following methods: Straight Line Production (Units of Production) Double Declining Balance   B. Prepare the journal entry to record depreciation expense for year 2 for each of the Depreciation Methods (a total of 3 journal entries).   C. Assume that the company decided to sell the equipment in year 3 for $15,000 in cash. Prepare the required journal entry for each of the Depreciation Methods (a total of 3 journal entries).

On September 30, 2021, Bricker Enterprises purchased a machine for $200,000. The estimated service life is 10 years with a $20,000 residual value. Bricker records partial-year depreciation based on the number of months in service.Depreciation (to the nearest dollar) for 2022, using sum-of-the-years'-digits method, would be:   Multiple Choice   $31,909.   $29,455.   $35,456.   $54,000.

On September 19, 2020, Sunland Company purchased machinery for $478000. Salvage value was estimated to be $24000. The machinery will be depreciated over eight years using the sum-of-the-years'-digits method. If depreciation is computed on the basis of the nearest full month, Sunland should record depreciation expense for 2021 on this machinery of O $75667. O $102903. O $97736. O $97972.

Atlas Painting purchased a new machine on October 1, 2020, at a cost of £90,000. The company estimated that the machine will have a residual value of £4,000. The machine is expected to be used for 10‐year life.Instructions:Compute the depreciation expense under straight-line for the year ended December 31st :- 2020 and -2021.

Tasty Subs acquired a delivery truck on October 1, 2021, for $25,800. The company estimates a residual value of $2,400 and a six- year service life. Required: Calculate depreciation expense using the straight-line method for 2021 and 2022, assuming a December 31 year-end. 2021 2022 Depreciation expense

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.

Duluth Ranch, Incorporated purchased a machine on January 1, 2021. The cost of the machine was $44,000. Its estimated residual value was $14,000 at the end of an estimated 5-year life. The company expects to produce a total of 20,000 units. The company produced 1,600 units in 2021 and 2,050 units in 2022. Required: a. Calculate depreciation expense for 2021 and 2022 using the straight-line method. b. Calculate the depreciation expense for 2021 and 2022 using the units-of-production method. c. Calculate depreciation expense for 2021 through 2025 using the double-declining balance method. Complete this question by entering your answers in the tabs below. Required A Required B Required C Calculate depreciation expense for 2021 through 2025 using the double-declining balance method. (Round your final answers to nearest whole dollar.) Depreciation Expense 2021 2022 2025