Sayers Company purchased a building for $250,000 on January 2, 2019. The building has an expected residual value of $20,000 at the end of its expected life of 20 years. Required: 1 a. Prepare a schedule showing depreciation expense for 2019 and 2020 and the book value on December 31, 2019, and December 31, 2020, for straight-line method. If required, round your answers to the nearest dollar. SAYERS COMPANYDepreciation ScheduleStraight-line Beginning Book Value Depreciation Ending Book Value 2019 $fill in the blank 4e32eb09ffd4011_1 $fill in the blank 4e32eb09ffd4011_2 $fill in the blank 4e32eb09ffd4011_3 2020 $fill in the blank 4e32eb09ffd4011_4 $fill in the blank 4e32eb09ffd4011_5 $fill in the blank 4e32eb09ffd4011_6 b. Prepare a schedule showing depreciation expense for 2019 and 2020 and the book value on December 31, 2019, and December 31, 2020, for sum-of-the-years'-digits method. If required, round your answers to the nearest dollar. SAYERS COMPANYDepreciation ScheduleSum-of-the-years'-digits method Beginning Book Value Depreciation Ending Book Value 2019 $fill in the blank 94ed9e075fa306f_1 $fill in the blank 94ed9e075fa306f_2 $fill in the blank 94ed9e075fa306f_3 2020 $fill in the blank 94ed9e075fa306f_4 $fill in the blank 94ed9e075fa306f_5 $fill in the blank 94ed9e075fa306f_6 c. Prepare a schedule showing depreciation expense for 2019 and 2020 and the book value on December 31, 2019, and December 31, 2020, for double-declining-balance method. If required, round your answers to the nearest dollar. SAYERS COMPANYDepreciation ScheduleDouble-declining-balance Beginning Book Value Depreciation Ending Book Value 2019 $fill in the blank 574a69044f89fbe_1 $fill in the blank 574a69044f89fbe_2 $fill in the blank 574a69044f89fbe_3 2020 $fill in the blank 574a69044f89fbe_4 $fill in the blank 574a69044f89fbe_5 $fill in the blank 574a69044f89fbe_6

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Valley, Inc., purchased a new machine on October 1 of the 2020 at a cost of $118,000. The machine's estimated useful life at the time of the purchase was 5 years, and its residual value was $16,000. The company reports on a calendar year basis. Prepare a complete depreciation schedule, beginning with the 2020, under each of the following methods listed (assume that the half-year convention is used). a- Straight-line. b- 200 percent declining-balance. c- 150 percent declining-balance, switching to straight-line when that maximizes the expense. d- Which of the three methods computed in part a is most common for financial reporting purposes? Explain.

Whispering Company owns equipment that cost $100,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $10,000 and an estimated useful life of 5 years. Depreciation expense adjustments are recognized annually. Instructions: Prepare Whispering Company's journal entries to record the sale of the equipment in these four independent situations. Update depreciation on assets disposed of at time of sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) (b) (c) (d) (e) (f) (a) Sold for $59,000 on January 1, 2022. Sold for $59,000 on April 1, 2022. SR. Account Titles and Explanation (b) Sold for $21,000 on January 1, 2022. Sold for $21,000 on September 1, 2022. Repeat (a), assuming Whispering uses double-declining…

Peanut Company purchased a machine on January 1, 2019, for $100,000 with a $20,000 salvage value and an eight-year useful life. The company uses double-declining-balance depreciation. Required:Compute the depreciation expense for 2019 and 2020. Year DepreciationExpense 2019 $fill in the blank 1 2020 $fill in the blank 2

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 the depreciation expense for 2021 and 2022 using the units-of-production method. (Do not round your intermediate calculations. Round your final answers to the nearest whole dollar.) 2021 2022 Depreciation Expense

Tinker Bell Company sold a delivery wing truck on March 1, 2022. Tinker had acquired the wing truck on January 1, 2019, for $ 52,000. At acquisition, Tinker had estimated that the truck would have a useful life of 6 years and a residual value of $4,000. On December 31, 2021, the truck had a book value of $ 28,000. Required: Prepare the journal entries to recognized the depreciation expense for 2022 prior to the sale and the sale of the truck assuming the truck sold at the following different prices (you will have 3 entries total): $32,000 26,000

On July 1, 2018, Mundo Corporation purchased factory equipment for $50,000. Residual value was estimated at $2,000. The equipment will be depreciated over 10 years using the doubledeclining balance method. Counting the year of acquisition as one-half year, Mundo should record 2019 depreciation expense of:

Rehearsal Corporation purchased equipment on Jan 1, 2020, for $250,000. The equipment was expected to have a useful life of three years , or12,000 operating hours, and a residual value of $10,000. The equipment was used for 3,500 hours during 2020, 3,500 hours during 2021, and 5,000 hours in 2022.Instructions:Determine the amount of depreciation expense for the years ended December 31, 2020, 2021, and 2022, by (a) the straight-line method,(b) the units-of-production method, and ( c ) the double-declining-balance method. Round DDB Rate to two decimal places. Round final answers to the nearest dollar.SHOW YOUR WORK:Depreciation ExpenseYear Staight-Line

The Canliss Milling Company purchased machinery on January 2, 2019, for $800,000. A five-year life was estimated and no residual value was anticipated. Canliss decided to use the straight-line depreciation method and recorded $160,000 in depreciation in 2019 and 2020. Early in 2021, the company changed its depreciation method to the sum-of-the-years’-digits (SYD) method. Required:2. Prepare any 2021 journal entry related to the change. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Record the adjusting entry for depreciation in 2021.