Sheridan Company purchased machinery on January 1, 2020, for $85,600. The machinery is estimated to have a salvage value of $8,560 after a useful life of 8 years. Compute 2020 depreciation expense using the double-declining-balance method. Depreciation expense %24 eTextbook and Media Compute 2020 depreciation expense using the double-declining-balance method, assuming the machinery was purchased on October 1, 2020. (Round answer to O decimal places, eg. 5,125.) Depreciation expense

Subject :- Account

Splish Company purchases equipment on January 1, Year 1, at a cost of $612,000. The asset is expected to have a service life of 12 years and a salvage value of $55,080. (a) Compute the amount of depreciation for each of Years 1 through 3 using the straight-line depreciation method. (Round answers to O decimal places, e.g. 5,125.) Your answer is correct. Depreciation for Year 2 (b) Depreciation for Year 1 Depreciation for Year 3 (c) eTextbook and Media Depreciation for Year 1 Your answer is correct. Depreciation for Year 2 Depreciation for Year 3 $ eTextbook and Media $ $ Compute the amount of depreciation for each of Years 1 through 3 using the sum-of-the-years-digits method. Depreciation for Year 2 $ $ $ Depreciation for Year 1 $ 46,410 $ 46,410 Depreciation for Year 3 $ 46,410 85.680 78.540 Compute the amount of depreciation for each of Years 1 through 3 using the double-declining-balance method. (Round depreciation rate to 2 decimal places, e.g. 15.84% and final answers to 0 decimal…

Chandler Company purchased a factory machinery on May 1, 2030 for $133,500 with an estimated 5- year life. It is estimated that the machinery will have a $22,000 salvage value. What is the amount of depreciation expense at December 31, 2030 using the straight-line method of depreciation? O $26,700 O $20,733 O $22,300 O $14,867 O $17,800

On May 1, 2025, Crane Company purchased factory equipment for $739700. The asset's useful life in hours is estimated to be 190000. The estimated salvage value is $35000 and the estimated useful life in years is 9. The machine was used for 19000 hours in the first year. If the activity method is used, what is depreciation expense for 2025? (Round the depreciation rate to 4 decimal places e.g. 15.2578.) $52200 $70469 $78300 O $74269

Oriole Company owns equipment that cost $120,000 when purchased on January 2, 2024. It has been depreciated using the straight- line method based on estimated residual value of $6,000 and an estimated useful life of five years. Following are the four independent situations. Assume depreciation has been recorded to the date of sale. (a) Prepare Oriole Company's journal entry to record the sale of the equipment for $55,100 on January 2, 2027. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles Jan. 2 Debit Credit

The following data relate to the Machinery account of Wildhorse, Inc. at December 31, 2025. Original cost Year purchased Useful life Salvage value Depreciation method Accum. depr. through 2025* a. Cash A Machinery (Machine A) $54,280 2020 15,340 10 years $3,658 Sum-of-the-years'-digits $36,816 B 15,340 $60,180 2021 Machinery 15,000 hours $3,540 Activity $41,536 C $94,400 2022 15 years $5,900 Straight-line $17,700 D $94,400 *In the year an asset is purchased, Wildhorse, Inc. does not record any depreciation expense on the asset. In the year an asset is retired or traded in, Wildhorse, Inc. takes a full year's depreciation on the asset. The following transactions occurred during 2026. 2024 10 years $5,900 On May 5, Machine A was sold for $15,340 cash. The company's bookkeeper recorded this retirement in the following manner in the cash receipts journal. Double-declining balance $18,880

Sunland Corporation owns machinery that cost $25,200 when purchased on July 1, 2022. Depreciation has been recorded at a rate of $3,024 per year, resulting in a balance in accumulated depreciation of $10,584 at December 31, 2025. The machinery is sold on September 1, 2026, for $13,230. Prepare journal entries to (a) update depreciation for 2026 and (b) record the sale.

Swifty Company purchased a new plant asset on April 1, 2025, at a cost of $720,000. It was estimated to have a service life of 20 years and a salvage value of $56,400. Swifty accounting period is the calendar year. (a) 4 Compute the depreciation for this asset for 2025 and 2026 using the sum-of-the-years'-digits method. (Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 45,892.) Depreciation for 2025 Depreciation for 2026 IA $ $

Blossom Limited sold equipment on September 30, 2024, for $37,870 cash. The equipment originally cost $156,280 when purchased on January 1, 2022. It had an estimated residual value of $4,380 and a useful life of five years. Depreciation is recorded annually and was last recorded on December 31, 2023, the company's year end. (a) Prepare the journal entry to update depreciation using the straight-line method to September 30, 2024. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit