Sorter Company purchased equipment for $380,000 on January 2, 2019. The equipment has an estimated service life of 8 years and an estimated residual value of $38,000 . Required: Compute the depreciation expense for 2019 under each of the following methods: Straight-line: $ fill in the blank Sum-of-the-years'-digits: $ fill in the blank Double-declining-balance: $ fill in the blank

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

On January 2, 2019, a machine was purchased for $300,000. It has an estimated useful life of ten years and an estimated residual value of $30,000. The company uses the declining-balance method of depreciation with a declining balance rate of 8%. A)Depreciation expense for 2019 = $_________________________.  B)Depreciation expense for 2020 = $_________________________.

Waterway Company purchased a computer system for $86,700 on January 1, 2019. It was depreciated based on a 8-year life and an $16,700 salvage value. On January 1, 2021, Waterway revised these estimates to a total useful life of 4 years and a salvage value of $10,500. Waterway uses straight-line depreciation Prepare Waterway's entry to record 2021 depreciation expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit

Swann Company sold a delivery truck on April 1, 2019. Swann had acquired the truck on January 1, 2015, for $42,000. At acquisition, Swann had estimated that the truck would have an estimated life of 5 years and a residual value of $5,000. Swann uses the straight-line method of depreciation. At December 31, 2018, the truck had a book value of $12,400. Required: 1. Prepare any necessary journal entries to record the sale of the truck, assuming it sold for: a.  $12,000 b.  $9,000 2. How should the gain or loss on disposal be reported on the income statement? 3. Assume that Swann uses IFRS and sold the truck for $12,000. In addition, Swann had previously recorded a revaluation surplus related to this machine of $4,000. What journal entries are required to record the sale?

On April 1, 2021, Metro Co. purchased machinery at a cost of $42,000. The machinery is expected to last 10 years and to have a residual value of $6,000.   Required: Compute depreciation for 2021 (for 9 months, 4/1/21 ~ 12/31/21) assuming the sum-of-the-years'-digits method is used.  No credit if no computation is shown.

Storm Delivery Company purchased a new delivery truck for $69,000 on April 1, 2019. The truck is expected to have a service life of 10 years or 150,000 miles and a residual value of $3,000. The truck was driven 8,000 miles in 2019 and 20,000 miles in 2020. Storm computes depreciation expense to the nearest whole month. Required: Compute depreciation expense for 2019 and 2020 using the following methods: (Round your answers to the nearest dollar.) Straight-line method 2019 $ fill in the blank 2020 $ fill in the blank Sum-of-the-years'-digits method 2019 $ fill in the blank 2020 $ fill in the blank