The Company Purchased Land for $80,000. The Land is expected to last for all time. What depreciation adjustment can be made to land account? B Dr. Depreciation Expense $80,000 Cr. Accumulated Depreciation $80,000 Dr. Accumulated Depreciation $80,000 Cr. Depreciation Expense $80,000 Dr. Depreciation Expense $5,000 Cr. Accumulated Depreciation $5,000 No depreciation Expense for the Land DAN
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- Problem 1. a:Consider the following data on an asset: Cost of the asset, I Useful life, N Salvage value, S $130,000 5 years $5,000 Compute the annual depreciation allowance using the straight-line depreciation method.Consider the following data on an asset:Cost of the asset. I $ 120,000Useful life. N 5 yearsSalvage value. S $30.000Compute the annual depreciation allowances and the resulting book valtu.:s.using the following methods:(a) The straight-line depreciation method(b) TI1e declining-balance methodonsider the following data on an asset:Cost of the asset, I $235,000Useful life, N 5 yearsSalvage value, S $ 60,000Compute the annual depreciation allowances and theresulting book values, using(a) The straight-line depreciation method.(b) The double-declining-balance method
- Consider the following data on an asset:Cost of the asset, I $38,000Useful life. N 6 YearsSalvage value. S $0 Compute the annual depreciation allowances and the resulting book values by using the DOB method and then switching to the SL method.I am using MACRS for depreciation. Purchase date: September 1st Cost: $650,000 Salvage: $30,000 Life: 7 years What percent do I use to calculate depreciation for years 1-8?Consider the following data on an asset:Cost of the asset, I $38.000Useful life. N 6 yearsSalvage value. S $0Compute the annual depreciation allowances and the resulting book values by using the DOB method and then switching to the SL method.
- Grover Inc. wishes to use the revaluation model for this property: Building Gross Value Building Accumulated Depreciation Net carrying value The fair value for the property is $100,000. What amount would be booked to the "accumulated depreciation" account if Grover chooses to use the proportional method to record the revaluation? OA. $20,000 credit B. $10,000 credit O C. SO Before Revaluation $120,000 40,000 80,000 D. $10,000 debitSubject :- Accounting Assume an asset with an original cost of $40,000, $6,000 salvage value, is depreciated using straight-line depreciation over 5 years. After year 2, the salvage value was modified to a $2,000 salvage value, with 5 years of depreciation remaining. What is the new yearly depreciation?Calculate the depreciation life (N) If annual depreciation charge is 750$, salvage value 2500$ and cost of an asset is 10000$ using the Straight Line Depreciation rule. Select one: а. 10 years b. 12 years c. 9 years
- Calculate and allocate basis for the following problems. 1. A property is acquired for a purchase price of $230,000 cash plus acquisition costs of $20,000. The tax assessment for this property is as follows: Assessed Value Land Improvements Total assessments $40,000 160,000 $200,000 a. What is the acquisition basis for this property? b. What is the allocation for land? c. What is the allocation for improvements?Refer to Exhibit 12.4 in the text. What is the depreciation expense deduction in each of 4 years for a$10,000 asset classified under MACRS as 3-year property?Calculate the depreciation using the Straight-Line Method for a company that buys a piece of equipment for $12,500. The equipment has an expected life of 10 years and a salvage value of $800. a. $1000 O b. $1100 O c. $1240 O d. $1170