The cost of equipment purchased by Bramble, Inc., on June 1, 2020, is $ 92,400. It is estimated that the machine will have a $ 8,400 salvage value at the end of its service life. Its service life is estimated at 7 years, its total working hours are estimated at 42,000, and its total production is estimated at 600,000 units. During 2020, the machine was operated 6,900 hours and produced 63.200 units. During 2021, the machine was operated 6,320 hours and produced 55,200 units. Compute depreciation expense on the machine for the year ending December 31, 2020, and the year ending December 31, 2021, using the following methods. (Round depreciation per unit to 2 decimal places, eg. 15.25 and final answers to 0 decimal places, eg. 45,892.) 2020 2021 (a) Straight-line 24 %24 (b) Units-of-output %24 %24 (c) Working hours 24 (d) Sum-of-the-years'-digits %24 2$ (e) Double-declining-balance (twice the straight-line rate) %24 %24 %24 %24

Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $57,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $6,000. On January 1, 2024, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $1,200.   Required: 1. Prepare the year-end journal entry for depreciation on December 31, 2024. No depreciation was recorded during the year.   Record depreciation expense for 2024.           Event General Journal Debit Credit 1 Depreciation expense 4,425     Accumulated depreciation—computer   4,425                             Prepare the year-end journal entry for depreciation on December 31, 2024. Assume that the company uses the double-declining-balance method instead of the straight-line method.         Event General Journal Debit Credit 1 Depreciation…

Birkey Company purchased equipment on January 1, 2020, at a total cost of $99,000. The machinery’s estimated useful life is 8 years or 60,000 hours, and its residual value is $9,000. During 2020 and 2021, the machinery was used 7,000 and 8,00 hours, respectively.   Calculate the depreciation expense for 2020 using the units-of-production method.   Show your calculations  Blank 1. Fill in the blank, read surrounding text. 2020 Depreciation Expense Units-of-Production Method  Blank 2. Fill in the blank, read surrounding text.

Crane Company purchases an oil tanker depot on January 1, 2020, at a cost of $639,700. Crane expects to operate the depot for 10 years, at which time it is legally required to dismantle the depot and remove the underground storage tanks. It is estimated that it will cost $69,980 to dismantle the depot and remove the tanks at the end of the depot's useful life. (a) Your answer is partially correct. Prepare the journal entries to record the depot and the asset retirement obligation for the depot on January 1, 2020. Based on an effective-interest rate of 6%, the present value required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) the asset retirement obligation on January 1, 2020, is $39,076. (If no entry is Date Account Titles and Explanation Debit Credit January 1, depot 2020 639700 Cash 639700 (To record the depot) January 1, 2020 depot 39076 Asset Retirement…

On October 1, 2021, the Allegheny Corporation purchased equipment for $123,000. The estimated service life of the equipment is 10 years and the estimated residual value is $2,000. The equipment is expected to produce 220,000 units during its life.  Required: Calculate depreciation for 2021 and 2022 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service. Double-declining-balance.                                                                                    Double-Declining-Balance Method                                           Choose Numerator:    x   Choose Denominator:    x   Fraction of      = Depreciation Expense Formula                       Beginning Book Value   x Double the Straight-line Rate x Fraction of Year = Depreciation  Amount for 2021          $ _________________   x  __________________      % x _____________ =  _________ Amount for 2022          $_________________    x…

Grove Company acquired a production machine on January 1, 2022, at a cost of $540,000. The machine is expected to have a four- year useful life, with a salvage value of $104,000. The machine is capable of producing 74,000 units of product in its lifetime. Actual production was as follows: 16,280 units in 2022; 23,680 units in 2023; 20,720 units in 2024; 13,320 units in 2025. Following is the comparative balance sheet presentation of the net book value of the production machine at December 31 for each year of the asset's life, using three alternative depreciation methods (items a to c): Required: Identify the depreciation method used for each of the following comparative balance sheet presentations (items a to c). If a declining- balance method is used, be sure to indicate the percentage (150% or 200%). (Hint: Read the balance sheet from right to left to determine how much has been depreciated each year. Remember that December 31, 2022, is the end of the first year.) a. b. C. Production…

please solve the d and e

Concord Corporation purchased a new machine for its assembly process on August 1, 2025. The cost of this machine was $129,600. The company estimated that the machine would have a salvage value of $12,600 at the end of its service life. Its life is estimated at 5 years, and its working hours are estimated at 20,000 hours. Year-end is December 31. Compute the depreciation expense under the following methods. Each of the following should be considered unrelated. (Round depreciation rate per hour to 2 decimal places, e.g. 5.35 for computational purposes. Round your answers to O decimal places, e.g. 45,892.) (a) Straight-line depreciation for 2025 (b) (c) (d) Activity method for 2025, assuming that machine usage was 800 hours Sum-of-the-years'-digits for 2026 Double-declining-balance for 2026 $ $ LA $ 9,750 4,680 31,200 43,200

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