The December 31, 2020 balance sheet of Swifty Company showed Equipment of $75,000 and Accumulated Depreciation of $16,000. On January 1, 2021, the company decided that the equipment has a remaining useful life of 6 years with a $5,000 salvage value. (a)

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1) Equipment was purchased on January 1, 2019 for $800,000. At the time of its purchase, the equipment was estimated to have a useful life of five years and a salvage value of $50,000. The equipment was depreciated using the straight- line method of depreciation through 2021. At the beginning of 2022, the estimate of useful life was revised to a total life of eight years and the expected salvage value was changed to $30,000. The amount to be recorded for depreciation for 2022 is?

On July 1, 2019, Cullumber Company purchased new equipment for $90,000. Its estimated useful life was 6 years with a $12,000 salvage value. On December 31, 2022, the company estimated that the equipment’s remaining useful life was 10 years, with a revised salvage value of $5,000. Compute the revised annual depreciation on December 31, 2022.

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A company purchased a piece of equipment for $50,000 on January 1, 2022. The equipment has an estimated useful life of 5 years and a residual value of $5,000. The company uses the straight-line method for depreciation. Calculate the annual depreciation expense for the equipment and its book value at the end of each year from 2022 to 2025.

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

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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 $ $

Vaughn Company purchased machinery on January 1, 2025, for $92,000. The machinery is estimated to have a salvage value of $9,200 after a useful life of 8 years. (a) Compute 2025 depreciation expense using the double-declining-balance method. Depreciation expense eTextbook and Medial