The following property are subject to depreciation for the year ending December 31,1999Salvage Value Est. Useful LifeЗ уears5 years10 yearsDate Acquired12-1/1999PropertyCarCost25,00030,0001,0001,20008-1/1999Furniture6/1/1995Equipment1,000,00010,0001. What is the adjusting journal entry for the annual depreciation on December 31,1999?2. how much is the depreciation expense for this year ending December 31,1999?3. How much will be the annual depreciation on each property?

Meaning: Reduction in the value of an asset, due to wear and tear is known as depreciation.…

Answered: The following property are subject to…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 9RE

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Using the following information: A. make the December 31 adjusting journal entry for depreciation B. determine the net book value (NBV) of the asset on December 31 Cost of asset, $250,000 Accumulated depreciation, beginning of year, $80,000 Current year depreciation, $25,000
On December 31, 2019, Vail Company owned the following assets: Vail computes depreciation and amortization expense to the nearest whole year. During 2020, Vail engaged in the following transactions: Required: 1. Check the accuracy of the accumulated depreciation balances at December 31, 2019. Round to the nearest whole dollar in all requirements. 2. Prepare journal entries to record the preceding events in 2020, as well as the year-end recording of depreciation expense. 3. Prepare an Accumulated Depreciation account for each category of assets, enter the beginning balance, post the journal entries from Requirement 2, and compute the ending balance.
Assume the same information as in RE11-3, except that Albany Corporation purchased the asset on April 1, Year 1. Calculate the depreciation for Year 1 and Year 2 using the double-declining-balance method. Round to the nearest dollar.
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The following trial balance was extracted from the ledger of Juliana at 31 December 2020.JulianaTrial Balance as at 31 December 2020RMRMLand at cost26,000Plant at cost83,000Accumulated Depreciation at 1 January 2020- Plant13,000Office Equipment33,000Accumulated Depreciation at 1 January 2020Office Equipment8,000Receivables198,000Payables52,000Sales763,000Purchases516,000Returns inwards47,000Discount allowed4,000Capital at 1st January 2020230,000Drawings14,000Provision for doubtful debts at 1 January 202023,000Salaries Expense44,000Administration costs38,000Bank75,000Bad debts written off77,000Inventory at 1 January 202084,0001,164,0001,164,000Additional information: Closing inventory is RM74,000. Depreciation on plant is charged at 10% per annum on cost. Depreciation on office equipment is charged at 20% per annum using the reducing balance method. Administration costs include insurance prepaid of RM3,000. Salary accrued amount to RM2,000. The allowance for receivables is to…
Swifty Industries presents you with the following information.Complete the table for the year ended December 31, 2022. The company depreciates all assets using the half-year convention. (Round answers to 0 decimal places, e.g. 45,892.) Description DatePurchased Cost SalvageValue Lifein Years DepreciationMethod AccumulatedDepreciation to12/31/21 Depreciationfor 2022 Machine A 2/12/20 $146,800 $17,000 10 SYD $34,220 $20060 Machine B 8/15/19 81370 21,630 5 SL 29,870 11948 Machine C 7/21/18 67,200 23,500 8 DDB (A) (B) Machine D (C) 225,570 71,070 5 SYD 72,100 (D)
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The correct percentage to use to calculate the depreciation allowance for a MACRS 3-year property for Year 2 is which of the following? (a) 14.4% (b) 32.0% (c) 33.3% (d) 44.5%?
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Carrying amount of right to use asset at the end of 31st December 2022 = Initial measurement at 1 Jan 2022 - Depreciation for the year = P1,104,558 - P1,104,558/8 years x 1 year = P966,488 Hence, the carrying amount of right to use asset at the end of 2022 is = P966,488Please elaborate this solution and answer. P1,104,558 - P1,104,558 the answer is ZERO, hence if you multipty or divide it with any numbers, the answer would be zero. So, what is the solution for P966,488 answer?

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