Total company purchased an equipment for 1,200,000 that had an estimated residual value of 100,000 and an estimated service life of 10 years. The asset is being depreciated using the Straight-line method. REQUIRED: What is the amount of depreciation expense for the fifth year under each of the following independent accounting changes? 1. The company changes

Blue Co. purchased equipment on October 4, 20X1 at a cost of $63,000. The equipment has an estimated useful life of 4 years and an estimated salvage value of $3,000. Blue Co. uses the straight-line depreciation method. Blue Co.’s fiscal year-end is December 31. Assuming Blue Co. uses the half-year convention, what was the accumulated depreciation as of December 31, 20X2? (Round all results to the nearest whole dollar.)   a. $30,000   b. $22,500   c. $15,000   d. $7,500

A Kubota tractor acquired on January 8 at a cost of $54,000 has an estimated useful life of 10 years. Assuming that it will have no residual value. a. Determine the depreciation for each of the first two years by the straight-line method. First Year Second Year $ b. Determine the depreciation for each of the first two years by the double-declining-balance method. Do not round the double-declining balance rate. If required, round your final answers to the nearest dollar. First Year Second Year

Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $587,500. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $47,305. a. What was the depreciation for the first year? Round your answer to the nearest cent. b. Using the rounded amount from Part a in your computation, determine the gain or loss on the sale of the equipment, assuming it was sold at the end of year eight for $100,097. Round your answer to the nearest cent. Enter your answer as a positive amount. Feedback c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent.

Equipment was acquired at the beginning of the year at a cost of $78,840. The equipment was depreciated using the straight-line method based upon an estimated useful life of 6 years and an estimated residual value of $7,860. a.  What was the depreciation expense for the first year?$fill in the blank 4b6aeefb5057020_1 b.  Assuming the equipment was sold at the end of the second year for $59,600, determine the gain or loss on sale of the equipment.$fill in the blank 4b6aeefb5057020_2       c.  Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank or enter "0".     - Select - - Select -     - Select - - Select -     - Select - - Select -     - Select - - Select -

A building acquired at the beginning of the year at a cost of $112,000 has an estimated residual value of $7,800 and an estimated useful life of four years. Determine the following. (a) The double-declining-balance rate (b) the double declining-balance depreciation for the first year

An asset was purchased for $101,000 on January 1, Year 1, and originally estimated to have a useful life of 12 years with a residual value of $14,000. At the beginning of the third year, it was determined that the remaining useful life of the asset was only 4 years with a residual value of $2,200. Compute the third-year depreciation expense using the revised amounts and straight-line method. Oa. $22,075.00 Ob. $21,075.00 Oc. $20,075.00 Od. $21,575.00

Computer equipment was acquired at the beginning of the year at a cost of $59,800 that has an estimated residual value of $4,200 and an estimated useful life of five years. Determine the (a) depreciable cost, (b) straight-line rate, and (c) annual straight-line depreciation. a.  Depreciable cost $fill in the blank 1   b.  Straight-line rate fill in the blank 2 % c.  Annual straight-line depreciation

New lithographic equipment, acquired at a cost of $656,250 on March 1 of Year 1 (beginning of the fiscal year), has an estimated useful life of five years and an estimated residual value of $56,400. The manager requested information regarding the effect of alternative methods on the amount of depreciation expense each year. On March 4 of Year 5, the equipment was sold for $96,100. Required: 1.  Determine the annual depreciation expense for each of the estimated five years of use, the accumulated depreciation at the end of each year, and the book value of the equipment at the end of each year by the following methods: a.  Straight-line method Year DepreciationExpense Accumulated Depreciation,End of Year Book Value,End of Year 1 $fill in the blank f3adbb01f07801f_1 $fill in the blank f3adbb01f07801f_2 $fill in the blank f3adbb01f07801f_3 2 $fill in the blank f3adbb01f07801f_4 $fill in the blank f3adbb01f07801f_5 $fill in the blank f3adbb01f07801f_6 3 $fill in the blank…

A building acquired at the beginning of the year at a cost of $97,200 has an estimated residual value of $6,800 and an estimated useful life of four years. Determine the following. a. The double-declining-balance rate fill in the blank 1 % b. The double-declining-balance depreciation for the first year