Ty pany rchased a machine for P5,280,000 a preciated it by the straight line meth ing an estimated useful life of eight th no residual value. On January 1, 20 ax determined that the machine had eful life of six years from the date of quisition and will have a residual valu

A machine with a cost of $70,887.00 has an estimated residual value of $4,907.00 and an estimated life of 7 years or 16,219 hours. It is to be depreciated by the units-of-output method. What is the amount of depreciation for the second full year, during which the machine was used 3,855 hours? Do not round your intermediate calculations. $9,425.71 $18,851.43 $15,682.40 $16,848.72

A machine with a cost of $67,523.00 has an estimated residual value of $4,597.00 and an estimated life of 3 years or 15,348 hours. It is to be depreciated by the units-of-production method. What is the amount of depreciation for the second full year, during which the machine was used 3,228 hours? Select the correct answer. $14,201.48 $20,975.33 $41,950.67 $13,234.63

A machine with a cost of $64,800 has an estimated residual value of $4,863 and an estimated life of 5 years or 18,281 hours. What is the amount of depreciation for the second full year, using the double-declining-balance method? a. $12,960.00 b. $23,974.80 c. $15,552.00 d. $25,920.00

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…

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A machine with a cost of $180,000 has an estimated residual value of $20,000 and an estimated life of 4 years or 20,000 hours. It is to be depreciated by the units-of-activity method. What is the amount of depreciation for the second full year, during which the machine was used 5,000 hours? $5,000 b. $50,000 $20,000 Od $40,000

Maggie Sharrer Company expects to extract 20 million tons of coal from a mine that cost $12 million. Ifno salvage value is expected and 2 million tons are mined in the first year, the entry to record depletion will include a O a. Debit to inventory of $1,200,000 O b. Debit to accumulated depletion of $2,000,000 Oc. Credit to accumulated depletion of $2,000,000 Od. Credit to depletion expense of $1,200,000

A machine originally had an estimated useful life of 5 years, but after 3 complete years, it was decided that the original estimate of useful life should have been 10 years. At that point the remaining cost to be depreciated should be allocated over the remaining: A. 2 years.B. 5 years.C. 7 years.D. 8 years.E. 10 years

Morris Associates bought a machine for $82,000 cash. The estimated useful life was five years and the estimated residual value was $7,000. Assume that the estimated useful life in productive units is 171,000. Units actually produced were 45,600 in year 1 and 51,300 in year 2. Required: 1. Determine the appropriate amounts to complete the following schedule.