uary 1, 2019, that originally cost $150,000 is being depreciated on a straight-line basis over an estimated useful life of 8 years, with no residual value.  Near the end of 2021, management decided that a better estimate would be a total useful life of

On Jan 1, 2021, Worsham Manufacturing purchased a new machine with an acquisition value of $350,000. It has been determined that the machine has a residual value of $16,000 with an estimated useful life of 5 years. Assuming the company uses the straight-line method to depreciate this type of asset, what would the book value be at the end of Year 5? O66.800 O 16,000 00 350.000 Question 20 4 pts lyr

Depletion On January 2, 2019, Whistler Company purchased land for $480,000, from which it is estimated that 370,000 tons of ore could be extracted. It estimates that the present value of the cost necessary to restore the land is $89,000, after which it could be sold for $29,000. During 2019, Whistler mined 85,000 tons and sold 56,000 tons. During 2020, Whistler mined 110,000 tons and sold 111,000 tons. At the beginning of 2021, Whistler spent an additional $90,000, which increased the reserves by 65,000 tons. In 2021, Whistler mined 154,000 tons and sold 160,000 tons. Whistler uses a FIFO cost flow assumption. Required: If required, round the depletion rate to the nearest cent and round the final answers to the nearest dollar. Question Content Area 1. Calculate the depletion included in the income statement and ending inventory for 2019, 2020, and 2021. 2019 Depletion deducted from income $fill in the blank d2d600ff0fa6007_1     Depletion included in inventory $fill in the…

Depreciation and Rate of Return Burrell Company purchased a machine for $31,000 on January 2, 2019. The machine has an estimated service life of 5 years and a zero estimated residual value. The asset earns income before depreciation and income taxes of $15,500 each year. The tax rate is 20%. Required: Compute the rate of return earned (on the average net asset value) by the company each year of the asset's life under the straight-line and the double-declining-balance depreciation methods. Assume that the machine is the company's only asset. Straight-line method. If required, round to one decimal place. 2019 26.7 % 2020 34.3 % 2021 48 % 2022 80 % 2023 240 % Double-declining-balance depreciation method. Round to two decimal places. Round your intermediate dollar value calculations to the nearest whole number. 2019 10 % 2020 43.33 % 2021 98.89 % 2022 191.49 % 2023 350 X %

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Depreciation and Rate of Return Burrell Company purchased a machine for $20,000 on January 2, 2019. The machine has an estimated service life of 5 years and a zero estimated residual value. The asset earns income before depreciation and income taxes of $10,000 each year. The tax rate is 21%. Required: Compute the rate of return earned (on the average net asset value) by the company each year of the asset's life under the straight-line and the double-declining-balance depreciation methods. Assume that the machine is the company's only asset.   Straight-line method. If required, round to one decimal place. 2019 fill in the blank 1 % 2020 fill in the blank 2 % 2021 fill in the blank 3 % 2022 fill in the blank 4 % 2023 fill in the blank 5 % Double-declining-balance depreciation method. Round to two decimal places. Round your intermediate dollar value calculations to the nearest whole number. 2019 fill in the blank 6 % 2020 fill in the blank 7 % 2021 fill in the blank 8…

Depreciation Methods Gruman Company purchased a machine for $198,000 on January 2, 2019. It made the following estimates: Service life 5 years or 10,000 hours Production 180,000 units Residual value $ 18,000 In 2019, Gruman uses the machine for 2,000 hours and produces 50,000 units. In 2020, Gruman uses the machine for 1,200 hours and produces 32,000 units. If required, round your final answers to the nearest dollar. Required: 1. Compute the depreciation for 2019 and 2020 under each of the following methods: a. Straight-line method 2019 $ 2020 $ b. Sum-of-the-years'-digits method 2019 $ 2020 $ c. Double-declining-balance method 2019 $ 2020 $ d. Activity method based on hours worked 2019 $ 2020 $ e. Activity method based on units of output 2019 $ 2020 $ 2. For each method, what is the book value of the machine at the end of 2019? At the end of 2020? a. Straight-line method 2019 $ 2020 $ b. Sum-of-the-years'-digits method 2019 $ 2020 $ c. Double-declining-balance method 2019 $

Computing Partial Period Depreciation under Multiple Depreciation Methods Compute depreciation expense for 2021 for each asset #1, #2, #3, and #4. Note: Do not round until your final answer. Round your final answer to the nearest whole dollar. Acquisition Acquisition Useful Salvage 2021 Depreciation Value Asset Date Depreciation Method Cost Life Expense #1 Jan. 1, 2020 Straight-line $4,000 4 years $200 $ 950 v #2 Aug. 30, 2020 Double-declining-balance 5,800 8 years 400 $ 1,125 x #3 Feb. 1, 2021 Sum-of-the-years'-digits 7,200 4 years 320 $ 1,147 x #4 Jul. 31, 2021 Straight-line 13,520 8 years 0 $

Revision of Depreciation On January 1, 2021, Blizzards-R-Us purchased a snow-blowing machine for $85,000. The machine was expected to have a residual value of $5,000 at the end of its 5-year useful life. On January 1, 2023, Blizzards-R-Us concluded that the machine would have a remaining useful life of 6 years with a residual value of $770. Required: Determine the revised annual depreciation expense for 2023 using the straight-line method.

Calculate the depreciation expense with these methods 1- straight line method 2019 2- double declining method 2020 3- Sum of the years digits for 2020 A house cost $800,000 on April 1,2019 the salvage value is $80,000 and its expected life is 8 years.