udds Company purchased a new plant asset on April 1, 2020, at a cost of $711,000. It was estimated to have a useful life of 20 years and a salvage value of $60,000. Judd's accounting period is the calendar year. required A. Compute the depreciation for this asset for 2020 and 2021 using the sum-of-the-years’-digits method. B. Compute the depreciation for this asset for 2020 and 2021 using the double-declining-balance method.

The Depreciators Inc purchases and begins using equipment costing $175 on Sept 1, 2020. There was an additional cost of $15 for delivery and installation. The Depreciators expects to use the equipment over a 3 year useful life and estimates the salvage value to be $10. DI uses the straight line method for calculating depreciation. Determine the following. Pay attention to the dates being asked!: a) Net Book Value of the equipment as of December 31, 2020 $ b) Depreciation Expense for the year ending Dec 31, 2021 $ c) Accumulated Depreciation for the year ending Dec 31, 2023 You must show your work on your PDF upload to receive credit. You may prepare journals, TAccounts, or a table to determine your answers. The choice is yours, but your calculations should be logically presented so I can follow what you have done.

On July 1, 2018, Mundo Corporation purchased factory equipment for $50,000. Residual value was estimated at $2,000. The equipment will be depreciated over 10 years using the doubledeclining balance method. Counting the year of acquisition as one-half year, Mundo should record 2019 depreciation expense of:

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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

Lockard Company purchased machinery on January 1, 2020, for $80,000. The machinery is estimated to have a salvage value of $8,000 after a useful life of 8 years. (a) Compute 2020 depreciation expense using the straight-line method. (b) Compute 2020 depreciation expense using the straight-line method assuming the machinery was purchased on September 1, 2020.

Parnell Company acquired construction equipment on January 1, 2020, at a cost of $75,100. The equipment was expected to have a useful life of five years and a residual value of $14,000 and is being depreciated on a straight-line basis. On January 1, 2021, the equipment was appraised and determined to have a fair value of $71,500, a salvage value of $14,000, and a remaining useful life of four years. In measuring property, plant, and equipment subsequent to acquisition under IFRS, Parnell would opt to use the revaluation model in IAS 16. Assume that Parnell Company is a U.S.-based company that is issuing securities to foreign investors who require financial statements prepared in accordance with IFRS. Thus, adjustments to convert from U.S. GAAP to IFRS must be made. Ignore income taxes. Required: a. Prepare journal entries for this equipment for the years ending December 31, 2020, and December 31, 2021, under (1) U.S. GAAP and (2) IFRS. b. Prepare the entry(ies) that Parnell would make…

Best Buy Company Limited (Best Buy) bought a machine for $400,000 on 1 July 2019. The machine had an estimated residual value of $50,000, and had estimated useful life of 10 years, or had an estimated operation output of 50,000 hours. The financial year-end date of Best Buy is 31 December. Required: (a) Compute the depreciation on this machine in the years of 2019 and 2020 using the following methods. (i) Straight-line (with depreciation calculated to the nearest whole month) (ii) 200%-declining-balance (with half-year convention) (iii) Units-of-output method (hours of operation:2,500 in 2019; 5,000 in 2020) 2019 (i)$________ (ii)$________ (iii)$________ 2020 (i)$________ (ii)$________ (iii)$________ (b) Which of the method(s) in part (a) would result in the highest net profit in the year of 2019?Briefly explain.

On September 19, 2020, Sunland Company purchased machinery for $478000. Salvage value was estimated to be $24000. The machinery will be depreciated over eight years using the sum-of-the-years'-digits method. If depreciation is computed on the basis of the nearest full month, Sunland should record depreciation expense for 2021 on this machinery of O $75667. O $102903. O $97736. O $97972.

Duluth Ranch, Incorporated purchased a machine on January 1, 2021. The cost of the machine was $44,000. Its estimated residual value was $14,000 at the end of an estimated 5-year life. The company expects to produce a total of 20,000 units. The company produced 1,600 units in 2021 and 2,050 units in 2022. Required: a. Calculate depreciation expense for 2021 and 2022 using the straight-line method. b. Calculate the depreciation expense for 2021 and 2022 using the units-of-production method. c. Calculate depreciation expense for 2021 through 2025 using the double-declining balance method. Complete this question by entering your answers in the tabs below. Required A Required B Required C Calculate depreciation expense for 2021 through 2025 using the double-declining balance method. (Round your final answers to nearest whole dollar.) Depreciation Expense 2021 2022 2025