Vaughn Manufacturing purchased a new machine on May 1, 2012 for $566400. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of $20400. The company has recorded monthly depreciation using the straight-line method. On March 1, 2021, the machine was sold for $81600. What should be the loss recognized from the sale of the machine?     $2500.   $20400.   $22900.   $0.

Carla Vista Products purchased a machine for $66400 on July 1, 2025. The company intends to depreciate it over 8 years using the double-declining balance method. The salvage value is $6700. Depreciation for 2026 to the closest dollar is $8300. O $33200. O $14525. $13200.

(a) Faster Company purchased equipment in 2010 for $104,000 and estimated an $8,000 salvage value at the end of the equipment's 10-year useful life. At December 31, 2016, there was $67,200 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2017, the equipment was sold for $21,000. Indicate the accounts increased/decreased to remove the equipment from the records of Faster Company on March 31, 2017. (b) Lewis Company sold equipment for $11,000. The equipment originally cost $25,000 in 2014 and $6,000 was spent on a major overhaul in 2017 (charged to the Equipment account). Accumulated Depreciation on the equipment to the date of disposal was $20,000. Indicate the accounts increased/decreased to record the disposition of the equipment. (c) Selby Company sold equipment that had a book value of $13,500 for $15,000. The equipment originally cost $45,000 and it is estimated that it would cost $57,000 to replace the…

Sandhill Company bought machinery on January 1, 2009, at a cost of $90,000. The machinery had an estimated life of 8 years and salvage value of $15,680. On January 1, 2014, Sandhill estimates that the machinery will have a life of only 2 more years from January 1, 2014, and the salvage value is now estimated to be $3,920. Sandhill uses straight-line depreciation. Compute the annual depreciation expense for 2014. Annual depreciation expense for 2014 $

Haystack company purchased a machine on January 1, 2015 for $48,000. The company estimates that the machine will have a $4,000 salvage value at the end of its 10 year useful life. On September 30, 2019 the machine was sold for a gain of $3,500. What must have been the selling price of the machine?

On January 2, 2017, Cancer Company purchased transportation equipment 1 costing P2,400,000. The new asset has an estimated useful life of 8 years with no salvage value. Cancer Company depreciates this type of asset using the straight-line method. On January 2, 2019, Cancer determined that the machine has a useful life of 6 years from the date of acquisition with no salvage value. As a result of the change in the estimated useful life of the asset, what is the carrying amount of the transportation equipment as of December 31, 2019?

Marsh Corporation purchased a machine on July 1, 2012, for $1,250,000. The machine was estimated to have a useful life of 10 years with an estimated salvage value of $70,000. During 2015, it became apparent that the machine would become uneconomical after December 31, 2019, and that the machine's salvage value is now $0. Accumulated depreciation on this machine as of December 31, 2014, was $295,000. What should be the charge for depreciation in 2015 under generally accepted accounting principles? O $177,000 O $191,000 O $205,000 O $238,750

Skysong Company purchased a new machine on September 1, 2022, at a cost of $125,000. The company estimated that the machine will have a salvage value of $12,000. The machine is expected t be used for 10,000 working hours during its 5-year life. Assume the double - declining balance method is used. What amount of gain or loss would Skysong recognize if they sell the asset for $ 50,000 on 12/31/24? Assume the double-declining balance method is used. What amount of gain or loss would Skysong recognize if they sell the asset for $50,000 on 12/31/24? gain

On January 1, 2007, Flax Co. purchased a machine for 528,000 and depreciated it by the straight-line method using an estimateduseful life of eight years with no salvage value. On January 1, 2010, Flax determined that the machine had a useful life of six years from the date of acquisition and will have a salvage value of 48,000. An accounting change was made in 2010 to reflect these additional data. The accumulated depreciation for this machine should have a balance at December 31, 2010 ofa.292,000b.308,000c.320,000d.352,000

Waterway Industries bought a machine on January 1, 2011 for $802000. The machine had an expected life of 20 years and was expected to have a salvage value of $84000. On July 1, 2021, the company reviewed the potential of the machine and determined that its future net cash flows totaled $397000 and its fair value was $305000. If the company does not plan to dispose of it, what should Waterway record as an impairment loss on July 1, 2021? Correct Answer $120050. Please show work thank you