Victor Mineli, the new controller of Crane Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2027. Here are his findings: Type of Date Accumulated Depreciation, Useful Life (in years) Salvage Value Asset Acquired Cost Jan. 1, 2027 Old Proposed Old Proposed Building Jan. 1, 2019 $869,500 $162,800 40 48 $55,500 $36,900 Warehouse Jan. 1, 2022 149,000 28,750 25 20 5,250 3,400 All assets are depreciated by the straight-line method. Crane Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Victor's proposed changes. (The "Proposed" useful life is total life, not remaining life.) Compute the revised annual depreciation on each asset in 2027. (Round answers to O decimal places, e.g. 5,275.) Building Revised annual depreciation $ Warehouse

Victor Mineli, the new controller of Crane Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2027. Here are his findings: Type of Date Accumulated Depreciation, Useful Life (in years) Salvage Value Asset Acquired Cost Jan. 1, 2027 Old Proposed Old Proposed Building Jan. 1, 2019 $869,500 $162,800 40 48 $55,500 $36,900 Warehouse Jan. 1, 2022 149,000 28,750 25 20 5,250 3,400 All assets are depreciated by the straight-line method. Crane Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Victor's proposed changes. (The "Proposed" useful life is total life, not remaining life.) Compute the revised annual depreciation on each asset in 2027. (Round answers to O decimal places, e.g. 5,275.) Building Revised annual depreciation $ Warehouse

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 9P: During 2019, Ryel Companys controller asked you to prepare correcting journal entries for the...

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Victor Mineli, the new controller of Crane Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Type ofAsset DateAcquired Cost AccumulatedDepreciation,Jan. 1, 2022 Useful Life (in years) Salvage Value Old Proposed Old Proposed Building Jan. 1, 2014 $737,000 $134,400 40 58 $65,000 $36,700 Warehouse Jan. 1, 2017 121,000 23,290 25 20 4,550 5,100 All assets are depreciated by the straight-line method. Crane Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Victor’s proposed changes. (The “Proposed” useful life is total life, not remaining life.) 1. Compute the revised annual depreciation on each asset in 2022. 2. Prepare the entry to record depreciation on the building in 2022.
Victor Mineli, the new controller of Blossom Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2025. Here are his findings: Accumulated Useful Life (in years) Salvage Value Type of Asset Date Acquired Depreciation, Cost Jan. 1, 2025 Old Proposed Old Proposed Building Jan. 1, 2017 $783,500 $144,200 40 58 $62,500 $36,600 Warehouse Jan. 1, 2020 118,000 22,520 25 20 20 5,400 3,980 All assets are depreciated by the straight-line method. Blossom Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Victor's proposed changes. (The "Proposed" useful life is total life, no remaining life.) Compute the revised annual depreciation on each asset in 2025. (Round answers to O decimal places, e.g. 125.) Revised annual depreciation Building Warehouse
Victor Mineli, the new controller of Skysong, Inc., has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Accumulated Useful life Date Depreciation (in years) Salvage Value Type of Asset Acquired Cost Jan. 1, 2022 Old Proposed Old Proposed Building Jan. 1, 2014 $829,000 $157,000 40 58 $44,000 $52,000 Warehouse Jan. 1, 2017 108,000 20,740 25 20 4,300 21,260 All assets are depreciated by the straight-line method. Skysong, Inc. uses a calendar year in preparing annual adjusting entries and financial statements. After discussion, management has agreed to accept Victor's proposed changes. (The "Proposed" useful life is total life, not remaining life.)
Victor Mineli, the new controller of Ivanhoe Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2025. Here are his findings: Type of Asset Building Warehouse Date Acquired (a) Jan. 1. 2017 Jan, 1, 2020 Cost $857,000 129,500 Accumulated Depreciation, Jan. 1, 2025 $159,100 Revised annual depreciation $ 24,960 Useful Life (in years) Old Proposed 40 58 20 Building 25 All assets are depreciated by the straight-line method. Ivanhoe Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Victor's proposed changes. (The "Proposed" useful life is total life, not remaining life.) Salvage Value Old $61,500 4,700 Compute the revised annual depreciation on each asset in 2025. (Round answers to 0 decimal places. e.g. 125.) Warehouse Proposed $35,600 5,300
Terry Wade, the neW controller of Monty Company, has reviewed the expected usefullives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Accumulated Useful life Date Depreciation (in Years) Salvage Value Type of Asset Acquired Cost Jan. 1, 2022 old Proposed Old Proposed Building Jan. 1, 2016 $812,000 $115,800 40 50 $40,000 $36,200 Warehouse Jan. 1, 2017 120,000 23,100 25 20 4,500 35,400 All assets are depreciated by the straight-line method. Monty Company uses a calendar year in preparing annual adjusting entries and financial statements. After discussion, management has agreed to accept Terry's proposed changes. (The "Proposed" useful life is total life, not remaining life.) (a) Compute the revised annual depreciation on each asset in 2022. Building Warehouse Revised annual depreciation eTextbook and Media List of Accounts Save for Later (b) Prepare the entry to record depreciation on the building in 2022. (List all debit entries before…
Victor Mineli, the new controller of Splish Brothers Inc. has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Type of Asset Building Warehouse Date Acquired Jan 1, 2014 Jan 1, 2017 Cost $824,000 107,000 Accumulated Depreciation Jan. 1, 2022 $156,800 Revised annual depreciation $ Useful life (in years) Building Old 40 20.540 25 $ Proposed 58 20 Warehouse Salvage Value Old Proposed $37,200 All assets are depreciated by the straight-line method. Splish Brothers Inc. uses a calendar year in preparing annual adjusting entries and financial statements. After discussion, management has agreed to accept Victor's proposed changes. (The "Proposed" useful life is total life, not remaining life) Compute the revised annual depreciation on each asset in 2022. (Round answers to O decimal places, e.g. 5.125.) $40,000 4,300 12.960 SUPPORT
Victor Mineli, the new controller of Pharoah Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Accumulated Useful Life (in Туре of Date Depreciation, years) Salvage Value Asset Acquired Cost Jan. 1, 2022 Old Proposed Old Proposed Building Jan. 1, 2014 $800,500 $147,300 40 58 $64,000 $35,800 Warehouse Jan. 1, 2017 117,000 22,440 25 20 4,800 4,560 All assets are depreciated by the straight-line method. Pharoah Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Victor's proposed changes. (The “Proposed" useful life is total life, not remaining life.) Compute the revised annual depreciation on each asset in 2022. (Round answers to 0 decimal places, e.g. 125.) uilding Warehouse Revised annual depreciation $ 12348 6000 %24
Victor Mineli, the new controller of Windsor, Inc., has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Type of Asset Building Warehouse Date Acquired Jan. 1, 2014 Jan. 1, 2017 Cost $821,000 115,000 Accumulated Depreciation Jan. 1, 2022 $155,600 Useful life (in years) Old Proposed 40 22,180 25 58 20 Salvage Value Old $43,000 4,100 Proposed $30,400 20,820 All assets are depreciated by the straight-line method. Windsor, Inc. uses a calendar year in preparing annual adjusting entries and financial statements. After discussion, management has agreed to accept Victor's proposed changes. (The "Proposed" useful life is total life, not remaining life.)
Victor Mineli, the new controller of Sheridan Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Type ofAsset DateAcquired Cost AccumulatedDepreciation,Jan. 1, 2022 Useful Life (in years) Salvage Value Old Proposed Old Proposed Building Jan. 1, 2014 $922,000 $170,400 40 58 $70,000 $35,400 Warehouse Jan. 1, 2017 118,000 22,340 25 20 6,300 2,660 All assets are depreciated by the straight-line method. Sheridan Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Victor’s proposed changes. (The “Proposed” useful life is total life, not remaining life.) New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect. Compute the revised annual depreciation on each asset in 2022.…
Victor Minell, the new controller of Sheridan Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings: Type of Asset Building Warehouse Date Acquired Jan 1, 20 Jan 1, 2017 Cost $810,000 Revised annual depreciation $ eTextbook and Media List of Accounts Dec. 31 110,000 Compute the revised annual depreciation on each asset in 2022 Accumulated Depreciation Jan. 1, 2022 $153,200 Building Date Account Titles and Explanation Useful life (in years) Old Proposed 40 21,180 25 All assets are depreciated by the straight-line method. Sheridan Company uses a calendar year in preparing annual adjusting entries and financial statements. After discussion, management has agreed to accept Victor's proposed changes. (The "Proposed" useful life is total life, not remaining life.) 58 20 Warehouse Salvage Value Old $44,000 Debit 4,100 Prepare the entry to record depreciation on the building in 2022. (Credit account…
Terry Wade, the new controller of Sheridan Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2020. His findings are as follows. Date AccumulatedDepreciation Useful lifein Years Salvage Value Type of Asset Acquired Cost 1/1/20 Old Proposed Old Proposed Building 1/1/14 $810,000 $114,900 40 50 $44,000 $43,900 Warehouse 1/1/15 110,000 21,180 25 20 4,100 13,820 Compute the revised annual depreciation on each asset in 2020. Building Warehouse Revised annual depreciation $enter a dollar amount $enter a dollar amount Prepare the entry to record depreciation on the building in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles…
Victor Mineli, the new controller of Carla Vista Co., has reviewed the expected useful lives and salvage values of selected depreciable asset categories at the beginning of 2021. Here are his findings: Category of Asset Date Historical Accum. Useful Life (Years) Original Proposed Original Proposed Salvage Value Acquired Cost Deprec. $829,000 $369,000 Building 1/1/2003 43 $50,000 $40,000 Machinery 1/1/2011 245,000 92,000 25 20 15,000 9,000 All assets were placed into service on their acquisition dates and are depreciated by the straight-line method. Carla Vista Co. uses a calendar year in preparing annual financial statements. Note that "Proposed" useful life is a revised estimate of total life, not remaining life. Enter all answers in whole dollar amounts without a $. If rounding is necessary, round to the nearest whole dollar (e.g., XXX). a. Using the original values, how much annual depreciation expense did Carla Vista recognize for the Building in 2020? $ b. Assume that management…