Whispering Winds Corp. purchased a new machine on October 1, 2022, at a cost of $123,000. The company estimated that the machine will have a salvage value of $14,500. The machine is expected to be used for 10,000 working hours during its 5-year life. (a) Compute the depreciation expense under straight-line method for 2022. 2022

Wildhorse Company purchaseda hot tub for $ 11,790 on January 1, 2016. Straight-line depreciation is used, based on a 6-year life and a $ 1,890 salvage value. In 2018, the estimates are revised. Wildhorse now feels the hot tub will be used until December 31, 2020, when it can be sold for $ 885. Compute the 2018 depreciation. Depreciation expense, 2018 %24

Speedbag, Incorporated purchased equipment at a cost of $60,000 on July 1, 2023. The expected useful life is 4 years and the asset is expected to have salvage value of $10,000. Speedbag depreciates its assets using the straight-line method. What is the accumulated depreciation for this asset on December 31, 2024? Multiple Choice $30,000 $12,500 $25,000 $18,750

Carla Vista Corporation purchased a truck at the beginning of 2025 for $110100. The truck is estimated to have a salvage value of $4000 and a useful life of 118000 miles. It was driven 22000 miles in 2025 and 30000 miles in 2026. Depreciation expense for 2025 is (Round intermediate calculations to 3 decimal places, e.g. 0.245 and final answer to O decimal places, e.g. 1,525.) O $21273. O $26970. O $46748. O $19778.

19. Straight-Line Depreciation Irons Delivery Inc. purchased a new delivery truck for $45,000 on January 1, 2022. The truck is expected to have a $3,000 residual value at the end of its five-year useful life. Irons uses the straight-line method of depreciation. Required: Prepare the journal entry to record depreciation expense for 2022 and 2023.

Swifty Corporation purchased a delivery truck for $28,000 on January 1, 2020. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 14,500 in 2020 and 11,000 in 2021. PArt1: Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Depreciation expense   $ ?   per mile PART 2: Compute depreciation expense for 2020 and 2021 using (1) the straight-line method, (2) the units-of-activity method, and (3) the double-declining-balance method. (Round depreciation cost per unit to 2 decimal places, e.g. 0.50 and depreciation rate to 0 decimal places, e.g. 15%. Round final answers to 0 decimal places, e.g. 2,125.)         Depreciation Expense         2020   2021 (1)   Straight-line method   $ ?   $ ?  (2)   Units-of-activity method   $ ?    $ ? (3)   Double-declining-balance method   $ ?   $ ?…

Machinery purchased for $65,400 by Bonita Co. in 2021 was originally estimated to have a life of 8 years with a salvage value of $4,360 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2026, it is determined that the total estimated life should be 10 years with a salvage value of $4,905 at the end of that time. Assume straight-line depreciation. (a) Prepare the entry to correct the prior years' depreciation, if necessary. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Account Titles and Explanation Debit Credit

Concord Corporation purchased a delivery truck for $36,800 on January 1, 2020. The truck has an expected salvage value of $1,800, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 13,500 in 2020 and 13,000 in 2021.     Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Depreciation expense   $enter Depreciation expense per mile rounded to 2 decimal paces   per mile

Chandler Company purchased a factory machinery on May 1, 2030 for $133,500 with an estimated 5- year life. It is estimated that the machinery will have a $22,000 salvage value. What is the amount of depreciation expense at December 31, 2030 using the straight-line method of depreciation? O $26,700 O $20,733 O $22,300 O $14,867 O $17,800

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 the depreciation expense for 2021 and 2022 using the units-of-production method. (Do not round your intermediate calculations. Round your final answers to the nearest whole dollar.) 2021 2022 Depreciation Expense