XYZ Company purchased a machine at a cost of $ 125,000 on 30/5/2020. The machine is expected to have a $20,000 salvage value at the end of its 5-year useful life. Instructions: Compute the depreciation rate. Using the straight-line method, prepare a depreciation schedule, showing the annual depreciation expense for the machine over its 5-years life. Record the depreciation expense on 31/12/2020 in the general journal. What are the factors influencing the choice of the depreciation method of plant assets

Haemul Pajeon Company purchased a machine on January 2, 2018 for $500,000. The machine has an estimated useful life of eight years and a salvage value of $50,000. Depreciation was computed by the 200% declining-balance method. What should be the depreciation charge for the year ended December 31, 2021?

NC purchased a cement mixer for $ 14500. The mixer is expected to have a useful life of five years and a residual value of $ 1000 at the end of that time. Required: Prepare the journal entries to record the disposal of the mixer at the end of second year, assume the straight line depreciation method was used and that: a.​It was sold for $ 10000 cash b.​It was sold for $ 8000 cash c.​It was traded in on a similar mixer ( new) having a list price of $ 16500, a trade in allowance of $ 8000 was given and the balance was paid in cash.

Gundrum Company purchased equipment on January 1, 2015 for $811,400. The equipment was expected to have a useful life of 10 years and a salvage value of $28,400. Gundrum uses the straight-line method of depreciation. At the beginning of 2020, Gundrum determined the total estimated life of the equipment was 13 years and the residual value would be $10,400 at the end of that time. Required:   Prepare any entry needed in 2020 to account for this change.

Salamon Company purchased equipment on January 1, 2020 for $90,000. It is estimated that the equipment will have a $5,000 salvage value at the end of its 5-year useful life. It is also estimated that the equipment will produce 100,000 units over its 5-year life. Instructions Answer the following independent questions. SHOW ALL CALCULATIONS. Compute the amount of depreciation expense for the year ended December 31, 2020 and 2021, using the straight-line method of depreciation.   Prepare the journal entry to record the annual depreciation expense at 12/31/20.   If 16,000 units of product are produced in 2020 and 24,000 units are produced in 2021, what is the depreciation expense per year for 2020 and 2021 and what is the accumulated depreciation at December 31, 2021? The company uses the units-of-activity depreciation method.   If the company uses the double-declining-balance method of depreciation, prepare the following chart for years 1, 2 and 3.…

The Vladimir Corporation purchased an equipment on January 1, 2020. The machine cost P 92,000, with an estimated salvage value of P 4,000 and an estimated useful life of 10 years. As a result of technological improvements, a revision of the machine's useful life and estimated salvage value was made. On January 1, 2021, the equipment was estimated to last through 2022, with an estimated value at the end of 2022 of P 1,000. Potter uses the straight-line depreciation method. What is the revised depreciation in year 2021? select the correct answer below a. 41,600 b. 42,100 c. 44,000 d. 8,800

The Potter Corporation purchased a machine on January 1, 2020. The machine cost P 46,000, with an estimated salvage value of P 2,000 and an estimated useful life of 10 years. As a result of technological improvements, a revision of the machine's useful life and estimated salvage value was made. On January 1, 2021, the equipment was estimated to last through 2022, with an estimated value at the end of 2022 of P 500. Potter uses the straight-line depreciation method. What is the revised depreciation in year 2021?

King Company purchased a machine on July 1, 2018 for P600,000. The machine has an estimated useful life of five years and a salvage value of P80,000. The machine is being depreciated from the date of acquisition by the 150% declining balance method. For the year ended December 31, 2019, King should record depreciation expense on this machine of

Tammy Company purchased a boring machine on January 12018 for P8, 100 000. The useful life of the machine is estimated a years with a residual value at the end of this period of P600,000 During the useful life, the expected units of production are 12,000 units in 2018, 7,000 units in 2019 and 6,000 units in 2020 What is the depreciation expense for 2019 using the appropriate depreciation method ? Select the correct response 2.100.000 1.800.000 3,600 000 2.268,000

Duluth Ranch, Incorporated purchased a machine on January 1, 2021. The cost of the machine was $23,000. Its estimated residual value was $7.000 at the end of an estimated 5-year life. The company expects to produce a total of 20,000 units. The company produced 900 units in 2021 and 1,350 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 and 2022 using the straight-line method. 2021 Depreciation Expense Per Year Duluth Ranch, Incorporated purchased a machine on January 1, 2021. The cost of the machine was $23,000. Its estimated residual value was $7.000 at the end of an estimated 5-year life. The…