FINANCIAL ACCOUNTING>IC<
15th Edition
ISBN: 9781119344988
Author: Kimmel
Publisher: WILEY C
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Chapter 9, Problem 9.6E
(a)
To determine
Straight-line
To Compute: the revised annual depreciation on each asset in 2017.
(b)
To determine
To record: the
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Victor Mineli, the new controller of Sandhill Co., has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2017. Here are his findings:
Type of
Asset
DateAcquired
AccumulatedDepreciation,Jan. 1, 2017
Useful Life (in years)
Salvage Value
Cost
Old
Proposed
Old
Proposed
Building
Jan. 1, 2009
$770,000
$139,900
40
48
$70,500
$36,500
Warehouse
Jan. 1, 2012
142,000
27,130
25
20
6,350
5,400
All assets are depreciated by the straight-line method. Sandhill Co. 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 2017. (Round answers to 0 decimal places,…
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 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…
Chapter 9 Solutions
FINANCIAL ACCOUNTING>IC<
Ch. 9 - Prob. 1QCh. 9 - Prob. 2QCh. 9 - Prob. 3QCh. 9 - Prob. 4QCh. 9 - Prob. 5QCh. 9 - Prob. 6QCh. 9 - Prob. 7QCh. 9 - Prob. 8QCh. 9 - Prob. 9QCh. 9 - In the fourth year of an assets 5-year useful...
Ch. 9 - Prob. 11QCh. 9 - Prob. 12QCh. 9 - Prob. 13QCh. 9 - Prob. 14QCh. 9 - Prob. 15QCh. 9 - Prob. 16QCh. 9 - Prob. 17QCh. 9 - Prob. 18QCh. 9 - Prob. 19QCh. 9 - Prob. 20QCh. 9 - Prob. 21QCh. 9 - Prob. 22QCh. 9 - Give an example of an industry that would be...Ch. 9 - Prob. 24QCh. 9 - Prob. 25QCh. 9 - Prob. 26QCh. 9 - Prob. 27QCh. 9 - Prob. 9.1BECh. 9 - Prob. 9.2BECh. 9 - Prob. 9.3BECh. 9 - Prob. 9.4BECh. 9 - Prob. 9.5BECh. 9 - Prob. 9.6BECh. 9 - Prob. 9.7BECh. 9 - Prob. 9.8BECh. 9 - Prob. 9.9BECh. 9 - Prob. 9.10BECh. 9 - Prob. 9.11BECh. 9 - Prob. 9.12BECh. 9 - Prob. 9.13BECh. 9 - Prob. 9.14BECh. 9 - Prob. 9.1DIECh. 9 - Prob. 9.2ADIECh. 9 - Prob. 9.2BDIECh. 9 - Prob. 9.3DIECh. 9 - Match the statement with the term most directly...Ch. 9 - Prob. 9.5DIECh. 9 - Prob. 9.1ECh. 9 - Prob. 9.2ECh. 9 - Prob. 9.3ECh. 9 - Prob. 9.4ECh. 9 - Prob. 9.5ECh. 9 - Prob. 9.6ECh. 9 - Prob. 9.7ECh. 9 - Prob. 9.8ECh. 9 - Prob. 9.9ECh. 9 - Prob. 9.10ECh. 9 - Prob. 9.11ECh. 9 - Prob. 9.12ECh. 9 - Prob. 9.13ECh. 9 - Prob. 9.14ECh. 9 - Prob. 9.15ECh. 9 - Prob. 9.16ECh. 9 - Prob. 9.17ECh. 9 - Prob. 9.18ECh. 9 - Prob. 9.19ECh. 9 - Prob. 9.20ECh. 9 - Prob. 9.1APCh. 9 - Prob. 9.2APCh. 9 - Prob. 9.3APCh. 9 - Prob. 9.4APCh. 9 - Prob. 9.5APCh. 9 - Prob. 9.6APCh. 9 - Prob. 9.7APCh. 9 - Prob. 9.8APCh. 9 - Prob. 9.9APCh. 9 - Prob. 9.1CACRCh. 9 - Prob. 9.2CACRCh. 9 - Prob. 9.1EYCTCh. 9 - Prob. 9.2EYCTCh. 9 - Prob. 9.3EYCTCh. 9 - Prob. 9.4EYCTCh. 9 - Prob. 9.6EYCTCh. 9 - Prob. 9.7EYCTCh. 9 - Prob. 9.8EYCTCh. 9 - Prob. 9.9EYCTCh. 9 - Prob. 9.10EYCTCh. 9 - CONSIDERING PEOPLE, PLANET, AND PROFIT The March...Ch. 9 - Prob. 9.1IFRSCh. 9 - Prob. 9.2IFRSCh. 9 - Prob. 9.3IFRSCh. 9 - Prob. 9.4IFRS
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Accounting for Derivatives_1.mp4; Author: DVRamanaXIMB;https://www.youtube.com/watch?v=kZky1jIiCN0;License: Standard Youtube License
Depreciation|(Concept and Methods); Author: easyCBSE commerce lectures;https://www.youtube.com/watch?v=w4lScJke6CA;License: Standard YouTube License, CC-BY