Assessment 3c

1. Following the depreciation example on page 7-5 of the VLN, determine Straight line depreciation expense year 2?____________ 2. Following the depreciation example on page 7-5 of the VLN, determine Straight line accumulated depreciation year 2?_____________

Please give right answers to both questions

Question 11: What argument in the double-declining balance depreciation function may equal zero? Answer: A. O Cost B. O Salvage Value C. O Useful Life D. O Period Copynight 2022 - Labyrih Leaning- AI Rights Reserved ab 49F Mas End PrtSon Home FA & 6. R T Y.

How do I figure out the depreciation amount for the sum of the years digit method

Current Attempt in Progress Blossom Enterprises purchased equipment on March 15, 2021, for $67,970. The company also paid the following amounts: $520 for freight charges, $187 for insurance while the equipment was in transit; $1,729 for a one-year insurance policy; $1,986 to train employees to use the new equipment; and $2,923 for testing and installation. The company began to use the equipment on April 1. Blossom has estimated the equipment will have a 10-year useful life with no residual value. It expects to consume the equipment's future economic benefits evenly over the useful life. The company has a December 31 year end. (a) Your Answer ere to search ✓ Correct Answer Your answer is correct. Calculate the cost of the equipment. 10 11°C Cloudy

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CengageNOWv2 | Online teachin x + /ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=... A Print Item A Determining Fixed Asset's Book Value The balance in the equipment account is $3,240,000, and the balance in the accumulated depreciation-equipment account is $2,134,000. a. What is the book value of the equipment? X b. Does the balance in the accumulated depreciation account mean that the equipment's loss of value is $2,134,000? ✓, because depreciation is an allocation of the cost No of the equipment to the periods benefiting from its use. E 00

First cost Book depreciation life MACRS property class Salvage value n 1 2 3 4 5 6 7 8 A $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $0 B $22,857 $16,327 $11,661 $5,154 SO SO SO SO $80,000 7 years 7 years $24,000 C $11,429 $19,592 $13,994 $9,996 $7,140 $7,140 $7,140 $3,570 D $22,857 $16,327 $11,661 $8,330 $6,942 $6,942 $6,942 SO

QUESTION 7 In computing depreciation, salvage value is a. the fair value of a plant asset on the date of acquisition. b. subtracted from accumulated depreciation to determine the plant asset's depreciable cost. C. an estimate of a plant asset's value at the end of its useful life. d. ignored in all the depreciation methods.

Question 36: Match each depreciation function with its best description. SLN SYD DDB   Results in the same depreciation expense each period Bases depreciation on the number of years in the asset's useful life Accelerated depreciation method that doesn't consider salvage value in the initial calculations

Time left 2:10:21 Question 1 Not yet answered Marked out of 15 Flag question Question text Instruction: - Answer ALL questions. - Assess the correctness of each of the following pair of statements. 1. First: Depreciation, depletion, and amortization all involve the allocation of the cost of property, plant and equipment (PPE) to expense. Second: An accelerated depreciation method is appropriate when the asset’s economic usefulness is the same each year. Answer 1 Question 1 Both statements true 2. First: The declining-balance method does not deduct the residual value in computing the depreciation base. Second: The recoverable amount used to impairment test a long-lived tangible asset is defined as the asset’s fair value less costs to sell. Answer 2 Question 1 Both statements true 3. First: After an impairment loss is recorded, the recoverable amount becomes the basis for the impaired asset and is used to calculate depreciation in…

QS 8-14 (Algo) Classifying assets LO P3, P4 Identify the following as intangible assets, natural resources, or some other asset. a. Coal mine Natural resources b. Equipment C. Salt mine Natural resources d. Gold mine Natural resources e. Franchise Intangible assets Intangible assets f. Patent g. Trucks h. Building Other asset i. Gas field ere to search 99+ of 144

Impact of Improvements and Replacements on the Calculation of Depreciation 1.  Using the straight-line method, prepare general journal entries for depreciation on December 31, 20-1, for Simulators A and B. If an amount box does not require an entry, leave it blank. 2.  Enter the transactions for January 20-2 in a general journal. If an amount box does not require an entry, leave it blank. 3.  Assuming no other additions, improvements, or replacements, calculate the depreciation expense for each simulator for 20-2 through 20-8. If required, round your answers to the nearest cent. On January 1, 20-1, two flight simulators were purchased by a space camp for $77,000 each with a salvage value of $5,000 each and estimated useful lives of eight years. On January 1, 20-2, the hydraulic system for Simulator A was replaced for $6,000 cash and an updated computer for more advanced students was installed in Simulator B for $9,000 cash. The hydraulic system is expected to extend the life of…

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2d

Please answer questions correctly

Question 10 Depreciation is: Oa. the loss in market value of an asset. Ob. the allocation of a long-term asset's cost to an expense account over the asset's life. OC. an increase in an asset's value over time or usage. d. none of the above. A Click Submit to complete this assessment.

Question-38 From what base amount is salvage value deducted when calculating depreciation? a) Market value of asset b) Historical cost of asset c) Replacement cost d) Insurance value