Worksheet 3

How do I prepare this journal entry

1. Following the depreciation example on page 7-7 of the VLN determine Activity based year 2 accumulated depreciation_______ 2. Following the depreciation example on page 7-7 of the VLN, determine Activity based Year 2 Book value_______ Bold the answers only

Following the depreciation example on page 7-7 of the VLN determine Activity based year 2 accumulated depreciation______ High light answe

Sullivan Ranch Corporation has purchased a new tractor. The following information is given: $150,000 $10,000 Cost: Estimated Residual: Estimated Life in years: Estimated Life in hours: Actual Hours: Year 1 Year 2 Year 3 Year 4 4 1200 Required: 1. Prepare the following Straight-Line depreciation schedule by using the Excel SLN function to calculate Depreciation Expense and entering formulas for the remaining cells. Use absolute cell references when appropriate. (Use cells A4 to B12 from the given information to complete this question.) Year 1 2 360 270 350 220 3 4 Total Depreciation Schedule-Straight-Line Method End of year amounts Depreciatio Depreciatio n Expense n SULLIVAN RANCH CORPORATION Book Value

Compute the straight-line depreciation schedule.

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A. Make the December 31 adjusting journal entry for depreciation.B. Determine the net book value (NBV) of the asset on December 31.• Cost of asset, $195,000• Accumulated depreciation, beginning of year, $26,000• Current year depreciation, $13,000

Contrast the effects of the three depreciation methods on (1) depreciation expense, (2) net income, (3) accumulated depreciation, and (4) carrying amount in each of the following: (a) the early years of an asset's life, and (b) over the total life of the asset. ac7031dcd9e03....pdf (1) Depreciation Expense Same each year Varies with number of units produced Decreases each year Type here to search All three result in the same total depreciation expense 2aac7031dcd9e03....pdf Bi (2) Net Income Constant charge (depreciation expense) to income Impact on income will vary with the number of units produced Increasing income each year because depreciation expense is lower each year All three result in the same total impact on net income 22°C Sunny

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The depreciation schedule for an asset, with a salvage value of $90 at the end of the recovery period, has been computed by several methods. Identify the depreciation method used for each schedule.

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A company purchased facrory equipment on August 1,2on, for R0 Boo.000 It is estimated that the EQUIDH will have a RO 50.000 residual value at the end of its 10-year useful life Using the straight-line method of depreciation, the amount to be recorded as depreciation expense at December 31. 2on, is Select one a RO43.750 O BRO37.500 CRO75,000 d RO31.250

EXERCISES E11-1 (L01) EXCEL (Depreciation Computations—SL, SYD, DDB) Deluxe Ezra Company purchases equipment on Janu- ary 1, Year 1, at a cost of $469,000. The asset is expected to have a service life of 12 years and a salvage value of $40,000. Instructions (a)  Compute the amount of depreciation for each of Years 1 through 3 using the straight-line depreciation method. (b)  Compute the amount of depreciation for each of Years 1 through 3 using the sum-of-the-years’-digits method. (c)  Compute the amount of depreciation for each of Years 1 through 3 using the double-declining-balance method. (In performing your calculatio

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Required information (The following information applies to the questions displayed below.) At the beginning of the year, Plummer's Sports Center bought three used fitness machines from Brunswick Corporation. The machines immediately were overhauled, installed, and started operating. The machines were different; therefore, each had to be recorded separately in the accounts. Invoice price paid for asset Installation costs Renovation costs prior to use Machine A Machine B Machine C $ 13,900 $ 34,400 $ 14,500 2,600 1,700 2,400 2,700 900 2,100 By the end of the first year, each machine had been operating 5,200 hours. 2. Prepare the entry to record depreciation expense at the end of Year 1, assuming the following. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) ESTIMATES Residual Value $1,600 2,200 1,600 Depreciation Method Life 6 years 73,000 hours 5 years Machine A Straight-line Units-of-production Doub le-declining-balance…

1. The total depreciation for the year ended December 31, 2020 isa. P237,000 c. P233,250b. P232,500 d. P236,250 2. The carrying amount of production machine as of December 31, 2020 isa. P1,024,500 c. P1,069,500b. P1,029,000 d. P 990,750

If a fixed asset, such as a computer, were purchased on January 1 for $1,603 with an estimated life of 5 years and a salvage or residual value of $127, the journal entry for monthly expense under straight-line depreciation is Oa. Depreciation Expense 24.60 Accumulated Depreciation 24.60 295.20 Ob. Accumulated Depreciation Depreciation Expense 24.60 Oc. Accumulated Depreciation Depreciation Expense Od. Depreciation Expense 295.20 Accumulated Depreciation 295.20 24.60 295.20

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Determine the machine's second-year depreciation and year end book value under the straight-line method. Straight-Line Depreciation Choose Numerator: / Choose Denominator: = Annual Depreciation Expense = Depreciation expense Year 2 Depreciation nces Year end book value (Year 2) =

Barefoot Industrial acquired a new delivery truck at the beginning of its current fiscal year. The truck cost $31,000 and has an estimated useful life of four years and an estimated salvage value of $4,800. Required: a-1. Calculate depreciation expense for each year of the truck's life using Straight-line depreciation. Depreciation expense $ 6,550 per year a-2. Calculate depreciation expense for each year of the truck's life using Double-declining-balance depreciation. Year Depreciation Expense 1 15,500 2 7,750 3 4 $ $ Mar 31

Following the depreciation example on page 7-6 of the VLN, determine 150% declining balance year 2 depreciation expense?____________