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Compare Two Depreciation Methods Bayside Coatings Company purchased waterproofing equipment on January 2, 20Y4, for $190,000. The equipment was expected to have a useful life of four years and a residual value of $9,000. Instructions: Determine the amount of depreciation expense for the years ended December 31, 20Y4, 20Y5, 20Y6, and 20Y7, by (a) the straight-line method and (b) the double-declining-balance method. Also determine the total depreciation expense for the four years by each method.   Depreciation Expense. I did the calculation but something isn't right (please check the screenshot)     Year Straight-Line Method Double-Declining-Balance Method 20Y4 $  $ 20Y5  $  $ 20Y6  $  $ 20Y7  $  $ (answer is not $11,875) Total  $ $ (answer is not $178,125)

Your staff person has provided you with the following journal entry for January 20x1 depreciation. The monthly deprecation is supposed to be $100.00. What is wrong with this entry?

anvas X XO Riley Corp. acquired equipment on January 2, Year 1, at a cost of $570,000 with an estimated useful life of twelve years and an estimated residual value of $49,500. Please be sure to label each section of your answer below. (a) What is the annual amount of depreciation for each of the first three years, assuming the straight-line method of depreciation is used? Please show your work. Year 1: Year 2: Year 3: (b) What is the net book value of the equipment on January 1, Year 4? Please show your work. (c) Assuming that the equipment is sold on January 2, Year 4, for $426,500, journalize the entry to record the sale. Descriptions are not required but please include the date. Date Account DR CR 4 (d) Assuming that the equipment is sold on January 2, Year 4, for $495,000 (instead of $426,500), journalize the entry to record the sale. Descriptions are not required but please include the date. CR DR Account Date

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Lima Enterprises purchased a depreciable asset for $22,000 on April 1, Year 1. The asset will be depreciated using the straight-line method over its four-year useful life. Assuming the asset's salvage value is $2,000, what will be the amount of accumulated depreciationon this asset on December 31, Year 3? A. $5,000   B. $15,000   C. $15,125   D. $20,000   E. $13,750

eBook   Show Me How Comparing Three Depreciation Methods Dexter Industries purchased packaging equipment on January 8 for $72,000. The equipment was expected to have a useful life of three years, or 18,000 operating hours, and a residual value of $4,500. The equipment was used for 7,600 hours during Year 1, 6,000 hours in Year 2, and 4,400 hours in Year 3. Required: 1.  Determine the amount of depreciation expense for the years ended December 31, Year 1, Year 2 and Year 3 by (a) the straight-line method, (b) the units-of-activity method, and (c) the double-declining-balance method. Also determine the total depreciation expense for the three years by each method. Round the answer for each year to the nearest whole dollar. Depreciation Expense Year Straight-Line Method Units-of-Activity Method Double-Declining-Balance Method Year 1 $fill in the blank 1   $fill in the blank 2   $fill in the blank 3   Year 2 fill in the blank 4   fill in the blank 5   fill in the blank 6…

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TB MC Qu. 08-168 Mohr Company purchases a machine at the... Mohr Company purchases a machine at the beginning of the year at a cost of $24,000. The machine is depreciated using the straight-line method. The machine's useful life is estimated to be 5 years with a $4,000 salvage value. Depreciation expense in year 2 is

Equipment acquired on January 3,20Y1, at a cost of $412,500, has an estimated useful life of 20 years and an estimated residual a. What was the annual amount of depreciation for the years 20Y1,20Y2, and 20Y3, using the straight-line method of depreciation? Round annual depreciation to the nearest dollar and use this amount in your follow-on calculations. Depreciation expense \table[[20Y1,$

TB MC Qu. 08-173 Martin Company purchases a machine... Martin Company purchases a machine at the beginning of the year at a cost of $60,000. The machine is depreciated using the straight-line method. The machine's useful life is estimated to be 4 years with a $5,000 salvage value. Depreciation expense in year 4 is:

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Knife Edge Company purchased tool sharpening equipment on July 1, 20Y5, for $16,200. The equipment was expected to have a useful life of three years and a residual value of $900. Instructions: a.  Determine the amount of depreciation expense for the years ended December 31, 20Y5, 20Y6, 20Y7 and 20Y8 by the straight-line method.   Depreciation Expense 20Y5 $fill in the blank 1 20Y6 $fill in the blank 2 20Y7 $fill in the blank 3 20Y8 $fill in the blank 4 b.  Determine the amount of depreciation expense for the years ended December 31, 20Y5, 20Y6, 20Y7 and 20Y8 by the double-declining-balance method. Round the double-declining-balance depreciation rate to six decimal places and round your final answers to the nearest whole dollar.   Depreciation Expense 20Y5 $fill in the blank 5 20Y6 $fill in the blank 6 20Y7 $fill in the blank 7 20Y8 $fill in the blank 8

If a fixed asset, such as a computer, were purchased on January 1st for $2,253.00 with an estimated life of 6 years and a salvage or residual value of $206.00, what is the journal entry for monthly expense under straight-line depreciation? Select the correct answer. A. Depreciation Expense$28.43 Accumulated Depreciation$28.43 B. Depreciation Expense$341.17 Accumulated Depreciation$341.17 C. Accumulated Depreciation$341.17 Depreciation Expense$341.17 D. Accumulated Depreciation$28.43 Depreciation Expense$28.43

Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] On April 1, Cyclone's Co. purchases a trencher for $302,000. The machine is expected to last five years and have a salvage value of $51,000. Exercise 8-11 Straight-line, partial-year depreciation LO C2 Compute depreciation expense at December 31 for the first and second year assuming the company uses the straight-line method. Choose Numerator: Choose Denominator: Annual Depreciation Annual depreciation Depreciation Expense Year Annual Depreciation Fraction of Year First year Second year

Determine the second year depreciation using the straight line method on these financial accounting question

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MODULE 5 DEPRECIATION With the following information please answer the following questions and journalize the transaction. What is the amount of depreciation at the end of the 3rd year?   What is the Book Value at the end of the 3rd year? 1) Company has owned machine for 3 years 2) It has been depreciated using the straight line method 3) Original cost was $980000 4) Salvage is estimated at 6,000 5) Life of 8 years

Instructions Equipment acquired on January 6 at a cost of $532,255, has an estimated useful life of 19 years and an estimated residual value of $60,010. A. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? B. What was the book value of the equipment on January 1 of Year 4? C. Assuming that the equipment was sold on January 3 of Year 4 for $441,935, journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles. D. Assuming that the equipment had been sold on January 3 of Year 4 for $473,200 instead of $441,935, journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles. A. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Year 1 depreciation expense $ Year 2 depreciation expense Year 3 depreciation expense $ $ B. What was the book value of the equipment on January 1 of Year 4?…

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