Typed plz and asap thanks take care of plagiarism also 5 purchase price was allocated to the building. Depreciation for the first two years was calculated using 6 the straight-line method, a 20-year useful life, and a $2,000,000 residual value. At the beginning of Year 73, the company switchedto the double - declining - balance depreciation method. 8 9 Compute the amount of depreciation recorded in each ofthe three years. \table[[10,,], [11, Purchase price, $15,000,000At the beginning of Year 1, Fields Realty acquired an omice building for $10,000 VILIC5 purchase price was allocated to the building. Depreciation for the first two years was calculated using678the straight-line method, a 20-year useful life, and a $2,000,000 residual value. At the beginning of Year3, the company switched to the double-declining-balance depreciation method.9 Compute the amount of depreciation recorded in each of the three years.Purchase priceAllocated to the building10111213Residual value14Useful life (years)151617182YearDepreciation Expense$400,000.00$400,000.001932021$1,022,222.22$15,000,000$10,000,000$2,000,00020

Name: Typed plz and asap thanks take care of plagiarism also 5 purchase pric
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: Typed plz and asap thanks take care of plagiarism also 5 purchase price was allocated to the building. Depreciation for the first two years was calculated using 6 the straight-line method, a 20-year useful life, and a $2,000,000 residual value. At th

DEPRECIATION EXPENSEDepreciation means gradual decrease in value of assets due to normal wear and…

Business

Accounting

5 purchase price was allocated to the building. Depreciation for the first two years was calculated using 6 the straight- line method, a 20-year useful life, and a $2,000,000 residual value. At the beginning of Year 73, the company switched to the double - declining - balance depreciation method. 8 9 Compute the amount of depreciation recorded in each of the three years. \table [10,,],[11, Purchase price,$15,000,000 C 5 At the beginning of Year 1, Fields Realty acquired an omice building for $10,000,000 VILIC purchase price was allocated to the building. Depreciation for the first two years was calculated using 6 the straight-line method, a 20-year useful life, and a $2,000,000 residual value. At the beginning of Year 7 8 3, the company switched to the double-declining-balance depreciation method. 9 Compute the amount of depreciation recorded in each of the three years. Purchase price Allocated to the building 10 11 12 13 Residual value 14 15 16 17 Useful life (years) Year Depreciation Expense $400,000.00 18 2 $400,000.00 19 3 $1,022,222.22 20 21 $15,000,000 $10,000,000 $2,000,000 20

5 purchase price was allocated to the building. Depreciation for the first two years was calculated using 6 the straight- line method, a 20-year useful life, and a $2,000,000 residual value. At the beginning of Year 73, the company switched to the double - declining - balance depreciation method. 8 9 Compute the amount of depreciation recorded in each of the three years. \table [10,,],[11, Purchase price,$15,000,000 C 5 At the beginning of Year 1, Fields Realty acquired an omice building for $10,000,000 VILIC purchase price was allocated to the building. Depreciation for the first two years was calculated using 6 the straight-line method, a 20-year useful life, and a $2,000,000 residual value. At the beginning of Year 7 8 3, the company switched to the double-declining-balance depreciation method. 9 Compute the amount of depreciation recorded in each of the three years. Purchase price Allocated to the building 10 11 12 13 Residual value 14 15 16 17 Useful life (years) Year Depreciation Expense $400,000.00 18 2 $400,000.00 19 3 $1,022,222.22 20 21 $15,000,000 $10,000,000 $2,000,000 20

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A building acquired at the beginning of the year at a cost of $97,200 has an estimated residual value of $6,800 and an estimated useful life of four years. Determine the following. a. The double-declining-balance rate fill in the blank 1 % b. The double-declining-balance depreciation for the first year
> An asset was purchased for $51,000 and originally estimated to have a useful life of 10 years with a residual value of $3,700. After 2 years of straight-line depreciation, it was determined that the remaining useful life of the asset was only 2 years with a residual value of $1,480. a. Determine the amount of the annual depreciation for the first 2 years. $ b. Determine the book value at the end of Year 2. c. Determine the depreciation expense for each of the remaining years after revision. $ ?
25
A building acquired at the beginning of the year at a cost of $76,800 has an estimated residual value of $4,600 and an estimated useful life of four years. Determine the following.(a) The double-declining-balance rate fill in the blank 1 of 2 %(b) The double-declining-balance depreciation for the first year fill in the blank 2 of 2$
Lacey Company purchased a depreciable asset for $440,000. The estimated salvage value is $20,000, and the estimated useful life is 6 years. Sum-of-year-digits’ method will be used for depreciation. What is the depreciation expense at the end of the fourth year of using the asset? a. $60,000 b. $20,000 c. $80,000 d. $40,000
An asset was purchased for $78,000 and originally estimated to have a useful life of 10 years with a residual value of $4,100. After two years of straight-line depreciation, it was determined that the remaining useful life of the asset was only 2 years with a residual value of $1,640. a. Determine the amount of the annual depreciation for the first two years. 24 b. Determine the book value at the end of Year 2. c. Determine the depreciation expense for each of the remaining years after revision. 2$
An asset is purchased for $200,000. The salvage value in 20 years is $75,000. What is the depreciation in year 4 using the following depreciation methods: a.) single line b.) double declining balance c.) sum-of-the-years' digits
8. EX.09.233 A machine costing $185,000 with a 5-year life and $20,000 residual value was purchased January 2. Compute depreciation for each of the five years, using the double-declining-balance method. Year Depreciation Year 1 $4 Year 2 Year 3 Year 4 Year 5
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
A building acquired at the beginning of the year at a cost of $1,630,000 has an estimated residual value of $340,000 and an estimated useful life of 10 years. Determine the following. a. The depreciable cost $fill in the blank 1 b. The straight-line rate fill in the blank 2 % c. The annual straight-line depreciation $fill in the blank 3
1. BE.09.04 Revision of Depreciation Equipment with a cost of $240,000 has an estimated residual value of $18,600, has an estimated useful life of 12 years, and is depreclated by the straight-Iline method. a. Determine the amount of the annual depreciation. 24 b. Determine the book value at the end of the tenth year of use. $4 C. Assuming that at the start of the eleventh year the remaining life is estimated to be four years and the residual value is estimated to be $4,800, determine the depreciation expense for each of the remaining four years. $4
A building acquired at the beginning of the year at a cost of $84,800 has an estimated residual value of $2,500 and an estimated useful life of 4 years. Determine the following.(a) The double-declining-balance rate fill in the blank 1 of 2 %(b) The double-declining-balance depreciation for the first year fill in the blank 2 of 2$