A B C D K. M 7 Calculate the depreciation on an asset that originally cost $812,000, has a salvage value of $52,000 8 and an estimated useful life of 6 years. 10 You only need to record the FIRST 4 years using each method 11 SHOW YOUR CALCULATIONS. 12 13 STRAIGHT.LINE 14- YEAR1 15 YEAR 2 16 YEAR 3 17 YEAR 4 18

A B C D K. M 7 Calculate the depreciation on an asset that originally cost $812,000, has a salvage value of $52,000 8 and an estimated useful life of 6 years. 10 You only need to record the FIRST 4 years using each method 11 SHOW YOUR CALCULATIONS. 12 13 STRAIGHT.LINE 14- YEAR1 15 YEAR 2 16 YEAR 3 17 YEAR 4 18

Name: S7AFH.K7 Calculate the depreciation on an asset that originally cost
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Description: S7AFH.K7 Calculate the depreciation on an asset that originally cost $812,000, has a salvage value of $52,0008 and an estimated useful life of 6 years.9.10 You only need to record the FIRST 4 years using each method11 SHOW YOUR CALCULATIONS.1213 STR

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.

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Question

S7
A
F
H.
K
7 Calculate the depreciation on an asset that originally cost $812,000, has a salvage value of $52,000
8 and an estimated useful life of 6 years.
9.
10 You only need to record the FIRST 4 years using each method
11 SHOW YOUR CALCULATIONS.
12
13 STRAIGHT LINE
14
YEAR1
15
YEAR 2
16
YEAR 3
17
YEAR 4
18
19
20 Double Declining Balance
21
22
YEAR1
23
YEAR 2
24
YEAR 3
25
YEAR 4
26
27
28 Sum of the Years Digits
29
30
YEAR1
31
YEAR 2
32
YEAR 3
33
YEAR 4
Sheet1
Ready

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On February 2, 2022, Alexandra purchases a personal computer. The computer cost $4,920. Alexandra uses the computer 85 percent of the time in her accounting business, and the remaining 15 percent of the time for various personal uses. Calculate Alexandra's maximum depreciation deduction for 2022 for the computer, assuming half-year convention and she does not use bonus depreciation or make the election to expense. Click here to access the depreciation table. If required, round your answer to nearest dollar.
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CHAPTER 14 – DEPRECIATION CLASSWORK Student Name: Date: 1) A Dutch petroleum company purchased a barge for $1,300,000. The estimated life in 20 years, at which time it will have a salvage value of $200,000. Find (a) The annual amount of depreciation using the straight-line method (b) The book value at the end of 5 years 2) A bottle-capping machine costs $88,000, has an estimated life of 8 years, and has a scrap value of $16,000. Use the straight-line method of depreciation to find (a) The annual rate of depreciation (b) The annual amount of depreciation (c) The book value at the end of the first year 3) The new computer equipment at Capital Curb and Concrete has a cost of $14,500, an estimated life of 8 years, and a scrap value of $2100. Find (a) the annual depreciation and (b) the book value at the end of 4 years using the straight- line method of depreciation.
6:01 A ( Title Give Solution An equipment costs P400,000 and has a life of 30,000 hrs at the end of which its salvage value is x pesos. In the first year, it was used for 6240 hrs. The book value at the end of the first year was P325,120. Find the value of x. 1/1 ET T 17 II
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TB MC Qu. 10-170 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 double-declining-balance method. The machine's useful life is estimated to be 5 years with a $4,000 salvage value. Depreciation expense in year 2 is: Multiple Cholce $4,800. $8.000. $9,600. $5,760. $14,400.
8
Exercise 6-13 (Algo) Depreciation calculation methods LO 3 Millco Inc., acquired a machine that cost $530,000 early in 2019. The machine is expected to last for tenth years, and its estimated salvage value at the end of its life is $73,000.Required:a. Using straight-line depreciation, calculate the depreciation expense to be recognized in the first year of the machine's life and calculate the accumulated depreciation after the fifth year of the machine's life. b. Using declining-balance depreciation at twice the straight-line rate, calculate the depreciation expense for the third year of the machine's life. c. What will be the net book value of the machine at the end of its tenth year of use before it is disposed of, under each depreciation method?
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Alignment tting Table V18 fr Number Styles A B. -Calculate the depreciation on an asset that originally cost $812,000, has a salvage value of $52,000 K B and an estimated useful life of 6 years. 10 You only need to record the FIRST 4 years using each method 11 SHOW YOUR CALCULATIONS. 12 13 STRAIGHT LINE 14 YEAR1 SHOW YOUR WORK HERE 15 YEAR 2 16 YEAR 3 17 YEAR 4 18 19 20 Double Declining Balance 21 SHOW YOUR WORK HERE 22 YEAR1 23 YEAR 2 24 YEAR 3 25 YEAR 4 26 27 28 Sum of the Years Digits SHOW YOUR WORK HERE 29 30 YEAR1 31 YEAR 2 32 YEAR 3 33 YEAR 4 Sheet1 Ready 17