A company acquires equipment, which has an estimated useful life of 8 years and no salvage value, for $48,000 at the beginning of the accounting period. What is the adjusting entry for depreciation at the end of one month if the company uses the straight-line method of depreciation?
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A company acquires equipment, which has an estimated useful life of 8 years and no salvage value, for $48,000 at the beginning of the accounting period. What is the adjusting entry for depreciation at the end of one month if the company uses the straight-line method of depreciation?
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- Which of the following is not true about the MACRS depreciation system: A salvage value must be determined before depreciation percentages are applied to depreciable real estate. Residential rental buildings are depreciated over 27.5 years straight-line. Commercial real estate buildings are depreciated over 39 years straight-line. No matter when during the month depreciable real estate is purchased, it is considered to have been placed in service at mid-month for MACRS depreciation purposes.Crane Corporation uses straight-line depreciation, prepares adjusting entries annually, and has a December 31 year end. It purchased equipment on January 1, 2020, for $196,400. The equipment had an estimated useful life of five years and a residual value of $20,440. On December 31, 2021, the company tests for impairment and determines that the equipment's fair value is $95,600. (a) Assuming annual depreciation has already been recorded at December 31, calculate the equipment's carrying amount at December 31, 2021, immediately after recording depreciation for the year. Carrying amount $The firm uses the straight line method of depreciation
- On July 1, a company placed into service a vehicle for $50,000 with an estimated useful life of five years and no salvage value. The company prepares accrual-basis financial statements on a calendar-year basis. How many months should be included in the calculation of depreciation expense for the year of acquisition using the double-declining-balance method? 05 06 07 O 12A firm purchases machinery, which has an estimated useful life of 14 years and no salvage value, for $70,000 at the beginning of the accounting period. What is the adjusting entry for depreciation at the end of one month if the firm uses the straight-line method of depreciation?Account
- A company sells a piece of equipment halfway through the accounting period. The straight-line rate of depreciation on the equipment is $40,000 per year. Before preparing the entry to record the sale of the equipment, the company should first debit: A. Depreciation Expense for $40,000 and credit Accumulated Depreciation for $40,000. B. Accumulated Depreciation for $40,000 and credit Cash for $40,000. C. Depreciation Expense for $20,000 and credit Accumulated Depreciation for $20,000. D. Cash for $20,000 and credit Depreciation Expense for $20,000.Adkins Bakery uses the modified half-month convention to calculate depreciation expense in the year an asset is purchased or sold. Adkins has a calendar year accounting period and uses the straight-line method to compute depreciation expense. On March 17, 2018, Adkins acquired equipment at a cost of $220,000. The equipment has a residual value of $43,000 and an estimated useful life of 4 years. What amount of depreciation expense will be recorded for the year ending December 31, 2018? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.) $44,250 $33,188 $36,875 $22,125What is the depreciation expense to be recorded on December 31, 2021 for this financial accounting question?
- Holman Company owns equipment with an original cost of $99,080 and an estimated salvage value of $7,040 that is being depreciated at $15,340 per year using the straight-line depreciation method, and only prepares adjustments at year-end. The adjusting entry needed to record annual depreciation is: Multiple Choice O O O Debit Depreciation Expense, $8,300; credit Equipment, $8,300. Debit Depreciation Expense, $15,340; credit Accumulated Depreciation, $15,340. Debit Depreciation Expense, $15,340; credit Equipment, $15,340. Debit Depreciation Expense, $8,300; credit Accumulated Depreciation, $8,300. Debit Equipment, $15,340; credit Accumulated Depreciation, $15,340.What amount will be reported for accumulated depreciation on these financial accounting question?Chahal Company’s fiscal year-end is December 31. The company purchased a machine costing $129,000 on April 1, 2022. The machine is expected to be obsolete after five years (60 months), and thereafter no longer useful to the company. The estimated salvage value is $6,000. The company’s depreciation policy is to record depreciation for the portion of the year that the asset is in service. Compute depreciation expense for 2022 under the straight‑line depreciation method. (Round your answer to the nearest whole number. Do not include a $ sign in your answer.)