A delivery van was purchased for $35,000. Depreciation was recorded using the straight-line method. Assume a useful life of four years and a salvage value of $3,000. Determine the depreciation expense.
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- A player computer has a cost of $3,850 with a residual of $800 and an estimated useful life of 5 years.Calculate the annual depreciation using the straight-line depreciation method.Make journal entries.A piece of equipment is purchased for $40,000 and has an estimated salvage value of $1,000 at the end of the recovery period. Prepare a depreciation schedule for the piece of equipment using the straight-line method, the sum-of-the-years method, and the 200% declining-balance method with a recovery period of five years. Compare these depreciation methods in a graph.A company that manufactures pulse Doppler insertion flow meters uses the straight line method for book depreciation purposes. Newly acquired equipment has a first cost of $170,000 with a 3-year life and $20,000 salvage value. Determine the depreciation charge and book value for year two.
- A storage tank acquired at the beginning of the fiscal year at a cost of $75,000 has an estimated residual value of $10,000 and an estimated useful life of 20 years. Determine the following: (a) the amount of annual depreciation by the straight-line method and (b) the amount of depreciation for the first and second years computed by the doubledeclining-balance method.A machine was purchased for $68,000. It has a useful life of 5 years and a residual value of $8,000. Determine the annual depreciation expense using the straight-line method?A building is acquired on January 1 at a cost of $830,000 with an estimated useful life of eight years and salvage value of $75,000. Compute depreciation expense for the first three years using the doubledeclining- balance method.
- Please give me answer accountingA truck was purchased via a bank loan for a cost of $75,000 with an estimated life of 10 years and a residual value of $1,000.Prepare the journal entries to record the purchase of the vehicle andprepare a journal entry for 1 month of depreciationConsider the following accounting information for a computer system:Cost basis of the asset (I) = $10,000;Useful life (N) = 5 years;Estimated salvage value (S) = $2,000. Compute the annual depreciation allowances and the resulting book values using the double-declining-balance depreciation method.
- A building is acquired on January 1, at a cost of $860,000 with an estimated useful life of 10 years and salvage value of $77,400. Compute depreciation expense for the first three years using the double-declining-balance method. (Round your answers to the nearest dollar.) Depreclation for the Period End of Period Beginning of Poriod Book Value Depreciation Rate (%) Depreciation Expense Accumulated Annual Period Book Value Depreclation First Year Second Year Third YearA building is acquired on January 1, at a cost of $900,000 with an estimated useful life of 10 years and salvage value of $81,000. Compute depreciation expense for the first three years using the double-declining-balance method. (Round your answers to the nearest dollar.)Equipment was acquired at the beginning of the year at a cost of $562,500. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $47,675. Question Content Area a. What was the depreciation for the first year? Round your answer to the nearest cent.$fill in the blank 0c4447fd4012faf_1 b. Using the rounded amount from Part a in your computation, determine the gain or loss on the sale of the equipment, assuming it was sold at the end of year eight for $98,318. Round your answer to the nearest cent. Enter your answer as a positive amount.$fill in the blank 0c4447fd4012faf_2 Question Content Area c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. Cash Accumulated Depreciation-Equipment Loss on Sale of Equipment Equipment