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.Calculate the annual depreciation expense....
- Blue Ridge Logistics acquired a truck for $75,000 at the beginning of the year. The truck has a useful life of 8 years and an estimated salvage value of $7,000. Compute the annual depreciation expense using the straight-line method.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 accounting
- What is the amount of depreciation?A 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.