A diesel-powered tractor with a cost of $176,460 and an estimated residual value of $8,200 is expected to have a useful operating life of 47,000 hours. During April, the tractor was operated for 100 hours. Determine the depreciation for the month.
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- A machine costing 350,000 has a salvage value of 15,000 and an estimated life of three years. Prepare depreciation schedules reporting the depreciation expense, accumulated depreciation, and book value of the machine for each year under the double-declining-balance and sum-of-the-years-digits methods. For the double-declining-balance method, round the depreciation rate to two decimal places.Determine the depreciation for the month?A diesel-powered tractor with a cost of $346,980 and estimated residual value of $7,900 is expected to have a useful operating life of 98,000 hours. During April, the tractor was operated 200 hours. Determine the depreciation for the month. If required, carry out any division to two decimal places.
- Determine the depreciation for the monthAnswerA diesel-powered tractor with a cost of $111,800 and an estimated residual value of $8,400 is expected to have a useful operating life of 55,000 hours. During April, the tractor was operated 100 hours. Determine the depreciation for the month. If required, carry out any division to two decimal places.fill in the blank 1 of 1$
- Determine the depreciationA machine costing $75,520 with a 6-year life and $72,359 depreciable cost was purchased January 1. Compute the yearly depreciation expense using straight-line depreciation. Round your answer to the nearest whole dollar.Given the following cost information about a fixed asset, calculate depreciation expense for its second year of operation assuming a) straight-line depreciation, b) double-declining balance, and c) units of production. The cost of a truck purchased on January 1 is $30,000. It has a useful life of 5 years or 75,000 miles. At the time of the purchase of the asset, it had an estimated salvage value of $3,000 at the end of its useful life. It is driven 7,500 miles in its first year of operation and 16,750 miles in its second year of operation. Show the presentation of the fixed assets section of the balance sheet at the end of the second year for each of the above situations (i.e., straight-line depreciation, double-declining balance, and units of production). How much is the book value of this asset at the end of that second year under each of those depreciation methods? Solution: Asset book value Straight line Double-declining balance Units of production…
- Given the following cost information about a fixed asset, calculate depreciation expense for its second year of operation assuming a) straight-line depreciation, b) double-declining balance, and c) units of production. The cost of a truck purchased on January 1 is $30,000. It has a useful life of 5 years or 75,000 miles. At the time of the purchase of the asset, it had an estimated salvage value of $3,000 at the end of its useful life. It is driven 7,500 miles in its first year of operation and 16,750 miles in its second year of operation.. Show the presentation of the fixed assets section of the balance sheet at the end of the second year for each of the above situations (i.e., straight-line depreciation, double-declining balance, and units of production). How much is the book value of this asset at the end of that second year under each of those depreciation methods? Edit View Incert Format Tools TableA FedEx sorting machine that cost $10,000 with a useful life of five years and a residual value of $2,000 was purchased on January 1. What is straight-line depreciationfor each year?A delivery van costing $35,000 is expected to have a $2,000 salvage value at the end of its useful life of five years. Assume that the truck was purchased on January 1. Compute the annual depreciation expense under the straight‑line depreciation method. (Round your answer to the nearest whole number.)