A diesel-powered tractor with a cost of $249,520 and an estimated residual value of $7,600 is expected to have a useful operating life of 72,000 hours. During April, the tractor was operated 300 hours. Determine the depreciation for the month. If required, carry out any division to two decimal places.
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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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- 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.A diesel-powered tractor with a cost of $249,520 and an estimated residual value of $7,600 is expected to have a useful operating life of 72,000 hours. During April, the tractor was operated 300 hours. Determine the depreciation for the month. If required, carry out any division to two decimal places.A diesel-powered tractor with a cost of $111,800 and an estimated residual value of $8,400 is expected to have a useful operating life of 55,000 hours. During April, the tractor was operated 100 hours. Determine the depreciation for the month. If required, carry out any division to two decimal places.fill in the blank 1 of 1$
- A diesel-powered tractor with a cost of $136,700 and estimated residual value of $14,500 is expected to have a useful operating life of 18,800 hours. During November, the tractor was operated 160 hours. Determine the depreciation for the month.answer this question quick. A diesel-powered tractor with a cost of $396,560 and estimated residual value of $4,100 is expected to have a useful operating life of 93,000 hours. During November, the tractor was operated 300 hours. Determine the depreciation for the month. Carry out any division to two decimal places. $fill in the blank 1Depreciation by Units-of-Activity Depreciation A diesel-powered tractor with a cost of $136,700 and estimated residual value of $14,500 is expected to have a useful operating life of 18,800 hours. During November, the tractor was operated 160 hours. Determine the depreciation for the month. Carry out any division to two decimal places.
- On January 1, Alamo Cranes purchased a crane for $140,000. Alamo expects the crane to remain useful for six years (1,000,000 lifts) and to have a residual value of $2,000. The company expects the crane to be used for 80,000 lifts the first year. Read the requirements LOADING... . a. Compute the first-year depreciation expense on the crane using the straight-line method. Begin by selecting the formula to calculate the company's first-year depreciation on the crane using the straight-line method. Then enter the amounts and calculate the depreciation for the first year. ( Cost - Residual value ) ÷ Useful life = Straight-line depreciation ( $140,000 - $2,000 ) ÷ 6 = $23,000 b. Compute the first-year depreciation expense on the crane using the units-of-production method. Before calculating the first-year depreciation on the crane using the units-of-production method, calculate the depreciation…On January 1, Alamo Cranes purchased a crane for $140,000. Alamo expects the crane to remain useful for six years (1,000,000 lifts) and to have a residual value of $2,000. The company expects the crane to be used for 80,000 lifts the first year. Read the requirements LOADING... . a. Compute the first-year depreciation expense on the crane using the straight-line method. Begin by selecting the formula to calculate the company's first-year depreciation on the crane using the straight-line method. Then enter the amounts and calculate the depreciation for the first year. ( Cost - Residual value ) ÷ Useful life = Straight-line depreciation ( $140,000 - $2,000 ) ÷ 6 = $23,000 b. Compute the first-year depreciation expense on the crane using the units-of-production method. Before calculating the first-year depreciation on the crane using the units-of-production method, calculate the depreciation…Copy equipment was acquired at the beginning of the year at a cost of $25,200 that has an estimated residual value of $2,300 and an estimated useful life of 5 years. It is estimated that the machine will output an estimated 1,145,000 copies. This year, 246,000 copies were made. a. Determine the depreciable cost. b. Determine the depreciation rate. Round your answer to two decimal places. per copy c. Determine the units-of-activity depreciation for the year. LA ?
- Depreciation by Units-of-activity Method A diesel-powered tractor with a cost of $90,000 and estimated residual value of $15,000 is expected to have a useful operating life of 30,000 hours. During April, the tractor was operated 120 hours. Determine the depreciation for the month. Carry out any division to two decimal places.Depreciation by Units-of-activity Method A diesel-powered tractor with a cost of $126,700 and an estimated residual value of $7,900 is expected to have a useful operating life of 55,000 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.Copy equipment was acquired at the beginning of the year at a cost of $38,660 that has an estimated residual value of $3,500 and an estimated useful life of 5 years. It is estimated that the machine will output an estimated 1,172,000 copies. This year, 270,000 copies were made. a. Determine the depreciable cost. b. Determine the depreciation rate. Round your answer to two decimal places. per copy c. Determine the units-of-output depreciation for the year. Previous Next