A 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?
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A 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?
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- The firm uses the straight line method of depreciationCan you please check my workOn January 1, Phillips Company paid $15,000 to purchase a large piece of equipment that will last 5 years. Required: 1. How much is depreciated by the end of the first year? 2. What will be the book value of the equipment at the end of the first year, after the adjusting entries have been prepared and posted? Note: Use straight-line depreciation and no salvage value.
- On April 1, Cyclone Co. purchases a trencher for $280,000. The machine is expected to last five years and have a salvage value of $40,000. Compute depreciation expense at December 31 for both the first year and second year assuming the company uses the double-declining-balance method.On September 1, a company purchased equipment for $25,000. The equipment's estimated salvage value is $3,400. The machine will be depreciated using straight-line depreciation and a four year life. If the company prepares annual financial statements on December 31, the appropriate adjusting journal entry to make on December 31 of the first year would be a O $1,800 debit to Depreciation Expense and a $1,800 credit to Accumulated Depreciation. $1,800 debit to Accumulated Depreciation and a $1,800 credit to Depreciation Expense. O $5,400 debit to Depreciation Expense and a $5,400 credit to Accumulated Depreciation. $5,400 debit to Accumulated Depreciation and a $5,400 credit to Depreciation Expense. $1,800 debit to Equipment and a $1,800 credit to Cash.On April 1, Cyclone Co. purchases a trencher for $280,000. The machine is expected to last five years and have a salvage value of $40,000. Compute depreciation expense at December 31 for both the first year and second year assuming the company uses the straight-line method.
- What amount will be reported for accumulated depreciation?Assume that Smith's Auto Sales paid $45,000 for equipment with a 15-year life and zero expected residual value. After using the equipment for six years, the company determines that the asset will remain useful for only five more years. Read the requirements. Requirement 1. Record depreciation expense on the equipment for Year 7 by the straight-line method. First, select the formula to calculate the company's revised depreciation expense on the equipment for Year 7. Then enter the amounts and calculate the depreciation for Year 7. (Enter "0" for items with a zero value.) Revised depreciation ) + Record the depreciation on the equipment for Year 7. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Requirements 1. Record depreciation expense on the equipment for Year 7 by the straight-line method. 2. What is accumulated depreciation at the end of Year 7? Print Done Requirement 2. What is…Assume that Smith's Auto Sales paid $45,000 for equipment with a 15-year life and zero expected residual value. After using the equipment for six years, the company determines that the asset will remain useful for only five more years. Read the requirements. Requirement 1. Record depreciation expense on the equipment for Year 7 by the straight-line method. First, select the formula to calculate the company's revised depreciation expense on the equipment for Year 7. Then enter the amounts and calculate the depreciation for Year 7. (Enter "0" for items with a zero value.) Date C ) + ) + Requirement 2. What is accumulated depreciation at the end of Year 7? The accumulated depreciation at the end of Year 7 is = ( Record the depreciation on the equipment for Year 7. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Debit Credit Revised depreciation
- 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 $22,125A machine costing $75,000 is purchased on September 1, Year 1. The machine is estimated to have a salvage value of $10,000 and an estimated useful life of 4 years. Double-declining-balance depreciation is used. If the machine is sold on December 31, Year 3 for $13,000, the journal entry to record the sale will include: A. A credit to gain on sale for $8,000. B. A debit to loss on sale for $2,625. C. A credit to accumulated depreciation for $59,375. D. A debit to loss on sale for $3,042. E. A credit to gain on sale for $4,979.Assume that Smith's Auto Sales paid $45,000 for equipment with a 15-year life and zero expected residual value. After using the equipment for six years, the company determines that the asset will remain useful for only five more years. Read the requirements LOADING... . Requirement 1. Record depreciation expense on the equipment for Year 7 by the straight-line method.