A machine that cost $540,000 has an estimated residual value of $60,000 and an estimated useful life of six years. The company uses straight-line depreciation. Calculate its book value at the end of year 5. (Do not round intermediate calculations.)
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- Hathaway Company purchased a copying machine for 8,700 on October 1, 2019. The machines residual value was 500 and its expected service life was 5 years. Hathaway computes depreciation expense to the nearest whole month. Required: 1. Compute depredation expense (rounded to the nearest dollar) for 2019 and 2020 using the: a. straight-line method b. sum-of-the-years-digits method c. double-declining-balance method 2. Next Level Which method produces the highest book value at the end of 2020? 3. Next Level Which method produces the highest charge to income in 2020? 4. Next Level Over the life of the asset, which method produces the greatest amount of depreciation expense?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.Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the purchase of the printer impacts not only depreciation expense each year but also the assets book value. What amount will be recorded as depreciation expense each year, and what will the book value be at the end of each year after depreciation is recorded?
- Ane barcode reading device has an instated cost basis of $21,760 and an estimated service life of seven years it will have a zero salvage valun at that time. The 150% deckning balance method is used to depreciate this asset a. What will the depreciation charge be in yearseven? b. What is the book value at the end of years? e What is the gain (or loss) on the disposal of the device if it is sold for $900 after six years? a. The depreciation charge in year soven will be $(Round to the nearest dollar) CETTEA machine that cost $120,000 has an estimated residual value of $12,000 and an estimated useful life of four years. The company uses double-declining-balance depreciation. Required: Calculate its book value at the end of year 3. (Do not round intermediate calculations.)A machine that cost $130,000 has an estimated residual value of $13,000 and an estimated useful life of four years. The company uses double-declining-balance depreciation. Required: Calculate its book value at the end of year 3. (Do not round intermediate calculations.) Book Value
- The Sirap manufacturing Co. bought equipment on 1/4/2018 for $120 M. The machine has an expected useful life of 8 years with no Salvage value. Sirap Co. used the straight line depreciation method for the years 2018, 2019, and 2020. On 1/4/2021 they switched to the Double Declining Balance method. Required: Calculate the depreciation expense for 2021, and prepare the Journal Entry. (Hint: calculate the book value on 1/4/21 using the old method, and then go forward using the new depreciation method.Freedom Co. purchased a new machine on July 2, 2019, at a total installed cost of $41,000. The machine has an estimated life of five years and an estimated salvage value of $6,700.Required: Calculate the depreciation expense for each year of the asset's life using A. Straight-line depreciation. B. Double-declining-balance depreciation. How much depreciation expense should be recorded by Freedom Co. for its fiscal year ended December 31, 2019, under each method? (Note: The machine will have been used for one-half of its first year of life.) Calculate the accumulated depreciation and net book value of the machine at December 31, 2020, under each method.A machine costing $546,750 was purchased May 1. The machine should be obsolete after three years and, therefore, no longer useful to the company. The estimated salvage value is $20,250.Calculate the depreciation expense for each year of its expected useful life using each of the following depreciation methods: (a) straight-line, (b) double-declining balance.Assume the company has a calendar year end. Do not round any rates. Round final answers to the nearest dollar.
- Cruz Company purchased a computer on June 30, 2020, for $16,800. The computer had a salvage value of $4,800 and useful life of six years. Note: In answering the following questions, do not round until your final answer. Round your final answer to the nearest whole dollar. a. Using the declining-balance depreciation method (200%), determine depreciation expense for 2021. Answer b. Using the declining-balance depreciation method (150%), determine depreciation expense for 2021. Answer c. Using the straight-line depreciation method, determine depreciation expense for 2021. 2000A machine was on purchased on September 30th for $500,000 with a residual value of $45,000. The company estimates that the machine will last 7 years and produce 2,000,000 parts over its life. Calculate depreciation expense using the Straight-Line method for the 7-year life. (NOTE: Round your answers to the nearest dollar and enter it enter it WITHOUT decimals, commas or dollar signs [Example 75000].) 1. Year 1 __$ 2. Year 2 - 3. Year 3 4. Year 4 - 5. Year 5 - $ 6. Year 6 - 7. Year 7 8. Year 8 -Tennessee Fried Chicken purchased equipment for $92,000 on 1/1. The equipment is expected to have a four-year life, with a residual value of $10,000 at the end of five years. Using the double-declining balance method, what is the depreciation expense for the year as of 12/31? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 ASUS f4 f5 f6 f7 f8 f9 f10 f11 X & 4. 5 8 T Y U 17 6 近 图