A piece of newly purchased industrial equipment costs $1.475 million and is classified as seven-year property under MACRS. The MACRS depreciation schedule is shown in Table 10.7 Calculate the annual depreciation allowances and end-of-the-year book values for this equipment. (Leave no cells blank - be certain to enter "0" wherever required. Do not round intermediate calculations and enter your answers in dollars, not millions of dollars, rounded to 2 decimal places e.g., 1,234,567.89.) ............

A piece of newly purchased industrial equipment costs $1.475 million and is classified as seven-year property under MACRS. The MACRS depreciation schedule is shown in Table 10.7 Calculate the annual depreciation allowances and end-of-the-year book values for this equipment. (Leave no cells blank - be certain to enter "0" wherever required. Do not round intermediate calculations and enter your answers in dollars, not millions of dollars, rounded to 2 decimal places e.g., 1,234,567.89.) ............

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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On January 1, 2022, Pina Colada Country Club purchased a new riding mower for $29,000. The mower is expected to have a 8-year life with a $8,000 salvage value.What journal entry would Pina Colada make on December 31, 2022, if it uses straight-line depreciation? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 enter an account title for the journal entry on December 31 enter a debit amount enter a credit amount enter an account title for the journal entry on December 31 enter a debit amount enter a credit amount
On 1 July 2022, your company acquired a machine for $103,000 on credit and decided to depreciate it for 25 years with no residual amount. The credit was taken from a local bank that charges 4.2% per annum with payments every year on 30 June. Assume that the fair values of this asset were: Date Fair Value 1/7/2023 $105,000 30/11/2023 $98,000 30/6/2024 $80,000 a. Using the cost model, prepare the relevant journal entries from the date of acquisition to 30 June 2023 b.Using the revaluation model, prepare the relevant journal entries from the date of acquisition to 30 June 2023.
Provide step by step manual solution, given, and depreciation table for below mentioned problem. Make sure yet that your answer is the same as the given answer before sending your solution. An asset costing P50,000 has a life expectancy of 6 years and an estimated salvage value of P8,000. Calculate the depreciation charge at the end of the fourth period using fixed-percentage method. Answer. P5,263.87
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A machine can be purchased for $130,000 and used for five years, yielding the following income. This income computation includes annual depreciation expense of $26,000. Income Year 1 $8,800 Year 2 $21,800 Year 3 $57,000 Year 4 $32,900 Year 5 $87,200 Compute the machine's payback period. (Round payback period answer to 2 decimal places.) × Answer is complete but not entirely correct. Year Net Income Depreciation Net Cash Flow Cumulative Net Cash Flow Initial invest $ (130,000) $ (130,000) Year 1 $ 8,800 $ 26,000 34,800 34,800 x Year 2 21,800 26,000 47,800 82,600 x Year 3 57,000 26,000 83,000 130,000 × Year 4 32,900 26,000 Year 5 87,200 26,000 Payback period = 2.57 years
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TS Co. uses the revaluation model for its buildings. The last revaluation of the buildings to their fair value took place on December 31, 2018. TS provided you with the following information taken from its books on December 31, 2020: Building: 1200000 Annual depreciation: 100000 Residual Value: 120000 Remaining useful life: 11 on Dec 31, 2018 Accum OCI: 25000 Depreciation has been recorded to date, On December 31, 2020, the building fair value is $960,000. The straight-line method of depreciation is used for buildings. (a) Prepare all the journal entries related to the revaluation of the building in 2020. (b) Calculate the depreciation expense to be recorded on December 31, 2021.
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Consider 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 = $0. Use the double-declining-depreciation method to compute the annual depreciation allowances and the resulting book values.

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