An asset was purchased for $72,000 with a salvage value of $6,000 on July 1, Year 1. It has an estimated useful life of 6 years. Using how much the straight-line method, how depreciation expense should be recognized on December 31, Year 1?
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- An asset's book value is $28,000 on December 31, Year 5. The asset has been depreciated at an annual rate of $12,000 on the straight-line method. Assuming the asset is sold on December 31, Year 5 for $24,000, the company should record:An asset's book value is $28,000 on December 31, Year 5. The asset has been depreciated at an annual rate of $12,000 on the straight-line method. Assuming the asset is sold on December 31, Year 5 for $24,000, the company should record: please provide answeran assets book value is 19,400 on Dec 31, year 5. The asset has been depreciated at an annual rate of 4,400 on the straight-line method. assuming the asset is sold on Dec 31 year 5 for 16,400 the company should record?
- was purchased for $142,000.00 on January 1 estimated to have a useful life of 9 years witl 00.00. At the beginning of the third year, it wa ining useful life of the asset was only 4 years $2,000.00. Calculate the third-year depreciati ed amounts and straight line method.An asset's book value isAn asset, with a useful life of 10 years, wasacquired at the beginning of year 1 at a cost of $60 000. The asset is revalued at the beginning ofyear 4 in terms of the entitys revaluation policyto gross replacement cost of $ 80 000 at this date.Assume that depreciation calculated foraccounting purposes on the straight-line methodaccurately reflects economic obsolescence. What is the revaluation amount?
- If a fixed asset, such as a computer, were purchased on January 1st for $2,329 with an estimated life of 4 years and a salvage or residual value of $193, the journal entry for monthly expense under straight-line depreciation is a. Accumulated Depreciation 534.00 Depreciation Expense 534.00 b. Depreciation Expense 534.00 Accumulated Depreciation 534.00 c. Depreciation Expense 44.50 Accumulated Depreciation 44.50 d. Accumulated Depreciation 44.50 Depreciation Expense 44.50 * c is not the answerIf a fixed asset, such as a computer, were purchased on January 1st for $2,036.00 with an estimated life of 7 years and a salvage or residual value of $213.00, what is the journal entry for monthly expense under straight-line depreciation? Select the correct answer. Accumulated Depreciation$21.70 Depreciation Expense$21.70 Depreciation Expense$260.43 Accumulated Depreciation$260.43 Depreciation Expense$21.70 Accumulated Depreciation$21.70 Accumulated Depreciation$260.43 Depreciation Expense$260.43If a fixed asset, such as a computer, were purchased on January 1 for $1,603 with an estimated life of 5 years and a salvage or residual value of $127, the journal entry for monthly expense under straight-line depreciation is Oa. Depreciation Expense 24.60 Accumulated Depreciation 24.60 295.20 Ob. Accumulated Depreciation Depreciation Expense 24.60 Oc. Accumulated Depreciation Depreciation Expense Od. Depreciation Expense 295.20 Accumulated Depreciation 295.20 24.60 295.20
- If a fixed asset, such as a computer, were purchased on January 1 for $1,542 with an estimated life of 3 years and a salvage or residual value of $114, the journal entry for monthly expense under straight-line depreciation is O = Depreciation Expense. Ob Accumulated Depreciation Depreciation Expense Ос Accumulated Depreciation Depreciation Expense Od Accumulated Depreciation Accumulated Depreciation Depreciation Expense 39.67 476.00 476.00 39.67 39.67 476.00 476.00 39.67On January 1, 2019 an entity acquired an equipment with an estimated useful life of 10years and estimated residual value of 50,000. The depreciation applicable to this equipment was 240,000 for 2021 computed under SYD method. What was the acquisition cost of equipment?Determine the depreciation, for the year of acquisition and for the following year of a Rixed asset acquired on October 1 for $500,000, with an estimated life of 5 years. and residual value of $50,000, using: a. The double declining-balance method. Assume a fiscal year ending December 31. Year of acquisition: Following year: b. The straight-line method. Assume a fiscal year ending December 31. Year of acquisition: Following year: Subm