Sh5 In recent years, Carla Vista Corporation has purchased three machines. Because of frequent employee turnover in the accountingdepartment, a different accountant was in charge of selecting the depreciation method for each machine, and various methods havebeen used. Information concerning the machines is summarized in the table below.Machine123AcquiredJan. 1, 2018July 1, 2019Nov. 1, 2019Cost$94,30088,75066,726ResidualValue$12,10010,3006.380Useful Life(in years)556Depreciation MethodStraight-lineDiminishing-balanceUnits-of-productionFor the diminishing-balance method, Carla Vista Corporation uses double the straight-line rate. For the units-of-production method,total machine hours are expected to be 23,210. Actual hours of use in the first 3 years were: 2019, 380; 2020, 4,920; and 2021, 4,790. (b)If Machine 2 was purchased on October 1 instead of July 1, what would be the depreciation expense for this machine in 2019? In2020?Depreciation expense in 2019Depreciation expense in 2020tA$$GA3,87553,250

Name: Sh5 In recent years, Carla Vista Corporation has purchased three machi
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Description: Sh5 In recent years, Carla Vista Corporation has purchased three machines. Because of frequent employee turnover in the accountingdepartment, a different accountant was in charge of selecting the depreciation method for each machine, and various meth

DEPRECIATION EXPENSE Depreciation means gradual decrease in the value of an asset due to normal wear…

Business

Accounting

(b) If Machine 2 was purchased on October 1 instead of July 1, what would be the depreciation expense for this machine in 2019? In 2020? Depreciation expense in 2019 Depreciation expense in 2020 tA $ $ GA 3,875 53,250

(b) If Machine 2 was purchased on October 1 instead of July 1, what would be the depreciation expense for this machine in 2019? In 2020? Depreciation expense in 2019 Depreciation expense in 2020 tA $ $ GA 3,875 53,250

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter10: Long-lived Tangible And Intangible Assets

Section: Chapter Questions

Problem 28E

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In recent years, Tamarisk Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine 2 1 3 (a1) Acquired Jan. 1, 2020 July 1, 2021 Nov. 1, 2021 Depreciable cost $ eTextbook and Media (a2) Save for Later For the declining-balance method, Tamarisk Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 39,000. Actual hours of use in the first 3 years were 2021, 700; 2022, 4,300; and 2023, 7,400. MACHINE 1 Cost $ 97,200 89,500 86,000 MACHINE 2 Salvage Value $ 13,000 10,000 8,000 For Machine #3, calculate depreciable cost per hour under units-of-activity method. MACHINE 3 Useful Life (in years) $ 8 Accumulated depreciation 5 6 Depreciation Method Compute the amount of accumulated…
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If Machine 2 was purchased on October 1 instead of July 1, what would be the depreciation expense for this machine in 2026? In 2027?
As the accountant of a manufacturing company, you have been asked to recommend a depreciation method that will be used in measuring and reporting all fixed assets of the company. With your vast knowledge in accounting principles and in compliances with generally accepted accounting standards, you came up with the following proposed methods for the approval of the management; Method I: Straight Line Method Method II: Written Down Value Method at 59% The company bought a machine for OMR 175,000 on January 1, 2019. The machine is expected to be useful for 4 years and has an estimated salvage value of OMR 5,000. Using method I Straight Line Method, compute the annual depreciation. 2. Complete the following table if straight line method is used; Year Depreciation Expense Accumulated Depreciation Book Value…
As the accountant of a manufacturing company, you have been asked to recommend a depreciation method that will be used in measuring and reporting all fixed assets of the company. With your vast knowledge in accounting principles and in compliances with generally accepted accounting standards, you came up with the following proposed methods for the approval of the management; Method I: Straight Line Method Method II: Written Down Value Method at 59% The company bought a machine for OMR 175,000 on January 1, 2019. The machine is expected to be useful for 4 years and has an estimated salvage value of OMR 5,000. Using Method II Written Down Value at 59% per annum. Complete the table below. Year Book Value (Beg) Depreciation at 59% p.a. Book Value (End) 2. Which method will you recommend to management? Why?
A elearning.act.edu.om Muscat LLC purchased a machine on 1st January, 2019 for OMR 250,000. The rate of depreciation is 20% p.a. under straight line method. Replacement Cost of the machine on 31st December,2019 was OMR 350,000 and on 31st December, 2020 was OMR 500,000. The company wishes to follow Current Cost Accounting rather than the Historical Cost Accounting. a. What is the amount of Depreciation Adjustment? b. What is the amount of Additional Depreciation? C. What is the amount of Back Log Depreciation?
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