Give typing answer with explanation and conclusion What is the Depreciation, Book Value, and ATCF of the machine in year 8? A set of office furniture can be purchased and installed for $8,000. It is in the ten-year ADS property class and is expected to be kept inservice for eight years. It is believed that $800 can be obtained when the furniture is disposed of at the end of year eight. The net annualvalue added (i.e., revenues less expenses) that can be attributed to the furniture is constant over eight years and amounts to $3,000. Aneffective income tax rate of 20% is used by the company.

Depreciation is the reduction in the value of an asset on account of its…

Answered: Ca | bartleby

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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All amounts paid to acquire a long lived-asset and to get it ready for its intended use are referred to as OA. net book value OB. the cost of an asset OC salvage value O D. immediate expenses BEE
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What the answer for both of them. For number 1 I had put 5,000. And number 2 I had put 12.5 and it’s was wrong. 1. Following the depreciation example on page 7-7 of the VLN determine Activity based year 2 accumulated depreciation________ 2. Following the depreciation example on page 7-7 of the VLN, determine Activity based Year 2 Book value__________
Which of the following items is not a consideration when recording periodic depreciation on plant assets? Question 9 options: Salvage value Estimated useful life Cash needed to replace the plant asset Cost
what is the definition of this method of depreciation: Sum of years digits?
Pete's Propellers Company showed the following information in its Property, Plant, and Equipment Subledger regarding Machine #5027. Machine 5027 Date of Depreciation purchane Jan. 12/10 Jan. 12/18 Rat. Cost $ 62,000 40,000 16,200 Component Single metal housing Methode Reaidual Ent.tife SL. $8,000 15 yra Motor DDB 6,000 10 yrs Blade Jan. 12/18 SL 1,400 s yrs $118,200 *SL = Straight-line; DDB = Double-declining-balance On January 7, 2020, the machine blade cracked and it was replaced with a new one costing $13,200 purchased for cash (the old blade was scrapped). The new blade had an estimated residual value of $2,000 and an estimated life of filve years and would continue to be depreciated using the straight-line method. During 2020, it was determined that the useful life on the metal housing should be Increased to a total of 18 years instead of 15 years and that the residual value should be increased to $10,000. Required: 1. Prepare the entry to record the purchase of the replacement…
Q2) A machine was purchased for a sum of 393,000$ having useful life of 13 years. How to account the level of depreciation under Sum of years Digits Method? Note: Salvage Value =39,000$. Brief the final results in short a table and highlighting of (Depreciation Expense and Accumulated Depreciation)?
Q: Accumulated depreciation represents: Select one: O a. The depreciation taken on fixed assets for one year O b. The decline in value on Property, Plant, and Equipment O c. The depreciation taken since the asset was purchased O d. The loss from damage on an asset
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DO NOT COPY ANOTHER ANSWER THAT'S ALREADY GIVEN. Use MACRS to compute the depreciation schedule for office furniture purchased for $80,000 (use the 7 yr depreciation schedule). Assume salvage value is $10,000
For project A, what was the calculations for depreciation to get to the final answer of 720 000?

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