Computer equipment was acquired at the beginning of the year at a cost of $72,450, with an estimated residual value of $3,250 and an estimated useful life of 6 years. Determine the second-year depreciation using the straight-line method.
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Computer equipment was acquired at the beginning of the year at a cost of $72,450, with an estimated residual value of $3,250 and an estimated useful life of 6 years. Determine the second-year
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- 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.Computer equipment was acquired at the beginning of the year at a cost of $72,450, with an estimated residual value of $3,250 and an estimated useful life of 6 years. Determine the second-year depreciation using the straight-line method. HelpComputer equipment was acquired at the beginning of the year at a cost of $51,634 that has an estimated residual value of $2,638 and an estimated useful life of 6 years. Determine the second-year depreciation using the straight-line method.
- Computer equipment was acquired at the beginning of the year at a cost of $62,544 that has an estimated residual value of $3,039 and an estimated useful life of 5 years. Determine the second-year depreciation using the straight-line method.Determine the second year depreciationComputer equipment was acquired at the beginning of the year at a cost of $57,000 that has an estimated residual value of $9,000 and an estimated useful life of 5 years. Determine the 2nd year's depreciation using straight-line depreciation method.
- Computer equipment was acquired at the beginning of the year at a cost of $55,699.00. The computer equipment has an estimated residual value of $3,518.00 and an estimated useful life of 3 years. Determine the 2nd year's depreciation using straight-line depreciation. Select the correct answer. $19,739.00 $18,566.33 $17,393.67 $34,787.33Equipment was acquired at the beginning of the year at a cost of $957,500. The equipment was depreciated using the straight-line method based on an estimated useful life of 7 years and an estimated residual value of $46,400. What was the depreciation for the first year?Velocity Industries acquired a machine for $310,000, with a salvage value of $25,000 and a useful life of 8 years. The total expected production capacity is 450,000 units. The machine produced 45,000 units in year 1 and 38,000 units in year 2. Using the units of activity method, determine the depreciation expense for year 2.
- A secondhand bulldozer acquired at the beginning of the fiscal year at a cost of $56,000 has anestimated salvage value of $6,500 and an estimateduseful life of 12 years. Determine the following.(a) The amount of annual depreciation by thestraight-line method.(b) The amount of depreciation for the third year,computed by the double-declining-balancemethod.Equipment was acquired at the beginning of the year at a cost of $79,200. The equipment was depreciated using the straight-line method based on an estimated useful life of six years and an estimated residual value of $7,860. a. What was the depreciation expense for the first year? $ b. Assuming the equipment was sold at the end of the second year for $59,900, determine the gain or loss on sale of the equipment. c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Accounts Payable Accumulated Depreciation Cash Gain on Sale of Equipment Loss on Sale of EquipmentA bulldozer was purchased for $ 112,700. It has an estimated life of 20 years and a scrap value of $ 16,000. Use the straight - line method to find the annual depreciation.