Determine the second year depreciation Computer equipment was acquired atthe beginning of the year at a cost of$72,450, with an estimated residualvalue of $3,250 and an estimateduseful life of 6 years.Determinethesecond-yeardepreciation using the straight-linemethod.

Explanation of Straight-line Method :The straight-line method is a depreciation approach that…

Answered: Computer equipment was acquired at the…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter18: Accounting For Long-term Assets

Section: Chapter Questions

Problem 3CE: A machine costing 350,000 has a salvage value of 15,000 and an estimated life of three years....

See similar textbooks

Similar questions

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.
Equipment was acquired at the beginning of the year at a cost of $562,500. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $47,675. Question Content Area a. What was the depreciation for the first year? Round your answer to the nearest cent.$fill in the blank 0c4447fd4012faf_1 b. Using the rounded amount from Part a in your computation, determine the gain or loss on the sale of the equipment, assuming it was sold at the end of year eight for $98,318. Round your answer to the nearest cent. Enter your answer as a positive amount.$fill in the blank 0c4447fd4012faf_2 Question Content Area c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. Cash Accumulated Depreciation-Equipment Loss on Sale of Equipment Equipment
Equipment was acquired at the beginning of the year at a cost of $600,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $45,485. Question Content Area a. What was the depreciation for the first year? Round your answer to the nearest cent.$fill in the blank f37eae05d037039_1 b. Using the rounded amount from Part a in your computation, determine the gain or loss on the sale of the equipment, assuming it was sold at the end of year eight for $102,388. Round your answer to the nearest cent. Enter your answer as a positive amount.$fill in the blank f37eae05d037039_2 Question Content Area c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. blank Cash Accumulated Depreciation-Equipment Gain on Sale of Equipment Equipment
A storage tank acquired at the beginning of the fiscal year at a cost of $75,000 has an estimated residual value of $10,000 and an estimated useful life of 20 years. Determine the following: (a) the amount of annual depreciation by the straight-line method and (b) the amount of depreciation for the first and second years computed by the doubledeclining-balance method.
Computer equipment was acquired at the beginning of the year at a cost of $63,703 that has an estimated residual value of $2,416 and an estimated useful life of 6 years. Determine the second-year depreciation using the straight-line method. a. $11,019.83 b. $10,617.17 Oc. $20,429.00 d. $10,214.50
Equipment was acquired at the beginning of the year at a cost of $78,660. The equipment was depreciated using the straight-line method based on an estimated useful life of 6 years and an estimated residual value of $7,980. a. Compute the depreciation expense for the first year.$fill in the blank 1a46def96073f8b_1 b. Assuming the equipment was sold at the end of the second year for $59,500, determine the gain or loss on sale of the equipment.$fill in the blank 1a46def96073f8b_2 c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.
Equipment was acquired at the beginning of the year at a cost of $612,500. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $44,360. a. What was the depreciation for the first year? Round your answer to the nearest cent. 63,127 b. Using the rounded amount from Part a in your computation, determine the gain(loss) on the sale of the equipment, assuming it was sold at the end of year eight for $102,987. Round your answer to the nearest cent and enter as a positive amount. $4,517 Loss c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent.
Equipment was acquired at the beginning of the year at a cost of $75,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 6 years and an estimated residual value of $7,860. a. Compute the depreciation expense for the first year.$fill in the blank ae090fffb018010_112,525b. Assuming the equipment was sold at the end of the second year for $56,800, determine the gain or loss on sale of the equipment.$fill in the blank ae090fffb018010_2 c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. fill in the blank fill in the blank fill in the blank fill in the blankfill in the blank fill in the blank fill in the blank fill in the blank
Computer equipment was acquired at the beginning of the year at a cost of $66,178 that has an estimated residual value of $3,857 and an estimated useful life of 4 years. Determine the second-year depreciation using the straight-line method. Oa. $15,580.25 Ob. $31,160.50 Oc. $16,544.50 Od. $17,508.75
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.
Equipment was acquired at the beginning of the year at a cost of $79,140. The equipment was depreciated using the straight-line method based on an estimated useful life of six years and an estimated residual value of $7,920. a. What was the depreciation expense for the first year?$ b. Assuming the equipment was sold at the end of the second year for $59,800, determine the gain or loss on sale of the equipment.$ c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.
Equipment acquired on January 8, 20Y1, at a cost of $675,000, has an estimated useful life of 17 years and an estimated residual value of $135,000. What was the annual amount of depreciation for the years 20Y1, 20Y2, and 20Y3, using the straight-line method of depreciation? Round annual depreciation to the nearest dollar and use this amount in your follow-on calculations. Depreciation expense 20Y1$ 20Y2$ 20Y3$

SEE MORE QUESTIONS

Recommended textbooks for you

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

SEE MORE TEXTBOOKS

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.