Conejo Company, which uses a calendar year, purchased a piece of equipment for $50,000 on January 3, 2010. It estimates the equipment will have a useful life of 8 years and a $4,000 residual value. The equipment is used to produce 200,000 units during its useful life. The actual numbers of units produced were 20,000 during 2010, 33,000 during 2011, 18,000 during 2012, and 28,000 during 2013. Using the straight-line method, what is the book value at December 31, 2012?
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I won't this question general accounting
![Conejo Company, which uses a calendar year,
purchased a piece of equipment for $50,000 on
January 3, 2010. It estimates the equipment will
have a useful life of 8 years and a $4,000 residual
value. The equipment is used to produce 200,000
units during its useful life. The actual numbers of
units produced were 20,000 during 2010, 33,000
during 2011, 18,000 during 2012, and 28,000
during 2013. Using the straight-line method, what
is the book value at December 31, 2012?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa1698bf8-ddf8-4dca-8ebe-10c312d856bf%2F32fc66a3-7f95-44be-811d-de755b2dcef9%2Fyzcmmz_processed.jpeg&w=3840&q=75)
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- During the current year, Arkells Inc. made the following expenditures relating to plant machinery. Renovated five machines for $100,000 to improve efficiency in production of their remaining useful life of five years Low-cost repairs throughout the year totaled $70,000 Replaced a broken gear on a machine for $10,000 A. What amount should be expensed during the period? B. What amount should be capitalized during the period?During the current year, Arkells Inc. made the following expenditures relating to plant machinery. Renovated seven machines for $250,000 to improve efficiency in production of their remaining useful life of eight years Low-cost repairs throughout the year totaled $79,000 Replaced a broken gear on a machine for $6,000 A. What amount should be expensed during the period? B. What amount should be capitalized during the period?Targaryen Company purchases a machine at a cost of $50,000 on January 01, 2009. This machine has a life time of 4 years and a salvage value of $5,000. The machine is expected to be used for 100,000 hours.Actual hours were: for year 2009, 24,000 hours; for year 2010, 31,000 hours; for year 2011, 26,000 hours; for year 2012, 19,000 hours. Required:Prepare depreciation schedules for the following methodsa) Double Declining Balance Method using double the straight-line rate (4)b) Units-Of-Activity Method
- Machado Inc. purchased a new robotic drill for its assembly line operation. The total cost ofthe asset was $125,000, including shipping, installation, and testing. The asset is expected tohave a useful life of five years and a residual value of $10,000. The total service life, expressedin hours of operation, is 10,000 hours. The total output the machine is expected to produceover its life is 1,000,000 units.The asset was purchased on January 1, 2020, and it is now December 31, 2021. In 2021, theasset was used for 2,150 hours and it produced 207,000 units.Required: Calculate the 2021 depreciation charge using the following methods:a. Straight-lineb. Activity, based on units of inputc. Activity, based on units of productiond. Double declining balanceSolar Innovations Corporation bought a machine at the beginning of the year at a cost of $29,000. The estimated useful life was five years and the residual value was $3,500. Assume that the estimated productive life of the machine is 10,000 units. Expected annual production was year 1, 2,000 units; year 2, 3,000 units; year 3, 2,000 units; year 4, 2,000 units; and year 5, 1,000 units. Required: Complete a depreciation schedule for each of the alternative methods.a. Straight-line.b. Units-of-production.c. Double-declining-balance. Which method will result in the highest net income in year 2? Does this higher net income mean the machine was used more efficiently under this depreciation method?Solar Innovations Corporation bought a machine at the beginning of the year at a cost of $22,000.The estimated useful life was five years and the residual value was $2,000. Assume that the estimated productive life of the machine is 10,000 units. Expected annual production was year 1,2,000 units; year 2, 3,000 units; year 3, 2,000 units; year 4, 2,000 units; and year 5, 1,000 units.Required:1. Complete a depreciation schedule for each of the alternative methods. Round answers to thenearest dollar.a. Straight-line.b. Units-of-production.c. Double-declining-balance
- Solar Innovations Corporation bought a machine at the beginning of the year at a cost of $320,000. The estimated useful life was five years and the residual value was $50,000. Assume that the estimated productive life of the machine is 10,000 units. Expected annual production was year 1, 1,700 units; year 2, 1,600 units; year 3, 1,900 units; year 4, 2,400 units; and year 5, 2,400 units. Solar Innovations Corporation uses the units-of-production (activity-based) method of depreciation. Complete the following depreciation table. If necessary, round your interest expense calculations to the nearest whole dollar. Depreciation expense, accumulated depreciated,book value.QI-Aws Company purchases a factory machine at a cost of $18,000 on January 1, 2012. Aws expects the machine to have a salvage value (residual value) of $2,000 at the end of Its 4- year useful life. During its useful life, the machine is expected to be used 160,000 hours. Actual Annual hourly use was: 2012, 40,000; 2013, 60,000; 2014, 35,000; 2015, 25,000 Instructions a- Prepare depreciation schedules for the following methods: (a) straight-line, (b) units-of-production, and (c) declining-balance (DDB Method) b-Show the book value of the machine at the end of 2014 at the balance sheet c- Prepare the journal entries on 1/1/2012, 31/6/2014 Q2- On January 1, 2012, XYZ Co. purchased a car at a historical cost of $28,000. The car has been depreciated by the straight-line method using a 4-year useful life and a $4,000 salvage value (residual value). The company's financial year ends on December 31. Instructions Prepare the journal entry or entries to record the disposal (discard) of the car…On January 1, 2018, Morrow Inc. purchased a spooler at a cost of $40,000. The equipment is expected to last five years and have a residual value of $4,000. During its five-year life. the equipment is expected to produce 250,000 units of product. In 2018-2022, 52,000, 45,000, 60,000,. 52,000, and 46,000 units respectively were produced. Required: Compute depreciation expense for 2018 - 2022, and the accumulated depreciation and book value the spooler at December 31, 2018 - 2022, under the various methods: A. Straight-line B. Double-declining-balance C. Sum-of-the-years'-digits D. Units-of-production
- On January 1, 2014, Courier Inc. purchased new equipment that had a total cost (including shipping and installation) of $79,000. The equipment is expected to have a useful life of four years or produce a total of 119,000 units. At the end of its life, the equipment is expected to have a residual value of $4,400. The equipment is expected to produce 28,560 units in 2014; 30,940 units in 2015; 33,320 units in 2016; and 26,180 units in 2017. Courier Inc.'s fiscal year ends on December 31. In the table below, fill in the missing depreciation expense and accumulated depreciation amounts using the straight-line, double-declining-balance, and units-of-production methods. Do not round your intermediate calculation. When required, round your answers to the nearest dollar. Cost$79,000 Depreciation Expense Accumulated Depreciation Year Straight-lineMethod Double-Declining-Balance Method Unit-of-ProductionMethod Straight-lineMethod Double-Declining-Balance Method Unit-of-ProductionMethod…Ivanhoe Ltd. purchased a new machine on April 4, 2017, at a cost of $188,000. The company estimated that the machine would have a residual value of $16,000. The machine is expected to be used for 10,750 working hours during its four-year life. Actual machine usage was 1,600 hours in 2017; 2,100 hours in 2018; 2,300 hours in 2019; 2,100 hours in 2020; and 1,700 hours in 2021. Ivanhoe has a December 31 year end. Calculate depreciation for the machine under each of the following methods: Round expense per unit to 2 decimal places(1) Straight-line for 2017 through to 2021. 2017 expense $enter a dollar amount 2018 expense $enter a dollar amount 2019 expense $enter a dollar amount 2020 expense $enter a dollar amount 2021 expense $enter a dollar amount (2) Diminishing-balance using double the straight-line rate for 2017 through to 2021. 2017 expense $enter a dollar amount 2018 expense $enter a dollar amount 2019 expense…Forwind Ltd has recently acquired a machine that cost $29 000. The machine normally remains productive for six years. It is expected to continue in the production process at Forwind for eight years due to the excellent maintenance and operating policies in place at Forwind. The machine has the capacity to produce 20 000 units over a six-year life and 27 000 units over an eight-year life. Its salvage value after six years is expected to be $2 500 and after eight years $1 000. What depreciation would be charged in the first year of the machine's operation when 4 000 units were produced (rounded to the nearest dollar)? Select one alternative: $5 600 $4 296 $5 300 $4 148
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