Cost of asset: $11,000 Estimated Useful life: 10 years Estimated Total Units of activity : 5000 units Estimated Salvage value: $1000 Units of Production in Year 1:100 units Units of Production in Year 2: 500 units Units of Production in Year 3: 800 units Units of activity method: Net Book Value at the end of year 3 is $_

Cost of asset: $11,000 Estimated Useful life: 10 years Estimated Total Units of activity : 5000 units Estimated Salvage value: $1000 Units of Production in Year 1:100 units Units of Production in Year 2: 500 units Units of Production in Year 3: 800 units Units of activity method: Net Book Value at the end of year 3 is $_

Name: Cost of asset: $11,000Estimated Useful life: 10 yearsEstimated Total
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Description: Cost of asset: $11,000Estimated Useful life: 10 yearsEstimated Total Units of activity : 5000 unitsEstimated Salvage value: $1000Units of Production in Year 1:100 unitsUnits of Production in Year 2:500 unitsUnits of Production in Year 3: 800 unitsUn

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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The following information was provided relating to an asset: Acquisition date: 1 January 20X1 Acquisition cost: $76,000 Residual value: $6,000 Estimated useful life: 5 years Service hours: 35,000 Productive output in units: 7,000 Actual Data: ServiceHours UnitsProduced 20X1 4,700 400 20X2 6,900 1,100 20X3 7,200 1,600 20X4 7,600 1,800 20X5 8,600 2,100 35,000 7,000 Required:Prepare the journal entries to record depreciation expense for each year of the asset’s life, using the double declining balance method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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Here is the information relating to the equipment of the company Production Inc: Purchase on January 1 X5 $ 100,000Estimated useful life 5 yearsEstimated residual value $ 10,000Total hours of intended use 10,000 hoursNumber of hours of use in X5 3,000 hoursNumber of hours of use in X6 2,500 hoursDeclining balance rate 35% If the Production company used the straight-line depreciation method for its equipment, the depreciation expense for year X6 would amount to: a) $ 18,000b) $ 22,500c) $ 25,000d) None of the abovee) $ 20,000
10
Cost of long-term asset = $50,000 Accumulated Depreciation = $25,000 Sales price of L-T asset = $30,000 Using formal journal entry form journalize the above transaction.
Units-of-Production Method A machine is purchased January 1 at a cost of $60,130. It is expected to produce 136,000 units and have a salvage value of $3,010 at the end of its useful life. Units produced are as follows: Year 1 11,000 Year 2 8,100 Year 3 12,100 Year 4 16,200 Year 5 11,500 Required: Prepare a schedule showing depreciation for each year and the book value at the end of each year using the units-of-production method. Units-of-Production Method Beginning Annual Ending Year Book Value Depreciation Book Value 1 $60,130 2 3 4 5
Sum of the Years Digit Method
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