DBZ Corp. purchased a machine for $20,000 three years ago. The machine had no residual value and had an estimated useful life of 8 years. If the company uses the straight-line depreciation method, calculate the current book value of the machine. Accounting 43
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DBZ Corp. purchased a machine for $20,000 three years ago. The machine had no residual value and had an estimated useful life of 8 years. If the company uses the
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- Calculate the current book value of the machine?Quigley, Inc. purchased a machine 4 years ago for $800,000. The machine is being depreciated on a straight-line basis to a salvage value of zero over its estimated useful life of 10 years. What is the annual depreciation expense on this machine? $800,000 $1,000,000 O $80,000 $900,000 None of the other answers in this list are correct. $70,000 $60,000 $700,000Jeter Company purchased a new machine on May 1, 1998 for $176,000. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of $8,000. The company has recorded monthly depreciation using the straight-line method. On March 1, 2007, the machine was sold for $24,000. What should be the loss recognized from the sale of the machine? $-0- O $3,600 $8,000 $11,600
- ABC Ltd, purchased a machinery worth of $ 100,000 in the year 2018.The machinery has no resale value and has a useful life of 5 years. The machine can be used for a total of 50,000 machine hours. If the machine was used for 15,000 hours in the first year. What is the value of depreciation in the first year based on the activity-based method of depreciation?On January 1, 2010, Graham Company purchased a new machine for $2,100,000. The new machine has an estimated useful life of nine years and the residual value was estimated to be $75,000. Depreciation was computed on the sum-of-the-years'-digits method. What amount should be shown in Graham's balance sheet at December 31, 2011, net of accumulated depreciation, for this machine? OA. $1,244,250 OB. $1,695,000 OC $1,335,000 OD. $1,306,666XYZ Company purchases a new machine for $50,000 with a useful life of 5 years and no salvage value. The company uses straight-line depreciation. Calculate the annual depreciation expense for the machine.
- Swifty Corporation purchased a depreciable asset for $359100. The estimated salvage value is $33500, and the estimated useful life is 10 years. The straight-line method will be used for depreciation. What is the depreciation base of this asset? $325600 $35910 $359100 $33500Sunland Company purchased a new machine for $337,500. It is estimated that the machine will have a $33,750 salvage value at the end of its 5-year useful service life. The double-declining-balance method of depreciation will be used. Prepare a depreciation schedule that shows the annual depreciation expense on the machine for its 5-year life.Prepare a depreciation schedule that shows the annual depreciation expense on the machine for its 5-year life. End of Year Year Book Value Beginning of Year Annual Depreciation Expense Accumulated Depreciation Book Value End of Year 1 $ $ $ $ 2 3 4 5 9,990 Adjusted to $9,990 because ending book value should not be less than expected salvage valueCrammer Corporation purchased a machine for $20,000 with no salvage value and a life of 4 years. What is the book value of the machine at the end of year 4?
- On February 1, 2006, Mason Company purchased a building for $359,000. The building was assigned a useful life of forty years and a salvage value of $11,000. XYZ Company uses the straight-line depreciation method to calculate depreciation on its long-term assets. The building was sold for $121,000 cash on August 1, 2029. Calculate the amount of the loss recorded on the sale. Do not enter your answer with a minus sign in front of your number.On January 1, 2007, Flax Co. purchased a machine for 528,000 and depreciated it by the straight-line method using an estimateduseful life of eight years with no salvage value. On January 1, 2010, Flax determined that the machine had a useful life of six years from the date of acquisition and will have a salvage value of 48,000. An accounting change was made in 2010 to reflect these additional data. The accumulated depreciation for this machine should have a balance at December 31, 2010 ofa.292,000b.308,000c.320,000d.352,000Vaughn Manufacturing purchased a new machine on May 1, 2012 for $566400. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of $20400. The company has recorded monthly depreciation using the straight-line method. On March 1, 2021, the machine was sold for $81600. What should be the loss recognized from the sale of the machine? $2500. $20400. $22900. $0.