Help completing! to XMy Ap x Bb Modul X#eBookw.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=falseYear1235Depreciation by Two Methods; Sale of Fixed AssetNew lithographic equipment, acquired at a cost of $750,000 on March 1 of Year 1 (beginning of the fiscal year), has an estimated useful life of five years and an estimatedresidual value of $64,500. The manager requested information regarding the effect of alternative methods on the amount of depreciation expense each year.On March 4 of Year 5, the equipment was sold for $109,800.Required:1. Determine the annual depreciation expense for each of the estimated five years of use, the accumulated depreciation at the end of each year, and the book value ofthe equipment at the end of each year by the following methods:A method of depreciation that provides for equal periodic depreciation expense over the estimated life of a fixed asset.a. Straight-line methodYear12Check My WorkSamai Chediak....docxLA$4VASA$b. Double-declining-balance method$$DepreciationExpense1DepreciationExpenseCenga X M Video X 0 Mail - X Bb Error Xde L%5Accumulated Depreciation,SA^LA6SAAccumulated Depreciation,CO G Search or type URLEnd of Year$Accounting numeric fieldEnd of YearMacBook Pro∞7*8SAILAARS IRSC XLABook Value,End of Year+Book Value,End of YearUntitle X(9( *a Amazo X a Amazo x +)0< Previous君Update :Save and Exit Submit Assignment for Grading+ 11VShow AllXde to XMy Ap x Bb Modul X#eBookw.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=falseYear1235Depreciation by Two Methods; Sale of Fixed AssetNew lithographic equipment, acquired at a cost of $750,000 on March 1 of Year 1 (beginning of the fiscal year), has an estimated useful life of five years and an estimatedresidual value of $64,500. The manager requested information regarding the effect of alternative methods on the amount of depreciation expense each year.On March 4 of Year 5, the equipment was sold for $109,800.Required:1. Determine the annual depreciation expense for each of the estimated five years of use, the accumulated depreciation at the end of each year, and the book value ofthe equipment at the end of each year by the following methods:A method of depreciation that provides for equal periodic depreciation expense over the estimated life of a fixed asset.a. Straight-line methodYear12Check My WorkSamai Chediak....docxLA$4VASA$b. Double-declining-balance method$$DepreciationExpense1DepreciationExpenseCenga X M Video X 0 Mail - X Bb Error Xde L%5Accumulated Depreciation,SA^LA6SAAccumulated Depreciation,CO G Search or type URLEnd of Year$Accounting numeric fieldEnd of YearMacBook Pro∞7*8SAILAARS IRSC XLABook Value,End of Year+Book Value,End of YearUntitle X(9( *a Amazo X a Amazo x +)0< Previous君Update :Save and Exit Submit Assignment for Grading+ 11VShow AllXde

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Description: Help completing! to XMy Ap x Bb Modul X#eBookw.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=falseYear1235Depreciation by Two Methods; Sale of Fixed AssetNew lithographic equipment, acquired at a cos

1. Straight line depreciation method Depreciation = Cost of Asset - Residual value / use full life…

Business

Accounting

Depreciation by Two Methods; Sale of Fixed Asset New lithographic equipment, acquired at a cost of $750,000 on March 1 of Year 1 (beginning of the fiscal year), has an estimated useful life of five years and an estimated residual value of $64,500. The manager requested information regarding the effect of alternative methods on the amount of depreciation expense each year. On March 4 of Year 5, the equipment was sold for $109,800. Required: 1. Determine the annual depreciation expense for each of the estimated five years of use, the accumulated depreciation at the end of each year, and the book value of the aquinment at the end of each year by the following methode: A method of depreciation that provides for equal periodic depreciation expense over the estimated life of a fixed asset. a. Straight-line method Year 2 3 4 5 $ $ $ $ Depreciation Expense b. Double-declining-balance method Accumulated Depreciation, $ $ End of Year Accounting numeric field $ Book Value, End of Year

Depreciation by Two Methods; Sale of Fixed Asset New lithographic equipment, acquired at a cost of $750,000 on March 1 of Year 1 (beginning of the fiscal year), has an estimated useful life of five years and an estimated residual value of $64,500. The manager requested information regarding the effect of alternative methods on the amount of depreciation expense each year. On March 4 of Year 5, the equipment was sold for $109,800. Required: 1. Determine the annual depreciation expense for each of the estimated five years of use, the accumulated depreciation at the end of each year, and the book value of the aquinment at the end of each year by the following methode: A method of depreciation that provides for equal periodic depreciation expense over the estimated life of a fixed asset. a. Straight-line method Year 2 3 4 5 $ $ $ $ Depreciation Expense b. Double-declining-balance method Accumulated Depreciation, $ $ End of Year Accounting numeric field $ Book Value, End of Year

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter8: Operating Assets: Property, Plant, And Equipment, And Intangibles

Section: Chapter Questions

Problem 8.6E

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m/ilrn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSession Locator-assign... eBook Show Me How A ✩ Comparing three depreciation methods Dexter Industries purchased packaging equipment on January 8 for $112,500. The equipment was expected to have a useful life of 3 years, or 22,500 operating hours, and a residual value of $4,500. The equipment was used for 9,000 hours during Year 1, 6,750 hours in Year 2, and 6,750 hours in Year 3. Required: 1. Determine the amount of depreciation expense for the 3 years ending December 31, by (a) the straight-line method, (b) the units-of-activity method, and (c) the double-declining-balance method. Also determine the total depreciation expense for the 3 years by each method. Do not round intermediate calculations when determining the depreciation rate. Round the final answers for each year to the nearest whole dollar. Year Year 1 Year 2 Year 3 Total Straight-Line Method Depreciation Expense Units-of-Activity Method 2. What…
gnment/takeAssignmentMain.do?invoker-&takeAssignmentSessionLocator-&inprogress-false Book Show Me How Calculator Print Item Comparing three depreciation methods Depreciation Expense Final Questions Instructions Dexter Industries purchased packaging equipment on January 8 for $72,.000. The equipment was expected to have a useful life of three years, or 18,000 operating hours, and a residual value of $4,500. The equipment was used for 7,600 hours during Year 1, 6,000 hours in Year 2, and 4,400 hours in Year 3. Required: 1. Determine the amount of depreciation expense for the three years ending December 31, by (a) the straight-line method, (b) the units-of-activity method, and (c) the double-declining-balance method, Also determine the total depreciation expense for the three years by each method. (Note: For DECLINING BALANCE ONLY, round the multiplier to five decimal places. Then round the answer for each year to the nearest whole dollar) 2. What method yields the highest depreciation…
CengageNOWV2| Assignme * CengageNOwv2 | Onlin X enow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker38&takeAssignmentSessionLocator=&inprogress=false Calculator If a fixed asset, such as a computer, were purchased on January 1 for $3,750 with an estimated life of three years and a salvage or residual value of $150, the journal entry for monthly expense under straight-line depreciation is Oa. Depreciation Expense 100 Accumulated Depreciation 100 Ob. Depreciation Expense 1,200 Accumulated Depreciation 1,200 Oc. Accumulated Depreciation 1,200 Depreciation Expense 1,200 Od. Accumulated Depreciation 100 Depreciation Expense 100 Previous 0-23 AM
Entries for Sale of Fixed AssetEquipment acquired on January 8 at a cost of $136,520, has an estimated useful life of 17 years, has an estimated residual value of $7,150, and is depreciated by the straight-line method.a. What was the book value of the equipment at December 31 the end of the fourth year?$b. Assuming that the equipment was sold on April 1 of the fifth year for 99,007.1. Journalize the entry to record depreciation for the three months until the sale date. Round your answers to the nerest whole dollar if required. Depreciation Expense-Equipment Accumulated Depreciation-Equipment 2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations. Cash Accumulated Depreciation-Equipment Loss on Sale of Equipment Equipment
B. D E G H. J K 3. Create the fixed asset supporting schedule for the following purchases: Two fixed assets are purchased during the year: Computer server on 5/4/2014 for $2,214.55 Office furniture on 11/17/2014 for $1,234.54 MACRS 150% is going to be the depreciation method used and depreciation adjusting entries are made at the end of each month. (check figure: total depreciation expense = 107.63) What will be the depreciation general journal adjusting entry on 12/31/2014?
The acquisition of a used machine with a purchase price of $44,994, requiring an overhaul costing $9,118, installation costs of $4,677, and special acquisition fees of $31,965 would be journalized with a debit to the asset account for Oa. $54,112 0b. 590.754 O c. $136,514 O d. $44,994The acquisition of a used machine with a purchase price of $44,994, requiring an overhaul costing $9,118, installation costs of $4,677, and special acquisition fees of $31,965 would be journalized with a debit to the asset account for Oa. $54,112 0b. 590.754 O c. $136,514 O d. $44,994.
Disposal of fixed asset Instructions Chart of Accounts First Questions Journal Instructions First Questions X Journal Equipment acquired on January 6 at a cost of C. Assuming that the equipment was sold on January 3 of Year 4 for $379,920, journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of $459,240 has an estimated useful life of 19 year a. What was the annual amount of depreciation for account titles. and an estimated residual value of $62,805. the Years 1-3 using the straight-line method of depreciation? PAGE 1 a. What was the annual amount of Year 1 $ JOURNAL depreciation for the Years 1-3 using the depreciation ACCOUNTING FOUATION. straight-line method of depreciation? DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY expense b. What was the book value of the 1 Year 2 $ equipment on January 1 of Year 4? 2 depreciation c. Assuming that the equipment was sold expense 3 on January 3 of Year 4 for $379,920, Year 3 2$ 4…
Equipment acquired on January 8 at a cost of $147,550 has an estimated useful life of 16 years, has an estimated residual value of $7,550, and is depreciated by the straight-line method. Question Content Area a. What was the book value of the equipment at December 31 the end of the fourth year?$fill in the blank ca8b2603ffe3f98_1 Question Content Area b. Assume that the equipment was sold on April 1 of the fifth year for $103,847. 1. Journalize the entry to record depreciation for the three months until the sale date. If an amount box does not require an entry, leave it blank. Round your answers to the nearest whole dollar if required. - Select - - Select - - Select - - Select - Question Content Area 2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $168,000 has an estimated useful life of 18 years, has an estimated residual value of $15,000, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? 3,024,00 x Feedback V Check My Work Book value is the initial cost of the fixed asset minus the accumulated depreciation. b. Assume that the equipment was sold on April 1 of the fifth year for $125,000. 1. Journalize the entry to record depreciation for the three months until the sale date. If an amount box does not require an entry, leave it blank. Depreciation Expense-Equipment Accumulated Depreciation-Equipment
During 2021, ABC Co. purchased intangible assets and debited them all to "Intangible assets". $250,000 $66,000 $50,000 1-Jan Patent 7-Year Life 1-Jun Goodwill Indefinite Life 1-Oct Research and development costs (a). Prepare a journal entry to reclassify them to an intangible asset account and/or expense account. (b). Prepare a journal entry to record amortization expense as of December 31, 2021.
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
Acquisition Cost of Long-Lived Asset The following data relate to Derrick Construction's purchase of a front-end loader: Invoice price, terms 2/10, n/30 F.O.B shipping point, freight collect $32,000 Sent a check for the front loader, one week later 31,360 Cost of printing company logo on machine 240 Freight paid 330 Cost of insurance coverage for one year 375 New Battery (needed to prepare the machine for its intended use) 180 Hired new employee to operate it at $20 per hour; the employee spent one morning (eight hours) practicing with the machine and went to work at the construction site that afternoon. Calculate the amount at which the front-end loader should be reported on the company's balance sheet.