Depreciation for Partial PeriodsMalone Delivery Company purchased a new delivery truck for $45,000 on April 1, 2019. The truck is expected to have a service life of 10 years or 180,000 miles and a residualvalue of $3,000. The truck was driven 8,000 miles in 2019 and 14,000 miles in 2020. Malone computes depreciation expense to the nearest whole month.Required:1. Compute depreciation expense for 2019 and 2020 using the following methods: (Round your answers to the nearest dollar.)a. Straight-line method201920202019b. Sum-of-the-years'-digits2019186 X2020 $c. Double-declining-balance method.$tA2020d. Activity method2019$2019326 X2020method3,782 X6,846 X9,000 X$ 7,200 X2020$3,500 X2. For each method, what is the book value of the machine at the end of 2019? At the end of 2020? (Round your answers to the nearest dollar.)a. Straight-line method44,814 X$ 44,488 Xb. Sum-of-the-years'-digits method2,000 X b. Sum-of-the-years'-digits20192020$ 34,372 Xc. Double-declining-balance2019 $ 36,000 X2020d. Activity method2019method202041,218 Xmethod$ 28,800 X$ 43,080 X39,720 X

Name: Depreciation for Partial PeriodsMalone Delivery Company purchased a n
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: Depreciation for Partial PeriodsMalone Delivery Company purchased a new delivery truck for $45,000 on April 1, 2019. The truck is expected to have a service life of 10 years or 180,000 miles and a residualvalue of $3,000. The truck was driven 8,000

Business

Accounting

Depreciation for Partial Periods Malone Delivery Company purchased a new delivery truck for $45,000 on April 1, 2019. The truck is expected to have a service life of 10 years or 180,000 miles and a residual value of $3,000. The truck was driven 8,000 miles in 2019 and 14,000 miles in 2020. Malone computes depreciation expense to the nearest whole month. Required: 1. Compute depreciation expense for 2019 and 2020 using the following methods: (Round your answers to the nearest dollar.) a. Straight-line method 2019 2020 $ b. Sum-of-the-years'-digits 2020 2019 $ 2019 $ 3,782 X $ 6,846 X c. Double-declining-balance method $ 9,000 X 186 X d. Activity method 2019 $ 2020 326 X 2020 $ 7,200 X 2019 method 2020 2,000 X $ 3,500 X 2. For each method, what is the book value of the machine at the end of 2019? At the end of 2020? (Round your answers to the nearest dollar.) a. Straight-line method $ 44,814 X $ 44,488 X b. Sum-of-the-years'-digits method

Depreciation for Partial Periods Malone Delivery Company purchased a new delivery truck for $45,000 on April 1, 2019. The truck is expected to have a service life of 10 years or 180,000 miles and a residual value of $3,000. The truck was driven 8,000 miles in 2019 and 14,000 miles in 2020. Malone computes depreciation expense to the nearest whole month. Required: 1. Compute depreciation expense for 2019 and 2020 using the following methods: (Round your answers to the nearest dollar.) a. Straight-line method 2019 2020 $ b. Sum-of-the-years'-digits 2020 2019 $ 2019 $ 3,782 X $ 6,846 X c. Double-declining-balance method $ 9,000 X 186 X d. Activity method 2019 $ 2020 326 X 2020 $ 7,200 X 2019 method 2020 2,000 X $ 3,500 X 2. For each method, what is the book value of the machine at the end of 2019? At the end of 2020? (Round your answers to the nearest dollar.) a. Straight-line method $ 44,814 X $ 44,488 X b. Sum-of-the-years'-digits method

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Sami Products purchased a machine for $85,000 on July 1, 2020. The company intends to depreciate it over 8 years using the double-declining balance method. Salvage value is $5,000. What is the depreciation for 2021.
Concrete Corporation, who has a december 31 year end, purchased a new vehicle on septemper 30, 2018. Cost of Truck : $280,000 Estimated residual (or salvage) value: $5000 Estimated useful life: 10 years Estimated usage (unites) : 125,000km 2018 usage: 13,200km 2019 usage: 22,100 km 2020 usage: 26,407 km Required Answer each of the following questions Please show all calculation. a. calculate the depreciation using Straight Line Depreciation Method at December 31, 2018 b. Calculate the depreciation using Units of Production Method at December 31, 2019 c. Calculate the depreciation using Double-Diminishing Method at December 31, 2020 d. Prepare an Adjusting Journal entry for December 31, 2018 to record depreciation for the year 2018 using Units of Production depreciation.
On April 1, 2021, Parks Co. purchased machinery at a cost of $42,000. The machinery is expected to last 10 years and to have a residual value of $6,000. Record the depreciation for office equipment purchased on March 31, 2018 for $24,000 having no residual value sold on September 30, 2021 , depreciated over a five-year life using the straight-line method, with depreciation based on months in service. Prepare the journal entries to record 2021 depreciation and the sale of the equipment. Please don't give image based answer..thanku
Please help me
Machinery purchased for $68,400 by Bramble Co. in 2021 was originally estimated to have a life of 8 years with a salvage value of $4,560 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2026, it is determined that the total estimated life should be 10 years with a salvage value of $5,130 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior years' depreciation, if necessary.
On September 30, 2021, Bricker Enterprises purchased a machine for $200,000. The estimated service life is 10 years with a $20,000 residual value. Bricker records partial-year depreciation based on the number of months in service.Depreciation (to the nearest dollar) for 2022, using sum-of-the-years'-digits method, would be: Multiple Choice $31,909. $29,455. $35,456. $54,000.
Tasty Subs acquired a delivery truck on October 1, 2021, for $25,800. The company estimates a residual value of $2,400 and a six- year service life. Required: Calculate depreciation expense using the straight-line method for 2021 and 2022, assuming a December 31 year-end. 2021 2022 Depreciation expense
Depreciation for Partial Periods Malone Delivery Company purchased a new delivery truck for $36,000 on April 1, 2019. The truck is expected to have a service life of 10 years or 180,000 miles and a residual value of $3,000. The truck was driven 12,000 miles in 2019 and 20,000 miles in 2020. Malone computes depreciation expense to the nearest whole month. Required: 1. Compute depreciation expense for 2019 and 2020 using the following methods: (Round your answers to the nearest dollar.) a. Straight-line method 2019 2020 b. Sum-of-the-years'-digits method 2019 2020 c. Double-declining-balance method 2019 2020 d. Activity method 2019 2020 2. For each method, what is the book value of the machine at the end of 2019? At the end of 2020? (Round your answers to the nearest dollar.) a. Straight-line method 2019 2020 b. Sum-of-the-years'-digits method 2019 2020 c. Double-declining-balance method 2019 2020 d. Activity method 2019 2020
Entries for two years
Depreciation for Partial Periods Storm Delivery Company purchased a new delivery truck for $69,000 on April 1, 2019. The truck is expected to have a service life of 10 years or 150,000 miles and a residual value of $3,000. The truck was driven 8,000 miles in 2019 and 20,000 miles in 2020. Storm computes depreciation expense to the nearest whole month. For each method, what is the book value of the machine at the end of 2019? At the end of 2020? (Round your answers to the nearest dollar.) Double-declining-balance method 2019 $ fill in the blank 13 2020 $ fill in the blank 14 Activity method 2019 $ fill in the blank 15 2020 $ fill in the blank 16
Lord Company purchased a machine on January 2, 2019, for $70,000. The machine had an expected residual value of $10,000, an expected life of 8 years or 24,000 hours, and a capacity to produce 100,000 units. During 2019, Lord produced 12,000 units in 2,500 hours. In 2020, Lord produced 15,000 units in 3,000 hours. Required: 1 a. Prepare a schedule showing depreciation expense for 2019 and 2020 and the book value of the asset at the end of 2019 and 2020 for the Straight-line method. Prepare a schedule showing depreciation expense for 2019 and 2020 and the book value of the asset at the end of 2019 and 2020 for the activity method based on hours worked. Prepare a schedule showing depreciation expense for 2019 and 2020 and the book value of the asset at the end of 2019 and 2020 for the activity method based on units of output. Prepare a schedule showing depreciation expense for 2019 and 2020 and the book value of the asset at the end of 2019 and 2020 for sum-of-the-years'-digits method.…
Required information (The following information applies to the questions displayed below} On January 1, 2021, the Allegheny Corporation purchased equipment for $128.000. The estimated service life of the equipment is 10 years and the estimated residual value is $7,000. The equipment is expected to produce 200,000 units during its life. Required: Calculate depreciation for 2021 and 2022 using each of the following methods. 1. Straight-line. Straight-Line Depreciation Annual Depreciation Expense Choose Numerator: Choose Denominator Formula Depreciation Expense Amounts Depreciation Expense 2021 2022 2. Double-declining-balance. Double-Declining-Balance Method Formula Depreciation Expense Amount for 2021 Amount for 2022 3. Units of production (units produced in 2021, 31,000; units produced in 2022, 26,000). (Round "Depreciation per unit rate" answers to 2 decimal places.) Select formula for Units of Production Depreciation: Calculate 2021 depreciation expense Depreciation per unit rate…