e on April 1 of the current fiscal year, which ends on December 31. When required, round your answers to two decimal places. a. Determine the depreciation for the current fisca
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Partial-year
Equipment acquired at a cost of $76,000 has an estimated residual value of $5,000 and an estimated useful life of 10 years. It was placed in service on April 1 of the current fiscal year, which ends on December 31. When required, round your answers to two decimal places.
a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method.
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- Equipment acquired on January 8, 20Y1, at a cost of $675,000, has an estimated useful life of 17 years and an estimated residual value of $135,000. What was the annual amount of depreciation for the years 20Y1, 20Y2, and 20Y3, using the straight-line method of depreciation? Round annual depreciation to the nearest dollar and use this amount in your follow-on calculations. Depreciation expense 20Y1$ 20Y2$ 20Y3$Equipment was acquired at the beginning of the year at a cost of $78,660. The equipment was depreciated using the straight-line method based on an estimated useful life of 6 years and an estimated residual value of $7,980. a. Compute the depreciation expense for the first year.$fill in the blank 1a46def96073f8b_1 b. Assuming the equipment was sold at the end of the second year for $59,500, determine the gain or loss on sale of the equipment.$fill in the blank 1a46def96073f8b_2 c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.New lithographic equipment, acquired at a cost of $656,250 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 $56,400. 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 $96,100. 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 equipment at the end of each year by the following methods: a. Straight-line method Year DepreciationExpense Accumulated Depreciation,End of Year Book Value,End of Year 1 $fill in the blank f3adbb01f07801f_1 $fill in the blank f3adbb01f07801f_2 $fill in the blank f3adbb01f07801f_3 2 $fill in the blank f3adbb01f07801f_4 $fill in the blank f3adbb01f07801f_5 $fill in the blank f3adbb01f07801f_6 3 $fill in the blank…
- A building acquired at the beginning of the year at a cost of $97,200 has an estimated residual value of $6,800 and an estimated useful life of four years. Determine the following. a. The double-declining-balance rate fill in the blank 1 % b. The double-declining-balance depreciation for the first yearInstructions Equipment was acquired at the beginning of the year at a cost of $637,500. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of 9 years and an estimated residual value of $43,195. Required: a. What was the depreciation for the first year? Round your intermediate calculations to 4 decimal places. Round the depreciation for the year to the nearest whole dollar. b. Assuming that the equipment was sold at the end of the second year for $631,697 determine the gain or loss on the sale of the equipment Journalize the entry on Dec. 31 to record the sale. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal SAMSUNG PreviouS NextPartial-Year Depreciation Equipment acquired at a cost of $48,000 has an estimated residual value of $3,000 and an estimated useful life of 10 years. It was placed in service on October 1 of the current fiscal year, which ends on December 31. If necessary, round your answers to the nearest cent. a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method. Depreciation Year 1 $fill in the blank 1 Year 2 $fill in the blank 2 b. Determine the depreciation for the current fiscal year and the following fiscal year by the double-declining-balance method. Depreciation Year 1 $fill in the blank 3 Year 2 $fill in the blank 4
- Equipment acquired at a cost of $72,000 has an estimated residual value of $4,000 and an estimated useful life of 10 years. It was placed in service on April 1 of the current fiscal year, which ends on December 31. If necessary, round your answers to the nearest cent. a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method. Depreciation Year 1 $ ______ Year 2 $ ______ b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double-declining-balance method. Depreciation Year 1 $ ______ Year 2 $ ______Partial-Year Depreciation Equipment acquired at a cost of $90,000 has an estimated residual value of $5,000 and an estimated useful life of 10 years. It was placed in service on October 1 of the current fiscal year, which ends on December 31. If necessary, round your answers to the nearest cent. a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method. Depreciation Year 1 Year 2 8,500 b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double-declining-balance method. Depreciation Year 1 Year 2Equipment was acquired at the beginning of the year at a cost of $575,000. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of 9 years and an estimated residual value of $49,295. a. What was the depreciation for the first year? Round your intermediate calculations to 4 decimal places. Round the depreciation for the year to the nearest whole dollar. b. Assuming the equipment was sold at the end of the second year for $567,500, determine the gain or loss on the sale of the equipment. c. Journalize the entry on December 31 to record the sale. Refer to the Chart of Accounts for exact wording of account titles.
- Equipment was acquired at the beginning of the year at a cost of $79,140. The equipment was depreciated using the straight-line method based on an estimated useful life of six years and an estimated residual value of $7,920. a. What was the depreciation expense for the first year?$ b. Assuming the equipment was sold at the end of the second year for $59,800, determine the gain or loss on sale of the equipment.$ c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.Partial-year depreciation Equipment acquired at a cost of $74,000 has an estimated residual value of $4,000 and an estimated useful life of 10 years. It was placed in service on April 1 of the current fiscal year, which ends on December 31. When required, round your answers to two decimal places. a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method. Year 1 $ Year 2 $ Depreciation b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double-declining-balance method. Year 1 Year 2 DepreciationEquipment acquired at a cost of $77,000 has an estimated residual value of $5,000 and an estimated useful life of 10 years. It was placed in service on April 1 of the current fiscal year, which ends on December 31. When required, round your answers to two decimal places. a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method. Year Depreciation Year 1 fill in the blank 1 of 2$ Year 2 fill in the blank 2 of 2$ b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double-declining-balance method. Year Depreciation Year 1 fill in the blank 1 of 2$ Year 2 fill in the blank 2 of 2$
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