Equipment was purchased at the beginning of 2019 for $820000. At the time of its purchase, the equipment was estimated to have a useful life of 6 years and a salvage value of $97000. The equipment was depreciated using the straight-line method of depreciation through 2021. At the beginning of 2022, the estimate of useful life was revised to a total life of 8 years and the expected salvage value was changed to $61000. The amount to be recorded for depreciation for 2022, reflecting these changes in estimates, is $91700. $94875. $51643. $79500.

Q: Equipment was purchased at the beginning of 2019 for P204,000. At the time of its purchase, the…

A: Solution: Original annual depreciation = (Cost - Residual value) / useful life = (P204,000 -…

Q: On July 1, 2019, Crane Company purchased new equipment for $80,000. Its estimated useful life was 5…

A: Depreciation is an estimation of the cost of physical/tangible assets used during a particular…

Q: Sunland Company purchased a machine on July 1, 2020, for $970000. The machine has an estimated…

A: The rate of depreciation under 150% declining balance method is calculated by dividing 150 by the…

Q: On Jan 1, 2020, Elway Inc purchases a piece of equipment for $55,000. The equipment has a $3,000…

A: The Depreciation expense is charged on the fixed costs as reduction in the value of the fixed assets…

Q: Clean Corporation purchased a depreciable asset for $1,560,000 on January 1, 2015. The estimated…

A: DEPRECIATION EXPENSE Depreciation means gradual decrease in the value of an asset due to normal wear…

Q: At the beginning of 2019, Robotics Inc. acquired a manufacturing facility for $13.0 million. $10.0…

A: Depreciation means reduction in value of fixed assets over the period of time. Under straight line…

Q: Sheridan Towing Company purchased a tow truck for $188000 on January 1, 2020. It was originally…

A:

Q: Parnell Company acquired construction equipment on January 1, 2020, at a cost of $77,400. The…

A: Given information:

Q: On January 1, 2019, Major purchased a machine that had an estimated useful life of six years and…

A: Depreciation rate = (1 / useful life) x100 (1/6) x 100  = 16.67% 150% declining depreciation rate =…

Q: The Fisher Company purchased a machine on October 1, 2018, for $18,000. At the time of acquisition,…

A: Depreciable cost=Cost-Salvage value=$18,000-$5,000=$13,000

Q: PIKACHU purchased an equipment for 540,000 on January 1, 2020. The equipment has an estimated…

A: The calculation of depreciable cost has been made as follows: Depreciable cost=Purchase…

Q: On January 1, 2015, Similar Corp purchased machinery for $112,200 that was expected to have a useful…

A: Prior Depreciation per annum = ($112200 - $8400) / 8 years = $12975 Revised depreciation per annum…

Q: On July 1, 2019, Cullumber Company purchased new equipment for $85,000. Its estimated useful life…

A: The question is based on the concept of business finance

Q: Grumpy Inc purchased a machine on January 1, 2021, at a cost of $120,000. The machine was originally…

A: Depreciation is the reduction in the value of an asset due to normal wear and tear, passage of time,…

Q: Around Jan 1, 2022, Coach Whip Corporation paid P5,000 for a piece of machinery. The same was…

A: A revaluation is an upward adjustment of a country's official exchange rate compared to a…

Q: This company purchased a semitruck at the beginning of 2021 at a cost of $100,000. The truck had an…

A: Lets understand the basics.Depreciation is a reduction in value of asset due to wear and tear,…

Q: Equipment was purchased at the beginning of 2019 for $740000. At the time of its purchase, the…

A: Solution: Cost of equipment = $740,000 Initial estimated salvage value = $89,000 Useful life = 6…

Q: Evan Company purchased a machine for $1,400,000 on January 1, 2019. Evan estimates the machine will…

A: Annual depreciation = Cost - Salvage valueEstimated useful life =$1,400,000 -$200,000 10 Years  =…

Q: Prepare the entry to correct the prior years' depreciation, if necessary. (If no entry is required,…

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…

Q: Crane Company purchased a depreciable asset for $680000 on April 1, 2018. The estimated salvage…

A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…

Q: Gandolfi Construction Company purchased a CAT 336DL earth mover at a cost of $415,000 in January…

A: Depreciation: It implies a decrease or gradual fall in the value of fixed assets being used by the…

Q: On April 1, 2019, Coronado Industries purchased new machinery for $453000. The machinery has an…

A: The depreciation expense is charged on fixed assets as reduction in value of fixed assets with the…

Q: Seed-cleaning equipment was purchased in 2018 for $8500 and was depreciated by the double declining…

A: Given, Value of equipment = $8500 expected life = 12 years salvage value = $2500 General…

Q: A truck was acquired on July 1, 2023, for $189,000. The truck had a six-year useful life and an…

A: The objective of the question is to calculate the depreciation expense for the truck for the year…

Q: Queen Elizabeth Company purchased equipment at the beginning of 2019 for $850,000. At the time of…

A: The Depreciation expense is charged on fixed assets as reduction in the value of the fixed assets…

Q: Equipment was acquired on January 1, 2019 at a cost of $170,000. The equipment was originally…

A: The question is based on the concept of Depreciation Accounting.Depreciation is the reduction in…

Q: Bautista Organizers purchased an equipment costing P50,000 on July 1, 2018. The equipment has an…

A: Accumulated depreciation refers to the total deprecation charges till a particular point. This can…

Q: Bataan Company purchased a machinery that was installed and ready for use on January 1, 2019 at a…

A: Depreciation expense is the cost portion which is allocated to the fixed assets of the company and…

Q: Coachwhip Corporation purchased a machinery on January 1, 2022 for P5,000,000. The same had an…

A: Answer) Calculation of Revaluation Surplus Revaluation Surplus = Fair Value of Equipment on January…

Q: An intangible asset with an estimated useful life of 30 years was acquired on January 1, 2010, for…

A: Amortization: Amortization is a process in which the cost of intangible assets is spread equally…

Q: On January 1, 2019, Williams Company purchased a copy machine. The machine costs $160,000, its…

A: Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of the…

Q: n January 1, 2019, ABC Company acquired a machine for 4,500,000. The machine has a useful life of 10…

A: A corporation can use the revaluation model to carry a fixed asset at its revalued value. Following…

Q: Gundrum Company purchased equipment on January 1, 2015 for $811,400. The equipment was expected to…

A: Given that, Gundrum Company purchased equipment on January 1, 2015, for $811,400 equipment was…

Q: Howarth Manufacturing Company purchased equipment on June 30, 2020, at a cost of $125,000. The…

A: The objective of the question is to prepare the journal entries for the sale of equipment by Howarth…

Q: Equipment was acquired on January 1, 2025 at a cost of $162,000. The equipment was originally…

A: Depreciation expense is the amount of expense which is to be charged by the entity on the…

Q: An equipment was acquired for P3,000,000 on Jan. 1, 2018. It is being depreciated to a salvage value…

A: Journal entry: An act of recording the daily transaction of a firm in the journal is called journal…

Q: The Potter Corporation purchased a machine on January 1, 2020. The machine cost P 46,000, with an…

A: Solution..     Cost = P46,000  Estimated salvage value = P2,000  Life = 10 years

Q: year life and $10500 salvage value at the end of its useful life. What is the depreciation expense…

A: Straight line method of depreciation is the easiest method of depreciation where depreciation for…

Q: Parnell Company acquired construction equipment on January 1, 2023, at a cost of $77,000. The…

A: A journal entry is used to record a corporate transaction in the accounting records of a company. A…

Q: On January 1, 2021, Blizzards-R-Us purchased a snow-blowing machine for $85,000. The machine was…

A: Depreciation is considered an expense charge on the value of the Asset. It can be calculated by…

Q: Blue Company purchased equipment for $301,000 on October 1, 2025. It is estimated that the equipment…

A: Lets understand the basics.In straight line basis depreciation is calculated in equal installment…