Ever glow Systems purchased a computer workstation that cost $18,000. The equipment had an estimated useful life of 6 years and no residual value. It was depreciated using the straight-line method and was sold at the end of the third year for $9,500 in cash. What should Ever glow Systems record?
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- Crammer 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?Wether purchased a machine on 1 July 2007 for GHS500,000. It is being depreciated on a straight line basis over its expected life of ten years. Residual value is estimated at GHS20,000. On 1 January 2008, following a change in legislation, Wether fitted a safety guard to the machine. The safety guard cost GHS25,000 and has a useful life of five years with no residual value. What amount will be charged to profit or loss for the year ended 31 March 2008 in respect of depreciation on this machine?On January 1, 2007, Kaisa Company purchased a computer system for P3,240. The company expects to use the system for 3 years. The asset has no salvage value. The book value of the system at December 31, 2008 is
- 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. Need solutionDBZ 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.Swifty Corporation bought equipment on January 1, 2021. The equipment cost $351000 and had an expected salvage value of $59400. The life of the equipment was estimated to be 6 years. What is the depreciable cost of the equipment?
- Warren Enterprises purchased a van for $21,510. The van has a salvage value of $3,800, and an estimated useful life of eight years. Warren plans to use the straight line method of depreciation. The accumulated depreciation at the end of year 3 would be $___ Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.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.Dewey Corporation purchased a machine for $340,000 on January 1, 2012. The machine had an estimated useful life of 12 years and an estimated residual value of $40,000. The machine was depreciated using the straight-line method. On April 1, 2021, the company no longer needed the machine and sold it for $80,000. Dewey takes a half-year depreciation for the year an asset is disposed. a. What is the book value of the machine at the end of 2020? $115,000 b. Calculate and record the depreciation for 2021 in the journal provided. c. Calculate the book value of the machine at the time of sale. $102,500 d. Record the sale of the machine on April 1 in the journal provided.
- On July 1, Year 1, Rey Corp. purchased computer equipment at a cost of $360,000. This equipment was estimated at a cost of $360,000. This equipment was estimated to have a 6-year life with no residual value and was depreciated by the straight-line method. On January 3, Year 4, Rey determined that this equipment could no longer process data efficiently, that its value had been permanently impaired, and that $70,000 could be recovered over the remaining useful life of the equipment. What carrying amount should Rey report on its 12/31/Y4 balance sheet for this equipment?Please don't give image formatDelta Machine Company purchased a computerized assembly machine for $97,000 on January 1, Year 1. Delta Machine Company estimated that the machine would have a life of four years and a $19,000 salvage value. Delta Machine Company uses the straight-line method to compute depreciation expense. At the beginning of Year 3, Delta discovered that the machine was quickly becoming obsolete and would have little value at the end of its useful life. Consequently, Delta Machine Company revised the estimated salvage to only $3,000. It did not change the estimated useful life of the machine. Compute the depreciation expense for each of the four years.