Exercise 10-07 a1-b2 (Part Level Submission) Linton Company purchased a delivery truck for $34,000 on January 1, 2020. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2020 and 12,000 in 2021. v (al) X Your answer is incorrect. Try again. Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Depreciation expense per mile

Exercise 10-07 a1-b2 (Part Level Submission) Linton Company purchased a delivery truck for $34,000 on January 1, 2020. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2020 and 12,000 in 2021. v (al) X Your answer is incorrect. Try again. Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Depreciation expense per mile

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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V A printing equipment cost P500,000 and the cost of handling and installing is P30,000. The life of the equipment is 5 years. If the book value of the equipment at the end of 3rd year is P146,000, compute the salvage value of this equipment using SYD Method. a)P23,123 b)P50,118 c)P43,194 d)P65,109 e)none of these
Testbank Multiple Choice Question 86 Bramble Corp. purchased a depreciable asset for $698000 on April 1, 2018. The estimated salvage value is $68000, and the estimated useful life is 5 years. The straight-line method is used for depreciation. What is the balance in accumulated depreciation on May 1, 2021 when the asset is sold? O $252000 O $294000 O $346500 O $388500
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Problem 11-26 (Algo) (LO 11-9) Parnell Company acquired construction equipment on January 1, 2020, at a cost of $77,000. The equipment was expected to have a useful life of five years and a residual value of $14,000 and is being depreciated on a straight-line basis. On January 1, 2021, the equipment was appraised and determined to have a fair value of $73,600, a salvage value of $14,000, and a remaining useful life of four years. In measuring property, plant, and equipment subsequent to acquisition under IFRS, Parnell would opt to use the revaluation model in IAS 16. Assume that Parnell Company is a U.S.-based company that is Issuing securities to foreign Investors who require financial statements prepared in accordance with IFRS. Thus, adjustments to convert from U.S. GAAP to IFRS must be made. Ignore Income taxes. Required: a. Prepare journal entries for this equipment for the years ending December 31, 2020, and December 31, 2021, under (1) U.S. GAAP and (2) IFRS.
Q 2. NC purchased a cement mixer for $ 14500. The mixer is expected to have a useful life of five years and a residual value of $ 1000 at the end of that time. Required: Prepare the journal entries to record the disposal of the mixer at the end of second year, assume the straight line depreciation method was used and that: It was sold for $ 10000 cash а. b. It was sold for $ 8000 cash It was traded in on a similar mixer ( new) C. having a list price of $ 16500, a trade in allowance of $ 8000 was given and the balance was paid in cash.
Problem 6-25 (Algo) Identify depreciation methods used LO 3 Grove Co. acquired a production machine on January 1, 2019, at a cost of $495,000. The machine is expected to have a four-year useful life, with a salvage value of $86,000. The machine is capable of producing 56,000 units of product in its lifetime. Actual production was as follows: 12,320 units in 2019; 17,920 units in 2020; 15,680 units in 2021; 10,080 units in 2022. Following is the comparative balance sheet presentation of the net book value of the production machine at December 31 for each year of the asset’s life, using three alternative depreciation methods (items a–c): Required: Identify the depreciation method used for each of the following comparative balance sheet presentations (items a–c). If a declining-balance method is used, be sure to indicate the percentage (150% or 200%). (Hint: Read the balance sheet from right to left to determine how much has been depreciated each year. Remember that December 31, 2019, is…
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