Exercise 10-13 (Algo) Revising depreciation LO C2 Apex Fitness Club uses straight-line depreciation for a machine costing $21,050, with an estimated four-year life and a $2,250 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $1,800 salvage value. 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation for each of the final three years given the revised estimates. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the machine's book value at the end of its second year. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Book Value at the End of Year 2: Cost Accumulated depreciation 2 years Book value at point of revision $ 0 < Required 1 Required 2 >
Exercise 10-13 (Algo) Revising depreciation LO C2 Apex Fitness Club uses straight-line depreciation for a machine costing $21,050, with an estimated four-year life and a $2,250 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $1,800 salvage value. 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation for each of the final three years given the revised estimates. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the machine's book value at the end of its second year. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Book Value at the End of Year 2: Cost Accumulated depreciation 2 years Book value at point of revision $ 0 < Required 1 Required 2 >
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter10: Long-lived Tangible And Intangible Assets
Section: Chapter Questions
Problem 19E
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Question
![Exercise 10-13 (Algo) Revising depreciation LO C2
Apex Fitness Club uses straight-line depreciation for a machine costing $21,050, with an estimated four-year life and a $2,250 salvage
value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it
will have an estimated $1,800 salvage value.
1. Compute the machine's book value at the end of its second year.
2. Compute the amount of depreciation for each of the final three years given the revised estimates.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Compute the machine's book value at the end of its second year.
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar.
Book Value at the End of Year 2:
Cost
Accumulated depreciation 2 years
Book value at point of revision
$
0
< Required 1
Required 2 >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff8a360d3-0cbf-4f42-9df0-463f60100352%2Fd6ced8d6-7b3c-47be-b592-e87c2978aa49%2F1npzmg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 10-13 (Algo) Revising depreciation LO C2
Apex Fitness Club uses straight-line depreciation for a machine costing $21,050, with an estimated four-year life and a $2,250 salvage
value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it
will have an estimated $1,800 salvage value.
1. Compute the machine's book value at the end of its second year.
2. Compute the amount of depreciation for each of the final three years given the revised estimates.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Compute the machine's book value at the end of its second year.
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar.
Book Value at the End of Year 2:
Cost
Accumulated depreciation 2 years
Book value at point of revision
$
0
< Required 1
Required 2 >
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