he E10.9 (LO 1) (Composite Depreciation) Presented below is information related to LeBron James Manufacturing Corporation. Asset Cost Estimated Salvage Estimated Life (in years) A $40,500 10 B 33,600 9 с 36,000 9 D 19,000 E 23,500 $5,500 4,800 3,600 1,500 2,500 7 6 Instructions a. Compute the rate of depreciation per year to be applied to the plant assets under the composite method. b. Prepare the adjusting entry necessary at the end of the year to record depreciation for the year. c. Prepare the entry to record the sale of asset D for cash of $4,800. It was used for 6 years, and depreciation was entered under the composite method.

he E10.9 (LO 1) (Composite Depreciation) Presented below is information related to LeBron James Manufacturing Corporation. Asset Cost Estimated Salvage Estimated Life (in years) A $40,500 10 B 33,600 9 с 36,000 9 D 19,000 E 23,500 $5,500 4,800 3,600 1,500 2,500 7 6 Instructions a. Compute the rate of depreciation per year to be applied to the plant assets under the composite method. b. Prepare the adjusting entry necessary at the end of the year to record depreciation for the year. c. Prepare the entry to record the sale of asset D for cash of $4,800. It was used for 6 years, and depreciation was entered under the composite method.

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Description: heE10.9 (LO 1) (Composite Depreciation) Presented below is information related to LeBron James Manufacturing Corporation.Asset Cost Estimated Salvage Estimated Life (in years)A $40,50010B33,6009с36,0009D19,000E23,500$5,5004,8003,6001,5002,50076Instr

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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For each of the following depreciable assets, determine the missing amount. Abbreviations for depreciation methods are SL fa straight-line and DDB for double-declining-balance. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar. Asset A B C D MO E Cost Residual Value $ 31,000 62,000 87,000 252,000 211,000 6,000 21,000 31,000 Service Life (Years) 5 8 10 8 Depreciation Method DDB SL SL DDB Depreciation (Year 2) $ 30,000 5,600 9,000 23,100
A schedule of machinery owned by Colsen Co. is presented below: Estimated Estimated Total Cost Salvage life in Value years Machine A 260,000.00 20,000.00 12 Machine C 390,000.00 30,000.00 10 Machine 195,000.00 15,000.00 6 M Colsen computes depreciation composite method. by the The composite life (in years) for these assets is O 9.1 10 9.3 9.8 O
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A schedule of machinery owned by Micco Co. is presented below: Estimated Estimated Salvage Value Life in Years Machine X $600,000 $40,000 14 Machine Y 800,000 80,000 Machine Z 300,000 60,000 Micco computes depreciation by the composite method. The composite life (in years) for these assets is 15.6 10.0 8.9 Total Cost 8.6 10 6
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2) (8 points) A company's property records revealed the following information about one of its plant assets: Cost Salvage Purchase Date Estimated Value Depreciation Method Life $ 450,000 $ 30,000 10/01 7 years Straight-line Calculate the depreciation expense for the asset in Year 1 and Year 2 for the year ended December 31.
E10.1 (LO 1) Excel (Depreciation Computations-SL, SYD, DDB)Deluxe Ezra Company purchases equipment on January 1, Year 1, at a cost of $469,000. The asset is expected to have a service life of 12 years and a salvage value of $40,000. Instructions a. Compute the amount of depreciation for each of Years 1 through 3 using the straight-line depreciation method. b. Compute the amount of depreciation for each of Years 1 through 3 using the sum-of-the-years'-digits method. c. Compute the amount of depreciation for each of Years 1 through 3 using the double-declining-balance method. (In performing your calculations, round constant percentage to the nearest one-hundredth of a point and round answers to the nearest dollar.)