Homework-Chapter 10 i4SavedHelpSave & ExitSullCheck my wo12.5pointsA piece of newly purchased industrial equipment costs $1.325 million and is classified as seven-year property under MACRS. TheMACRS depreciation schedule is shown in Table 10.7. Calculate the annual depreciation allowances and end-of-the-year book valuesfor this equipment.Note: Leave no cells blank - be certain to enter "O" wherever required. Do not round intermediate calculations and enter youranswers in dollars, not millions of dollars, rounded to 2 decimal places e.g., 1,234,567.89.eBookYearBeginning Book ValueDepreciationEnding Book ValueHint1$1,325,000.00 $189,342.50$1,135,657.502Print$1,135,657.50$811,165.00References345$811,165.00$579,422.50$579,422.50$413,930.00$413,930.00$295,607.506$295,607.50$177,417.507$177,417.50$59,095.00$59,095.000

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College Accounting (Book Only): A Career Approach

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ISBN:9781337280570

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ChapterA: Methods Of Depreciation

Section: Chapter Questions

Problem 4P: Use the information in Problem A-1 to solve this problem. Assume that the van is five-year property...

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Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the purchase of the printer impacts not only depreciation expense each year but also the assets book value. What amount will be recorded as depreciation expense each year, and what will the book value be at the end of each year after depreciation is recorded?
Use the information in Problem A-1 to solve this problem. Assume that the van is five-year property for tax purposes. Required Prepare a schedule of depreciation under MACRS. Round figures to the nearest whole dollar. PROBLEM A-1 A delivery van was bought for 18,000. The estimated life of the van is four years. The trade-in value at the end of four years is estimated to be 2,000. Check Figure Year 3 depreciation, 3,456
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Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] NewTech purchases computer equipment for $261,000 to use in operating activities for the next four years. It estimates the equipment's salvage value at $30,000. Exercise 8-7 (Algo) Straight-line depreciation LO P1 Prepare a table showing depreciation and book value for each of the four years assuming straight-line depreciation. Choose Numerator: Year Year 1 Year 2 Year 3 Year 4 Total Straight-Line Depreciation Choose Denominator: Annual Depreciation = = Annual Depreciation Expense Depreciation expense Year-End Book Value
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Saved Help Save & EX Assignment O Check Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On April 1, Cyclone Company purchases a trencher for $314,000. The machine is expected to last five years and have a salvage value of $57,000. Exercise 8-12 (Algo) Double-declining-balance, partial-year depreciation LO C2 55 Compute depreciation expense at December 31 for both the first year and second year assuming the company uses the double- declining-balance method. (Enter all amounts as positive values.) Depreciation for the Period End of Period Annual Period Beginning of Depreciation Period Book Partial Year Depreciation Accumulated Expense Book Value Rate Depreciation Value nces Year 1 Year 2 ere to search 77°F A a hp 40 144 41 20 prt sc delete 1 & 5 8. R. Y. H. pause
MCQ3 Smitty Inc. wishes to use the revaluation model for this property: Before Revaluation • Building Gross Value 120,000 • Building Accumulated Depreciation 40,000 • Net carrying value 80,000 The fair value for the property is $150,000. Assuming this is the first year of using the revaluation model, what amount would be booked to the Accumulated Depreciation account, if Smitty chooses to use the proportional method to record the revaluation?
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Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below] NewTech purchases computer equipment for $261,000 to use in operating activities for the next four years at estimates the equipment's salvage value at $30,000. Exercise 8-8 (Algo) Double-declining-balance depreciation LO P1 Prepare a table showing depreciation and book value for each of the four years assuming double-declining balance depreciation, Note: Enter all amounts as positive values. Year Year 1 Year 2 Year 3 Year 4 Total Depreciation for the Period Beginning-Year Depreciation - Book Value Rate Annual thepreciation 3 End of Period Accumulated Depreciation Year-End Book Valus
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