har.5 In recent years, kingbird Company has purchased three machines. Because of frequent employee turnover in the accountingdepartment, a different accountant was in charge of selecting the depreciation method for each machine, and various methods havebeen used. Information concerning the machines is summarized in the table below.Machine123AcquiredJan. 1, 20201July 1, 2021Nov. 1, 2021(a1)SalvageValueCost$ 95,000 $ 15,00087,00011,5009,000141,000Depreciable costUseful Life"(in years)856For the declining-balance method, Kingbird Company uses the double-declining rate. For the units-of-activity method, total machinehours are expected to be 44,000. Actual hours of use irfthe first 3 years were 2021, 600; 2022, 4,800; and 2023, 7,900.DepreciationMethodStraight-lineDeclining-balanceUnits-of-activityFor Bus #3, calculate depreciable cost per mile under units-of-activity method.per mile

Name: har.5 In recent years, kingbird Company has purchased three machines.
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Description: har.5 In recent years, kingbird Company has purchased three machines. Because of frequent employee turnover in the accountingdepartment, a different accountant was in charge of selecting the depreciation method for each machine, and various methods h

Depreciation expense :— It is the allocation of depreciable cost of asset over the estimated useful…

Business

Accounting

In recent years, Kingbird Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine 1 2 3 Acquired Jan. 1,2020 July 1, 2021 Nov. 1, 2021 (a1) Cost $ 95,000 87,000 Depreciable cost 141,000 $ Salvage Value $ 15,000 11,500 9,000 Useful Life - (in years) 8 5 6 For the declining-balance method, Kingbird Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 44,000. Actual hours of use irfthe first 3 years were 2021, 600: 2022,4,800; and 2023,7,900. Depreciation Method For Bus #3, calculate depreciable cost per mile under units-of-activity method. Straight-line Declining-balance Units-of-activity per mile

In recent years, Kingbird Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine 1 2 3 Acquired Jan. 1,2020 July 1, 2021 Nov. 1, 2021 (a1) Cost $ 95,000 87,000 Depreciable cost 141,000 $ Salvage Value $ 15,000 11,500 9,000 Useful Life - (in years) 8 5 6 For the declining-balance method, Kingbird Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 44,000. Actual hours of use irfthe first 3 years were 2021, 600: 2022,4,800; and 2023,7,900. Depreciation Method For Bus #3, calculate depreciable cost per mile under units-of-activity method. Straight-line Declining-balance Units-of-activity per mile

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter18: Accounting For Long-term Assets

Section: Chapter Questions

Problem 4CE: Grandorf Company replaced the engine in a truck for 8,000 and expects the new engine will extend the...

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Skysong Industries presents you with the following information. Complete the table for the year ended December 31, 2027. The company depreciates all assets using the half-year convention. (Round answers to O decimal places, e.g. 45,892.) Description Machine A Machine B Machine C Machine D Date Purchased 2/12/25 8/15/24 7/21/23 Cost $151,050 80,000 232,140 (c) Salvage Value $16,960 22,260 23,500 73,140 Life in Years. 10 5 00 8 5 Depreciation Method SL DDB SYD (a) f D
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Pete's Propellers Company showed the following information in its Property, Plant, and Equipment Subledger regarding Machine #5027. Machine #5027 Component Single metal housing. Motor Blade No 1 2 Date of Depreciation purchase Method* SL DDB SL *SL = Straight-line; DDB = Double-declining-balance On January 7, 2023, the machine blade cracked and it was replaced with a new one costing $14,000 purchased for cash (the old blade was scrapped). The new blade had an estimated residual value of $2,000 and an estimated life of five years and would continue to be depreciated using the straight-line method. During 2023, it was determined that the useful life on the metal housing should be increased to a total of 18 years instead of 15 years and that the residual value should be increased to $10,400. Date Jan 07, 2023 Jan. 12/21 Jan. 12/21 Jan. 12/21 Required: 1. Prepare the entry to record the purchase of the replacement blade. Jan 07, 2023 Cost $ 70,000 27,000 8,320 $105,320 Machine #5027 -…
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Rottino Company purchased a new cutting machine on January 1, 2017, at $17,000, paid in cash. It has been depreciated using the double-declining-balance method based on an estimated salvage value of $0 and an estimated useful life of 5 years. Prepare Rottino Company's journal entries to record the disposal of the machine on October 31, 2018, in these two independent situations (show your calculations to prove the result): Requirement: (i) Sold the machine for $7.600 cash. (ii) Exchange the old cutting machine with cash of $1,000 for a new cutting machine. The old machine had a fair value of $7,000.
Can you tell me why this keeps saying that the answer is incomplete? I’ve already depreciated the asset down to its residual value.
Help Save Required information Enter your search term E8-4 (Algo) Determining Financial Statement Effects of an Asset Acquisition and Depreciation (Straight- Line Depreciation) LO8-2, 8-3 [The following information applies to the questions displayed below.] During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $23,000. On the date of delivery, January 2, the company paid $6,000 on the machine, with the balance on credit at 9 percent interest due in six months. On January 3, it paid $600 for freight on the machine. On January 5, Ashkar paid installation costs relating to the machine amounting to $2,800. On July 1, the company paid the balance due on the machine plus the interest. On December 31 (the end of the accounting period), Ashkar recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $4,200. E8-4 Part 2 2. Compute the acquisition cost of the machine. Acquisition…
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