Kingbird, Inc. purchased a new machine on October 1, 2022, at a cost of $133,000. The company estimated that the machine will have a salvage value of $19,500. The machine is expected to be used for 10,000 working hours during its 5-year life. (a) Your answer is correct. Compute the depreciation expense under straight-line method for 2022. Depreciation expense $ eTextbook and Media 2022 5675 Attempts: 1 of 5 used

Kingbird, Inc. purchased a new machine on October 1, 2022, at a cost of $133,000. The company estimated that the machine will have a salvage value of $19,500. The machine is expected to be used for 10,000 working hours during its 5-year life. (a) Your answer is correct. Compute the depreciation expense under straight-line method for 2022. Depreciation expense $ eTextbook and Media 2022 5675 Attempts: 1 of 5 used

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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View Policies Current Attempt in Progress Teal Mountain Inc. purchased a tractor trailer for $152000. Teal Mountain uses the units-of-activity method for depreciating its trucks and expects to drive the truck 1000000 miles over its 12-year useful life. Salvage value is estimated to be $16000. If the truck is driven 76000 miles in its first year, how much depreciation expense should Teal Mountain record? O $11721. O $10336. O $11552. O $9589. Save for Later Attempts: 0 of 1 used Submit Answer
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Required information [The following information applies to the questions displayed below.] On January 1, 2024, the Excel Delivery Company purchased a delivery van for $33,750. At the end of its five-year service life, it is estimated that the van will be worth $3,000. During the five-year period, the company expects to drive the van 102,500 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. Straight line. traight-line per year
2. Double-declining balance. Note: Round your answers to the nearest whole dollar amount. Year 2024 2025 2026 2027 2028 Total Depreciation $ Required information [The following information applies to the questions displayed below.] On January 1, 2024, the Excel Delivery Company purchased a delivery van for $33,300. At the end of its five-year service life, it is estimated that the van will be worth $3,000. During the five-year period, the company expects to drive the van 101,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. Year 2024 2025 2026 2027 2028 Total 3. Units of production using miles driven as a measure of output, and the following actual mileage: Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Miles 22,200 24,200 15,200 21,000 20,400 Depreciation $
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Current Attempt in Progress Blossom Company purchased an electric wax melter on April 30, 2025, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase. List price of new melter Cash paid Cost of old melter (5-year life, $1,100 salvage value) Accumulated depreciation-old melter (straight-line) Secondhand fair value of old melter $23,100 14,600 16,400 9,200 7,600 Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. Blossom's fiscal year ends on December 31, and depreciation has been recorded through December 31, 2024. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation (a) Exchange has commercial substance: Debit…
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VIEW PUncles Current Attempt in Progress On December 31, 2025, Vaughn Inc. has a machine with a book value of $1,222,000. The original cost and related accumulated depreciation at this date are as follows. Machine Less: Accumulated depreciation Book value (a) $1,690,000 Depreciation is computed at $78,000 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal. Date 468,000 Aug. 31, 2026 $1,222,000 A fire completely destroys the machine on August 31, 2026. An insurance settlement of $559,000 was received for this casualty. Assume the settlement was received immediately. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the…
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