Ligher Enterprises purchased machinery on January 1, 2015. The annual depreciation expense for the machinery was $6,000. The book value of the machinery at the end of 2017 was $72,000. What is the original cost of the machinery?
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Ligher Enterprises purchased machinery on January 1, 2015. The annual
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- At the end of 2020, Magenta Manufacturing Company discovered that construction cost had been capitalized as a cost of the factory building in 2015 when it should have been treated as a cost of production equipment installation costs. As a result of the misclassification, the depreciation through 2018 was understated by 110,000, and depreciation for 2019 was understated by 90,000. What would be the consequences of correcting for the misclassification of the property cost? a. The taxpayer uses the FIFO inventory method, and 25% of goods produced during the period were included in the ending inventory. b. The taxpayer uses the LIFO inventory method, and no new LIFO layer was added during 2019.What is the original cost??What is the original cost of the machinery?
- Kingbird Co. purchased machinery for $170,100 on January 1, 2017. It is estimated that the machinery will have a useful life of 20 years, a salvage value of $14,700, production of 76,400 units, and working hours of 40,300. In 2017, the company used the machinery for 13,702 hours and the machinery produced 14,516 units. Compute the depreciation under the working hours method.Antigua Company purchased a depreciable asset for $45,000 on October 1, 2015. The estimated salvage value is $9,000, and the estimated useful life is 6 years. The straight-line method is used for depreciation. What is the book value on July 1, 2017 when the asset is sold?Shanahan Construction purchased a crane on January 1, 2015, for $102,750. At the time of purchase, the crane was estimated to have a life of 6 years and a residual value of $6,750. In 2017, Shanahan determined that the crane had a total useful life of 7 years and a residual value of $4,500. If Shanahan uses the straight-line method of depreciation, what will be the 2017 depreciation expense for the crane? a.$13,250 b.$9,464 c.$16,000 d.$8,000
- On January 1, 2017, Extensive Manufacturing purchased a machine for $780,000 that it expected to have a useful life of four years. The company estimated that the residual value of the machine was $60,000. Extensive Manufacturing used the machine for two years and sold it on January 1, 2019, for $150,000. As of December 31, 2018, the accumulated depreciation on the machine was $360,000. Read the requirements. 1. Calculate the gain or loss on the sale of the machinery. Extensive Manufacturing will record a of $ on the sale of the machinery.Samsung Company sold a machine for $15,000. The machine originally cost $35,000 in 2014 and $8,000 was spent on a major overhaul in 2017 (charged to the Equipment account). Accumulated Depreciation on the machine to the date of disposal was $28,000. (b) Prepare the appropriate journal entry to record the disposition of the machine.Silverman Company purchased machinery for $162,000 on January 1, 2017. It is estimated that the machinery will have a useful life of 20 years, salvage value of $15,000, production of 84,000 units, and working hours of 42,000. During 2017, the company uses the machinery for 14,300 hours, and the machinery produces 20,000 units. Compute depreciation under the straight-line, units-of-output, working hours, sum-of-the-years’-digits, and double-declining-balance methods.
- Barton Construction Company purchased a piece of heavy equipment on January 1, 2017, which it is depreciating using the straight-line method. The equipment's useful life is 5 years and its residual value is $5,000. Barton recorded depreciation expense of $44,000 in 2018. What is the inferred original cost?Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $155,000. The residual value of the equipment was estimated to be $14,000 at the end of a five-year life. The equipment was sold on March 31, 2021, for $48,000. Howarth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. Required:1. Prepare the journal entry to record the sale.2. Assuming that Howarth had instead used the double-declining-balance method, prepare the journal entry to record the sale.Alteran Corporation purchased office equipment for $1.5 million in 2015. The equipment is being depreciatedover a 10-year life using the sum-of-the-years’-digits method. The residual value is expected to be $300,000. Atthe beginning of 2018, Alteran decided to change to the straight-line depreciation method for this equipment.Required:Prepare the journal entry to record depreciation for 2018
