Max. score: 1.00P company bought a machine for $65,000. The estimated useful life of the machine was five years, and the estimated residual value was $5,000. Determine book value at the end of year 2,assuming it uses double-declining method of depreciation.$23,400$53,000$41,000$39,000

The double-declining balance method of depreciation is an accelerated depreciation method. In this…

Answered: Max. score: 1.00 P company bought a…

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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11 A sand mixing device costs $48,000. At the end of 5 years, the salvage value is $18,000. Using straight-line depreciation, find out the how much is accumulated depreciation over the 5-year life of the machine? sut of O A. $35000 uestion O B. $30000 OC. $37000 13 A company bought a machine for BD 250,000 which has a useful life of 10 years and can be sold for BD50,000 at the end of its useful life. Determine the depreciation on the 8th year and book value at the end of 8th year using sinking fund if interest is 12%. ut of
9. Compute for the depreciation in the first year using double declining method. a. 40,000 c. 72,000 b. 36,000 d. 80,000 10. How much is the book value of the equipment as of end of second year using output method of depreciation? a. 360,000 c. 301,500 b. 341,500 d. 230,000
A. Br1,600 B. Br2,000 C. Br5.600 D. Br14,400 6. On July 1. 20X1, Clem Company purchased lactory equipment for br50,000, Residual value was estimated to be br2.000. The equipment will be depreciated over ten years using the sum-of- the-years'-digits depreciation method. Clem has a December 31 year-end, and during 20X1, one- half of a year's depreciation expense was recorded. How much depreciation expense should be recorded for 20X2? (round computations to the pearest dollar) A. Br7,855 do00 B. Br8,291 C. Br8,636 D, Br8,727 7. Which of the following expenditures incurred in connection with the acquisition of equipment is not a proper charge to the asset account? A) Freight or transportation costs. B) Cost of test runs to ready the machine for operation C) Taxes and tariffs D) Cost of vandalism E) B and D 8. If the Double-declining depreciations rate of a plant asset is 50%, then its estimated life will be: A. 50 years. B) 10 years C) 5 years D) 4 years E) None of the above Part II:…
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MNVK Corp. purchased a computer system at a cost of $140,000 on January 1, 20X1. The estimated useful life is 10 years, and the estimated residual value is $10,000. Assuming MNVK uses the double-declining-balance method, what is the depreciation expense for 20X2? Select one: a. $22,800 b. $28,000 c. $26,000 d. $22,400 e. $20,800
A company bought a new display case for $42,000 and estimated residual value to be $2,000 and the useful life to be eight years. Using straight-line depreciation, what is the book value of the display case after three years? $24,000 $15,750 $15,000 $27,000
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16. $ drove the truck 125,000 and 134,000 miles, respectively, to deliver merchandise to its customers. The company During the first two years, SN, Inc., originally purchased the truck for $140,000. If the truck has an estimated life of 5 years or 500,000 miles, with an estimated residual value of $50,000, what amount of depreciation expense should SN record in the second year using the activity-based method? JM Corporation purchased equipment at the beginning of 2015 for $475,000. In 2015, 2016 and 2017, JM depreciated the asset on a straight-line basis with an estimated useful life of 10 years and a $75,000 residual value. What is the BOOK VALUE of the equipment at the beginning of 2018? 17. $ 18. $ AD Enterprises purchased equipment for $400,000 on January 1, year 1. The equipment is expected to have a 10-year life, with a residual value of $30,000 at the end of its service life. Using the double-declining balance method, determine depreciation expense for year 2. 19. $ AD…
am Warren Company plans to depreciate a new building using the double declining balance depreciation method. The building cost is $780,000. The estimated residual value of the building is $48,000 and it has an expected useful life of 25 years. What is the building's book value at the end of the first year? Grew H Multiple Choice O $717,600 $62,400 $31,200 $33.850 < Prev
8. EX.09.233 A machine costing $185,000 with a 5-year life and $20,000 residual value was purchased January 2. Compute depreciation for each of the five years, using the double-declining-balance method. Year Depreciation Year 1 $4 Year 2 Year 3 Year 4 Year 5

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Max. score: 1.00 P company bought a machine for $65,000. The estimated useful life of the machine was five years, and the estimated residual value was $5,000. Determine book value at the end of year 2, assuming it uses double-declining method of depreciation. $23,400 $53,000 $41,000 $39,000