MODULE 5 USE OF ASSET NO SALVAGE VALUE Please explain how to solve this transaction when there is not a salvage value. Truck is $40,000 Life is 3 years Depreciation is straight line Please solve and journalize.

MODULE 5 USE OF ASSET NO SALVAGE VALUE Please explain how to solve this transaction when there is not a salvage value. Truck is $40,000 Life is 3 years Depreciation is straight line Please solve and journalize.

Name: MODULE 5 USE OF ASSET NO SALVAGE VALUEPlease explain how to solve this
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Description: MODULE 5 USE OF ASSET NO SALVAGE VALUEPlease explain how to solve this transaction when there is not a salvage value.Truck is $40,000Life is 3 yearsDepreciation is straight linePlease solve and journalize.

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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Required information Problem 02-48 (LO 02-2) (Algo) [The following information applies to the questions displayed below.] At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Computers Office desks Machinery Office building Asset Problem 02-48 Part a (Algo) Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Asset a. What is Anna's year 1 cost recovery for each asset? Computers Office desks Machinery Office building Total Date Acquired 1/30 2/15 7/25 8/13 Year 1 Cost Recovery $ Cost Basis $50,500 $ 54,500 $ 97,500 $430,000 0
Your staff person has provided you with the following journal entry for January 20x1 depreciation. The monthly deprecation is supposed to be $100.00. What is wrong with this entry?
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Question 7 Xavier purchased a new car for $40,000. It depreciates at 6% p.a using flat rate depreciation. a. i) Calculate the annual depreciation of the car. ii) Write a recurrence relation to model the depreciation value of the car. iii) Use recurrence relation from part ii) to show that the value of the car at V4 is $30,400.
SOLVE STEP BY STEP IN DIGITAL FORMAT DON'T USE AI Obtain the annual depreciation of the pencil machine, which cost $200,000. At the end of its 5-year useful life, $15,000 is redeemed and it is considered that 8 million pieces are produced, distributed as follows: End of the year 0 1 2 3 4 5 Year 1 2 3 4 5 Annual production Production 2 millions 2 millions 2 millions 1 million 1 million annual depreciation Accumulated depreciation ida book value
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Question 5 A piece of machinery is purchased for $400,000. Accountants have decided to use a straight-line depreciation method with machine being fully depreciated after 10 years. Letting V equal the book value of the machine; a) Assuming that there is no salvage value, determine the function V=f (t). b) If the machine can be resold after 10 years for $25,000. Determine the function V=f (t). Question 6 A company purchases cars for use by its executives. The purchase cost this year is $30,000. The cars are kept for 3 years, after which they are expected to have a resale value of $8,000. If accountants use straight-line depreciation, determine the function which describes the book value V as a function of the age of the car t.
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If the equipment account has a balance of $52,000 and its accumulated depreciation account has a balance of $10,000, what would be the book value of the equipment? Group of answer choices $10,000 $62,000 $42,000 $52,000
Now change the Cost, Life of the Asset, and Salvage Value for all of the assets listed in the table in your worksheet to match the information below: Asset No. 1-001 1-002 1-003 1-004 1-005 1-006 1-007 Fixed Asset Name Desktop computer 13" Laptop Laptop 15" Tablet 4-person Workstation Office chairs (set of 4) 70" Flat Screen TV - Straight-Line Double-Declining Straight-Line Double-Declining Straight-Line Double-Declining Total Depreciation Year 1 $ 1,940 Cost $1,700 $1,100 $2,700 $ 650 Be sure to also check the Cost in both of your Depreciation Method tables in your worksheet so that it matches the updated information. Total Accumulated Depreciation Year 1 $3,100 $1,000 $1,500 Required: 2a. Complete the chart below that shows comparisons of the two depreciation methods. (Round your answers to the nearest whole dollar.) Total Net Book Value Year 1 Life of Asset 5 Total Depreciation Year 2 55510105 Total Accumulated Depreciation Year 2 Salvage Value $ 0 $ 0 Total Net Book Value Year 2…
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