New computer equipment with a 5-year life was purchased on January 2nd for $2,500. Using the straight-line method, record the entry for depreciation for one year.
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- A computer server is purchased for $9,876.54 on November 2. 2020. The depreciation entries are recorded at the end of each month. The useful life of the computer server is 3 years with a salvage value of $200.00. Using GAP and the sum-of-the-year's-digits method, what will be the general journal entry recorded for March 31, 2022?Desk purchased January 10 for $3,000; 8-year useful life; $600 salvage value. Calculate MACRS depreciation for each of the first 2 calendar-years.1. On 1/1/23 Meganco purchased a new lathe for $40,000 installed. The physical life of the lathe is 10 years with a salvage value of $5,000 at the end of that time period. The lathe was purchase for a contract that will provide revenue to Meganco for 5 years. The lathe will be sold at the end of the contract for $10,000. Required: Make the required journal entry on 12/31/23 and 12/31/24 assuming that the lathe is depreciated using 200% double declining balance. DATE ACCOUNT DR CR 2. Kenco is in the software development business. The company wants to purchase a new computer system that has an installed cash price of $25,000. Its current system was purchased 3 years ago for $15,000 and was being depreciated over 5 years using straight line deprecation with an estimated salvage value of $5,000. Required: a. Assume Kenco was able to sell the old computer for $12,500 Make the required journal entry to record the sale. DATE ACCOUNT DR CR b. Assume Kenco was able to sell the old computer for…
- A machine costing $84,670 with a 5-year life and $79,709 depreciable cost was purchased January 1. Compute the yearly depreciation expense using straight-line depreciation. Round your answer to the nearest whole dollar.$fill in the blank 1 per yearA contractor purchased a Caterpillar D-13 dozer for $100,000 and owned it for five years. The annual cost for maintenance and repair is provided in the Table. With an annual interest rate at 7% and end-of-year disbursements, the uniform annual cost for maintenance and repair for the dozer is most nearly: Maintenance and repair cost Year 1 2 3 4 5 O $9,700 O $11,700 O None O $10,700 $4,500 $9,000 $11,800 $13,500 $22,500Purchased a $15,000 piece of factory equipment with a 3% Note Payable which will be paid in full at the end of 2 years. This equipment has an estimated life of 5 years and an estimated residual value of $3,000. How do I recored this transaction?
- Please help with the first three yearsA contractor purchased a Caterpillar D-13 dozer for$100,000 and owned it for five years. The annual cost for maintenance andrepair is provided in the Table. With annual interest rate at 7% and end-of-year disbursements, the uniform annual cost for maintenance and repair forthe dozer is most nearly: Do work by hand please.1. DATE 2. On 1/1/18 Meganco purchased a new lathe for $400,000 installed. The physical life of the lathe is 10 years with a salvage value of $20,000 at the end of that time period. The lathe was purchase for a contract that will provide revenue to Meganco for 5 years. The lathe will be sold at the end of the contract for $50,000. Required: DATE Make the required journal entry on 12/31/18 and 12/31/19 assuming that the lathe is depreciated using 200% double declining balance. ACCOUNT Required: Kenco purchased a new CNC lathe 6 years ago that had an installed cash cost of $475,000. The lathe was being depreciated over 8 years using straight line deprecation without taking salvage value into consideration. On 12/31 of the sixth year, Kenco sold the lathe to a machine tool dealer for $85,000. DR ACCOUNT CR Assume that lathe has been depreciated over six years and that accumulated depreciation is up to date. Make the required journal entry to record the transaction in Kenco'saccounting…
- A building is acquired on January 1 at a cost of $830,000 with an estimated useful life of eight years and salvage value of $75,000. Compute depreciation expense for the first three years using the double-declining-balance method. Note: Round your answers to the nearest dollar. Annual Period First Year Second Year Third Year P 4- Depvention for die Perod Beginning of Period Book Value Rate(%) prt sc delete backspace homeWhat is the amount of straight line depreciation for each year of this financial accounting question?A machine purchased for 150,000 its estimated life is 15 years, after which it will be sold for 40,000 find the book value during 6th year if the sum of the year digit depreciation is used.
