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?A machine costing $76,695 with a 7-year life and $72,348 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 year1. 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 $22,500I am using MACRS for depreciation. Purchase date: September 1st Cost: $650,000 Salvage: $30,000 Life: 7 years What percent do I use to calculate depreciation for years 1-8?
- Purchased 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 show all your workA machine costing $75,232 with a 4-year life and $70,431 depreciable cost was purchased January 1. Compute the yearly depreciation expense using straight-line depreciation. Round your answer to the nearest whole dollar. $ ______ per year
- A machine can be purchased for $90,000 and used for five years, yielding the following income. This income computation includes annual depreciation expense of $18,000 Income Year 1 Year 3 Year 5. $6,000 $36,000 $60,000 Compute the machine's payback period. (Round payback period answer to 2 decimal places.) Year Initial invest - Year 1 Year 2 Year 3 Year 4 Year 5 Net Income Depreciation $ Year 2 $15,000 6,000 15,000 36,000 22,500 60,000 Year 4 $22,500 Net Cash Flow $ Cumulative Net Cash Flow (90,000) $ Payback period- (90,000)Please help with the first three years1. 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…
