On January 1, 2017, Emporia Country Club purchased a new riding mower for $27,000. The mower is expected to have an 8-year life with a $3,000 salvage value.
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- Denim, Inc. purchased a building on January 1, 2010. The building cost $2,600,000 and had an estimated salvage value of $200,000. As of January 1, 2010, Denim estimated the useful life of the building to be 30 years. The building is depreciated using the straight-line method. On January 1, 2020, Denim, Inc. determined the building to have a remaining useful life of 15 years and an estimated salvage value of $300,000. What type of accounting change does this represent by placing an “X” in the space provided? ____Change in accounting principle. ____Change in accounting estimate. ____Change in reporting entity. ____Correction of an error.Haystack company purchased a machine on January 1, 2015 for $48,000. The company estimates that the machine will have a $4,000 salvage value at the end of its 10 year useful life. On September 30, 2019 the machine was sold for a gain of $3,500. What must have been the selling price of the machine?Please help me
- Tesla purchased an auto-piloting system for $10,000,000 on January 1, 2016. It expects to use the system for 5 years, estimates a salvage value of $500,000, and uses the straight-line depreciation method. At the end of 2016 (ater the system has been in use for 1 years), a state-of-art new auto-piloting system becomes available. With the arrival of the new auto- piloting system, Tesla plans to use its existing auto-piloting system only through the end of 2018 and the salvage value declines to $100,000 at the end of 2018. How much is the depreciation expense on the existing auto-piloting system for the period from January 1, 2018 to December 31, 2018?On January 1, 2017, Alissa Company purchased a truck for $450,000, and planned to use the truck for 150,000 miles and then sell the truck for $90,000. The company drove the truck for 30,000 miles in 2017 and 40,000 miles in 2018. On January 1, 2019, the company did a major overhaul of the truck for $75,000 and revised the total useful life of the truck to be 250,000 miles and the salvage value to be $60,000. Assuming the company uses the units of output method and that it used the truck for 35,000 miles in 2019, determine the depreciation expense for the truck for 2019. A. $43,167 B. $47,250 C. $57,750 D. $40,250On June 30, 2018, Rosetta Granite purchased a machine for $120,000. The estimated useful life of the machineis eight years and no residual value is anticipated. An important component of the machine is a specialized highspeed drill that will need to be replaced in four years. The $20,000 cost of the drill is included in the $120,000 costof the machine. Rosetta uses the straight-line depreciation method for all machinery.Required:1. Calculate depreciation for 2018 and 2019 applying the typical U.S. GAAP treatment.2. Repeat requirement 1 applying IFRS.
- Academy Sports purchased a crane at a cost of $80,000. The crane has an estimated salvage value of $5,000 and an estimated life of 8 years, or 12,500 hours of operation. The crane was purchased on January 1, 2022 and was used for 2,700 hours in 2022 and 2,600 hours in 2023. Based on this information, what method of depreciation will produce the maximum depreciation expense for 2022?DaOn January 1, 2017, Garden Company purchased a new machine for $4,200,000. The new machine has an estimated useful life of nine years and the salvage value was estimated to be $150,000. Depreciation was computed using the straight line method. Calculate the accumulated depreciation and book value for this machine at the end of year 2020
- On July 1, 2023 Jackson Company purchased factory equipment for $880,000 with an estimated $40,000 salvage value. The estimated useful life for the equipment is 12 years. During 2023, 2024, and 2025 the equipment is depreciated using the straight-line method. During 2026, $36,000 in maintenance is required on the machine to keep it running up to its standard operating specifications. Also, in 2026, $115,000 is spent to improve the equipment's efficiency and prolong its useful life. The new useful life is expected to be an additional 12 years beginning in 2026 and the revised salvage value is $25,000. Instructions . 4. Explain the accounting treatment of the $115,000 in equipment improvement that occurred in 2026. 5. What journal entry is required to record annual depreciation for 2026? hevni prisRufiel Corporation purchased a new machine on JULY 1, 2020. The machine cost $40,000 and had an estimated salvage value of $4,000. (NOTE THE PURCHASE DATE IS JULY 1, 2020) Inverness estimated that the machine will have a useful life of 6 years or 100,000 units. Inverness uses the machine in its manufacturing operations and produces 20,000 units in Year 1, 33,000 units in Year 2 and 19,000 units in Year 3, 17,000 units in Year 4 and 6,000 units in Year 5 and 5,000 units in Year 6. a) Compute depreciation expense for Years 1 through 3 using the following methods: straight line units-of-production double declining balanceRufiel Corporation purchased a new machine on JULY 1, 2020. The machine cost $40,000 and had an estimated salvage value of $4,000. (NOTE THE PURCHASE DATE IS JULY 1, 2020) Inverness estimated that the machine will have a useful life of 6 years or 100,000 units. Inverness uses the machine in its manufacturing operations and produces 20,000 units in Year 1, 33,000 units in Year 2 and 19,000 units in Year 3, 17,000 units in Year 4 and 6,000 units in Year 5 and 5,000 units in Year 6. b) Indicate what is the balance of Accumulated Depreciation at the end of each year using the Units-of-Production Method
