On nay 2, 2023 Imani placed innservice a new sports utility vehicle that vost $60,000 and hasgross vehicle weight of 6300 lbs. the vehicle is ysed 60% for budiness and 40% for personal usedetermine Imsnis total cost recovery for 2023 imani wants to yse both 179 and first yeardepreciation

2. First-Year Depreciation:For vehicles used for business purposes, the first-year depreciation is…

Answered: On nay 2, 2023 Imani placed innservice…

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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2. Double-declining balance. Note: Round your answers to the nearest whole dollar amount. Year 2024 2025 2026 2027 2028 Total Depreciation $ Required information [The following information applies to the questions displayed below.] On January 1, 2024, the Excel Delivery Company purchased a delivery van for $33,300. At the end of its five-year service life, it is estimated that the van will be worth $3,000. During the five-year period, the company expects to drive the van 101,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. Year 2024 2025 2026 2027 2028 Total 3. Units of production using miles driven as a measure of output, and the following actual mileage: Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Miles 22,200 24,200 15,200 21,000 20,400 Depreciation $
Peanut Company purchased a machine on January 1, 2019, for $100,000 with a $20,000 salvage value and an eight-year useful life. The company uses double-declining-balance depreciation. Required:Compute the depreciation expense for 2019 and 2020. Year DepreciationExpense 2019 $fill in the blank 1 2020 $fill in the blank 2
On January 1, 2024, the Excel Delivery Company purchased a delivery van for $33,000. At the end of its five-year service life, it is estimated that the van will be worth $3,000. During the five-year period, the company expects to drive the van 100,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 3. Units of production using miles driven as a measure of output, and the following actual mileage: Note: Do not round intermediate calculations. Year miles depreciation 2024 22000 6600 2025 24000 7200 2026 15000 4500 2027 20000 6000 2028 21000 _____ and it is not 6300
Please help me with correct answer thanku
Alexandra purchased a $55,200 automobile during 2021. The business use was 60 percent. What is the allowable depreciation for the current year? (Ignore any possible bonus depreciation.)
Haresh
0n 0et 1, 2018,Net Solutons purchased a piece of high-tech equipment for $384,000, which is expected to hare a fou-year useful life and a residual valve of $24,000. The compamy uses straigh-line depreciaton and has a December 31 fiscal year emd.0n July 1, 2019,$4200 was paid for normal repairs miecesary to keep the eqwipment in god working order. 0n or. 10, 2020, $22,000 cash was paid for a newy componeant expected to mcrease the equipmient's prodmctyvity by 10% a year. 1) Calculate the amnual deprecation expense, Journalize the yearly depreciation erpense at Dec, 31 2019. 2) Journalize the transaction on 0ct. 1, 2018, Jul.1.2019 and Nov. 10.2020.
On July 1, 2020 ABC Company acquired vehicle costing $750,000. The management estimates that they can use it for 10 years and will be able to sell it at $75,000 at the end of its life Questions:1) Depreciation Expense for 20202) Accumulated Depreciation- December 31,20213) Adjusting Journal Entry on December 31,20204) Book value- December 31,2021
On 1 May 2020, Ron Trading purchased a new machine. The following paymentsrelate to the machine.List price $21,500Purchase discount $2,000Transportation cost $300Repair of damage parts incurred in transporting the machine $1,000Fees paid to test the machine before use $500Fees paid to the installer to install the machine $800Machine operator’s salary for the first month of operation $3,000Maintenance costs for the first month of operation $300(i) Identify and compute the cost of the machine to be recognised. Explainyour reasoning.(ii) Journalise the transactions. Assume the above payments are paid in cash.
in blasting and removing buildings, purchased and took delivery of a new c E10-8 On January 1, 2020, Murray Demolition, a Hamilton, Ontario, company specializing four years, at which time it should be able to be sold for $60,000. Murray Demoli- $140,000 plus HST on the truck, which is expected to be useful to the business for tion has always used the straight-line basis of calculating amortization. The new uses only the best and newest equipment on their worksites. The business spent truck to add to its growing fleet. Murray Demolition has a high-class reputation and dump owners want to see the amortization schedules for the straight-line, UOP. and D methods just to be sure this makes sense. The business expects the truck to he ful for 200,000 kilometres-60,000 kilometres in Year 1, 50,000 kilometres in eache Years 2 and 3, and 40,000 kilometres in Year 4. Is there a problem with continuing to use the straight-line method?
Q3: Global Manufacturing Company purchased new equipment on April 29, 2020, at a cost of $80000. Useful life of this equipment was estimated at 4 years, with an estimated residual value of $5000. For income tax purpose, this equipment is classified as “5-years property”.Instructions: Compute the annual depreciation expense for each year until this equipment becomes fully depreciated under each of depreciation method listed below. i) Straight-line, with depreciation for fractional years rounded to the nearest whole month. ii) 200%- declining-balance, with the half-year convention.
A new top-of-the-line semi-truck tractor (the tractor pulls the trailer, the combination making up an “18-wheeler”) costs $200,000 and is MACRS-GDS 3- year property. What is the depreciation charge and book value at the end of year 2 using MACRS-GDS with 50% bonus depreciation? a. $133,330 and $66,670 b. $44,450 and $155,550 c. $44,450 and $22,220 d. $14,810 and $14,820.

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On nay 2, 2023 Imani placed innservice a new sports utility vehicle that vost $60,000 and has gross vehicle weight of 6300 lbs. the vehicle is ysed 60% for budiness and 40% for personal use determine Imsnis total cost recovery for 2023 imani wants to yse both 179 and first year depreciation