P 11-3 Depreciation methods; partial periods Chapters 10 and 11 LO11-2[This problem is a continuation of P 10-3 inMain contentd:Chapter 10 focusing on depreciation.]For each asset classification, prepare a schedule showing depreciation for the year ended December 31,2024, using the following depreciation methods and useful lives:Land improvements-Straight line; 15 yearsBuilding-150% declining balance; 20 yearsEquipment-Straight line; 10 yearsAutomobiles-Units-of-production; $0.50 per mileDepreciation is computed to the nearest month and whole dollar amount, and no residual values areused. Automobiles were driven 38,000 miles in 2024.

Answered: P 11-3 Depreciation methods; partial…

College Accounting, Chapters 1-27

23rd Edition

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Publisher:HEINTZ, James A.

Chapter5A: Depreciation Methods

Section: Chapter Questions

Problem 4SEB: MODIFIED ACCELERATED COST RECOVERY SYSTEM Using the information given in Exercise 5Apx-1B and the...

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Equipment acquired on January 3,20Y1, at a cost of $412,500, has an estimated useful life of 20 years and an estimated residual a. What was the annual amount of depreciation for the years 20Y1,20Y2, and 20Y3, using the straight-line method of depreciation? Round annual depreciation to the nearest dollar and use this amount in your follow-on calculations. Depreciation expense \table[[20Y1,$
Note: Double Declining Balance = 200% Declining Balance A. How much is the depreciation for year 3? Select one: o a. P158,203.13 o b. P150,000 o c. P210,937.50 o d. P187,500 В. How much is the total depreciation as of year three using DDB method? C. What is the equipment's book value at the end of year three?
Practice - 9.2: Apply depreciation methods to plant assets. - P... Q 9.45: On July 1, 2020, ABC Company placed a new asset into service. The cost of the asset was $100,000 with an estimated 10-year life and a $20,000 salvage value. What is the depreciation expense for 2020 if ABC Company uses the straight-line method of depreciation and has a fiscal year-end of December 31? A $4,000 $3,000 $667 $8,000 Question Objec SUBMIT Confidence O Mark for Review F8 F6 24 8.
9. Compute for the depreciation in the first year using double declining method. a. 40,000 c. 72,000 b. 36,000 d. 80,000 10. How much is the book value of the equipment as of end of second year using output method of depreciation? a. 360,000 c. 301,500 b. 341,500 d. 230,000
Subject: accounting
A18-5 Depreciation Period: Page 1305 Consider the following independent cases: Case 1 Case 2 Case 3 6 years 5 years 4 years Lease term, including renewals 10 years 7 years 5 years Economic life 8 years 6 years 3 years Useful life No Yes Yes Title transfer expected S10,000 $5,000 $2,000 Residual value Each of the above cases uses straight-line depreciation. Required: For each of the above cases, determine the depreciation term and the residual value used in computing the depreciable amount (original cost less residual value).
The depreciation schedule for an asset, with a salvage value of $90 at the end of the recovery period, has been computed by several methods. Identify the depreciation method used for each schedule.
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9.9 Consider the following data on an asset: Cost of the asset, / Useful life, N Salvage value, S $123,000 7 years $13,000 Compute the annual depreciation allowances and the resulting book values, initially using the DDB and then switching to SL.
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