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- A machine costing 350,000 has a salvage value of 15,000 and an estimated life of three years. Prepare depreciation schedules reporting the depreciation expense, accumulated depreciation, and book value of the machine for each year under the double-declining-balance and sum-of-the-years-digits methods. For the double-declining-balance method, round the depreciation rate to two decimal places.Montello Inc. purchases a delivery truck for $15,000. The truck has a salvage value of $3,000 and is expected to be driven for eight years. Montello uses the straight-line depreciation method. Calculate the annual depreciation expense.Montezuma Inc. purchases a delivery truck for $15,000. The truck has a salvage value of $3,000 and is expected to be driven for eight years. Montezuma uses the straight-line depreciation method. Calculate the annual depreciation expense. After three years of recording depreciation, Montezuma determines that the delivery truck will only be useful for another three years and that the salvage value will increase to $4,000. Determine the depreciation expense for the final three years of the assets life, and create the journal entry for year four.
- On April 21, 2018, OO YAN! Manufacturing Company bought new equipment for P725, 000. The new equipment has an estimated salvage value of P75, 000 and useful life of 12 years. Depreciation is computed using the sum-of -the-year's digits method whole year convention. How much is the amount of depreciation for 2018? Use four decimal places for your depreciation rate. Round off your final answer to the whole number.An asset is purchased for P9,000. Its estimated life is 10 years after which it will be sold for P1,000. Find the book value during the first year if sum of the year's digit (SYD) depreciation is used. Formulas: a) Sum of the years = n(n+1)/2, where n is the useful life b) Depreciation Expense = (Remaining life / Sum of the years digits) x (Cost – Salvage value) c) Book Value for the 1st year = cost –depreciationThe cost of equipment is P500,000 and the cost of installation is P30,000. If the salvage value is 10% of the cost of equipment at the end of 5 years, determine the depreciation charge and book value at the end of the third year using (a) straight line method, (b) declining balance method, and (c) sum of the years digit method.
- Mercury Drug purchased a Laboratory equipment for P 100,000 and plans to keep itfor 15 years. If the salvage value is Php 15,000 at the end of 15th year, what is the depreciation inthe third year? Use Sum of the Years Method. (Show your solution by using the long method bytabulating)A machine costs P7,000, last 8 years and has a salvage value at the end of life of P350. Determine the depreciation charge during the 4th year and the book value at the end of 4 years by the a. straight line method. b. declining balance method C. SYD method, and d. sinking fund method with interest at 12%,An asset owned by PT X has the following information: initial cost = $10,000, depreciation life = 5 years, and S (salvage value) = 0. Use the SL and Te = 48% methods to tabulate CFAT. Gross income minus expenses is $5000 per year. The asset has a salvage value at year 6 of $3075. Assume income and expenses have the same value up to one year after the end of their depreciation period.
- Your company is considering the purchase of a machine at a cost of P1,261,652, with an estimated salvage value of P207,760 and a projected useful life of 16 years. Determine the depreciation on the 5th year using the sum of years digits (SOYD) depreciation method. Write your final answer in two decimal places.An equipment costing P220,000 has an estimated life of 14 years with a book value of P30,000 at the end of the period. Compute the depreciation charge and its book value after 10 years using: a. straight-line method b. sinking fund method c. declining balance method d. sum of year's digit methodAn asset costing Tk.38000 is estimated to have an economic life of 12 years with a net salvage value of Tk.3000. Find the depreciation charge for the seventh year and the book value at the end of the seventh year by the (i) Sum-of-year-digits method and (ii) Decline balance method