Intermediate Accounting 105I need help with this exercise, may I have some help?Thank you Presented below is information related to Novak Manufacturing Corporation.AssetABсD(a)ECost(b)$44,90033,20035,70019,80024,500Composite rateEstimated Salvage Estimated Life (in years)$6,200eTextbook and MediaList of Accounts4,4003,300Your answer is correct.2,3003,200Compute the rate of depreciation per year to be applied to the plant assets under the composite method. (Round answer to 2decimal place, e.g. 4.83%.)10.57Account Titles and Explanation10%9976Prepare the adjusting entry necessary at the end of the year to record depreciation for the year. (If no entry is required, select "Noentry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do notindent manually. Use Plant Assets related account. List debit entry before credit entry.)DebitAttempts: 1 of 3 usedCredit

Depreciation is the process of reducing the value of the assets. It is a non-cash expense of the company. The value of assets is reduced due to the wear and tear caused for assets by their usage. Percentage of accounts receivable method: Percentage of accounts receivable method is a method used to estimate bad debts. It is a method of estimating the ending balance of allowance accounts.Computation of the total depreciation Cost Salvage value Depreciable value Estimated lifeAnnual depreciation$44,900$6,200$38,70010$3,870$33,200$4,400$28,8009$3,200$35,700$3,300$32,4009$3,600$19,800$2,300$17,5007$2,500$24,500$3,200$21,3006$3,550$158,100$16,720 Final Answer Account title and ExplanationDebit($)Credit($)Depreciation expense$16,720Accumulated depreciation$16,720

Business

Accounting

Presented below is information related to Novak Manufacturing Corporation. Asset A B C D E Cost $44,900 33,200 35,700 19,800 24,500 Estimated Salvage $6,200 4,400 3,300 2,300 3,200 Estimated Life (in years) 10 9 9 7 6

Presented below is information related to Novak Manufacturing Corporation. Asset A B C D E Cost $44,900 33,200 35,700 19,800 24,500 Estimated Salvage $6,200 4,400 3,300 2,300 3,200 Estimated Life (in years) 10 9 9 7 6

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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