i need the answer quickly Equipment costing $19,200 with a 8-year useful life and an estimated $3,200 salvage value is acquired and startedoperating on January 1. The equipment is estimated to produce 4,000 units of product during its life. It produced 600 unitsin the first year.QS 8-8 (Algo) Recording depreciation journal entries LO P1Record the journal entries for equipment depreciation for the first year under straight-line, units-of-production, and double-declining-balance.

Name: i need the answer quickly Equipment costing $19,200 with a 8-year usef
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Description: i need the answer quickly Equipment costing $19,200 with a 8-year useful life and an estimated $3,200 salvage value is acquired and startedoperating on January 1. The equipment is estimated to produce 4,000 units of product during its life. It produc

Depreciation is decline in value of an asset over a period of time also known as useful life of an…

Business

Accounting

QS 8-8 (Algo) Recording depreciation journal entries LO P1 Record the journal entries for equipment depreciation for the first year under straight-line, units-of-production, and double-declining- balance.

QS 8-8 (Algo) Recording depreciation journal entries LO P1 Record the journal entries for equipment depreciation for the first year under straight-line, units-of-production, and double-declining- balance.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 3MCQ: When depreciation is recorded each period, what account is debited? a. Depreciation Expense b. Cash...

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When depreciation is recorded each period, what account is debited? a. Depreciation Expense b. Cash c. Accumulated Depreciation d. The fixed asset account involved Use the following information for Multiple-Choice Questions 7-4 through 7-6: Cox Inc. acquired a machine for on January 1, 2019. The machine has a salvage value of $20,000 and a 5-year useful life. Cox expects the machine to run for 15,000 machine hours. The machine was actually used for 4,200 hours in 2019 and 3,450 hours in 2020.
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Required information Use the following information for the Quick Studies below. (Algo) Skip to question [The following information applies to the questions displayed below.]Equipment costing $21,600 with a 5-year useful life and an estimated $3,600 salvage value is acquired and started operating on January 1. The equipment is estimated to produce 3,000 units of product during its life. It produced 450 units in the first year. QS 10-8 (Algo) Recording depreciation journal entries LO P1 Record the journal entries for equipment depreciation for the first year under straight-line, units-of-production, and double-declining-balance.
Straight-Line Depreciation A computer was purchased on January 1 at a cost of $3,000. It has an estimated useful life of five years and an estimated salvage value of $300. Prepare a depreciation schedule showing the depreciation expense, accumulated depreciation, and book value for each year under the straight-line method.
Units-of-Production Method A machine is purchased January 1 at a cost of $60,130. It is expected to produce 136,000 units and have a salvage value of $3,010 at the end of its useful life. Units produced are as follows: Year 1 11,000 Year 2 8,100 Year 3 12,100 Year 4 16,200 Year 5 11,500 Required: Prepare a schedule showing depreciation for each year and the book value at the end of each year using the units-of-production method. Units-of-Production Method Beginning Annual Ending Year Book Value Depreciation Book Value 1 $60,130 2 3 4 5
Units-of-Production Method A machine is purchased January 1 at a cost of $83,040. It is expected to produce 194,000 units and have a salvage value of $3,500 at the end of its useful life. Units produced are as follows: Year 1 10,300 Year 2 8,100 Year 3 12,400 Year 4 15,700 Year 5 11,200 Required: Prepare a schedule showing depreciation for each year and the book value at the end of each year using the units-of-production method. Units-of-Production Method Ending Beginning Book Value Depreciation Book Value Annual Year 1 $83,040 2 3 4
Straight-Line Depreciation A computer was purchased on January 1 at a cost of $5,000. It has an estimated useful life of five years and an estimated salvage value of $500. Prepare a depreciation schedule showing the depreciation expense, accumulated depreciation, and book value for each year under the straight-line method. Computer Depreciation Schedule On January 1 Year Depreciable Cost × Rate (%) = Depreciation Expense AccumulatedDepreciationEnd of Year Book ValueEnd of Year 1 $fill in the blank 1 fill in the blank 2 $fill in the blank 3 $fill in the blank 4 $fill in the blank 5 2 fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 fill in the blank 10 3 fill in the blank 11 fill in the blank 12 fill in the blank 13 fill in the blank 14 fill in the blank 15 4 fill in the blank 16 fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20 5 fill in the blank 21 fill in the blank 22 fill in…
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] On April 1, Cyclone's Co. purchases a trencher for $302,000. The machine is expected to last five years and have a salvage value of $51,000. Exercise 8-11 Straight-line, partial-year depreciation LO C2 Compute depreciation expense at December 31 for the first and second year assuming the company uses the straight-line method. Choose Numerator: Choose Denominator: Annual Depreciation Annual depreciation Depreciation Expense Year Annual Depreciation Fraction of Year First year Second year
Depletion Prepare the following entries using a general journal: 1. A coal mine was acquired at a cost of $1,500,000 and estimated to contain 6,000,000 tons of ore. No salvage value is expected. During the year, 100,000 tons were mined and sold. Prepare the journal entry for the year's depletion expense. Page: 1 DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 20-- Dec. 31 2 2 3 3 2. A silver mine was acquired at a cost of $3,000,000 and estimated to contain 750,000 tons of ore. No salvage value is expected. During the year, 125,000 tons were mined and sold. Prepare the journal entry for the year's depletion expense. Page: 1 DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-- Dec. 31 2 3 3 00
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Units-of-Production Method A machine is purchased January 1 at a cost of $59,000. It is expected to produce 130,000 units and have a salvage value of $3,000 at the end of its useful life. Units produced are as follows: Year 1 10,000 Year 2 8,000 Year 3 12,000 Year 4 16,000 Year 5 11,000 Required: Prepare a schedule showing depreciation for each year and the book value at the end of each year using the units-of-production method (round calculations to two decimal places).