Question 4 On January 1, 2019, Hamad Town Co purchased a machine for $240.000 t emated that the machine will have a 10-year stue or 100,000 unts over its us thSevage at the end is useful te is estimated to be $20,000 Assuming the company produced 12,000 units in 2019 Depreciation expense for the year ended December 31, 2010 using units of production method of depreciation would be OA $26,400 None of these answers Oc $40,000 OD $22.000 Activate Winde

Question 4 On January 1, 2019, Hamad Town Co purchased a machine for $240.000 t emated that the machine will have a 10-year stue or 100,000 unts over its us thSevage at the end is useful te is estimated to be $20,000 Assuming the company produced 12,000 units in 2019 Depreciation expense for the year ended December 31, 2010 using units of production method of depreciation would be OA $26,400 None of these answers Oc $40,000 OD $22.000 Activate Winde

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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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
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VIEW PUncles Current Attempt in Progress On December 31, 2025, Vaughn Inc. has a machine with a book value of $1,222,000. The original cost and related accumulated depreciation at this date are as follows. Machine Less: Accumulated depreciation Book value (a) $1,690,000 Depreciation is computed at $78,000 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal. Date 468,000 Aug. 31, 2026 $1,222,000 A fire completely destroys the machine on August 31, 2026. An insurance settlement of $559,000 was received for this casualty. Assume the settlement was received immediately. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the…
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Computing second-year depreciation and accumulated depreciation On January 1, 2018, Advanced Airline purchased a used airplane at a cost of $60,500,000. Advanced Airline expects the plane to remain useful for eight years (5,000,000 miles) and to have a residual value of $5,500,000. Advanced Airline expects the plane to be flown 1,100,000 miles the first year and 1,200,000 miles the second year. Requirements Compute second-year (2019) depreciation expense on the plane using the following methods: Straight-line Units-of-production Double-declining-balance 2. Calculate the balance in Accumulated Depreciation at the end of the second year for all three methods.
Current Attempt in Progress Tamarisk Company purchased Machine #201 on May 1, 2020. The following information relating to Machine #201 was gathered at the end of May. Price $112,200 Credit terms 2/10, n/30 Freight-in $1,056 Preparation and installation costs $5,016 Labor costs during regular production operations $13,860 It is expected that the machine could be used for 10 years, after which the salvage value would be zero. Tamarisk intends to use the machine for only 8 years, however, after which it expects to be able to sell it for $1,980. The invoice for Machine #201 was paid May 5, 2020. Tamarisk uses the calendar year as the basis for the preparation of financial statements.
Problem J: On January 1, 2021, the Reddick Company purchased a mining right for P30,000,000. The mine's recoverable ore reserves are estimated to be 4,000,000 tons. Following the extraction of all ore, the company will be obligated by law to return the land to its original state. The present value of the restoration cost is P2,000,000. The company estimated that the property may be sold for P5,000,000. At a cost of P6,000,000, roads were built and other development costs were invested to aid in the extraction and transportation of the mined ore in early 2021. 200,000 tons of ore were extracted and sold in 2021. A new study conducted by a new mining engineer on December 31, 2022, revealed that 5,000,000 tons of ore were available for mining. 225,000 tons of ore were mined and sold in 2022. How much depletion expense should be recognized in 2022?
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On Jan 1, 2021, Worsham Manufacturing purchased a new machine with an acquisition value of $350,000. It has been determined that the machine has a residual value of $16,000 with an estimated useful life of 5 years. Assuming the company uses the straight-line method to depreciate this type of asset, what would the book value be at the end of Year 5? O66.800 O 16,000 00 350.000 Question 20 4 pts lyr
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