pter 7 Video 1pter 7 Homework i7rt 3 of 35ntshttps://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fm... AeBookPrintReferences2McGrawHillwpe here to searchE234+#!X4RFQuestion 7 - Chapter 7 Homewo XF4Required informationProblem 7-5B (Algo) Determine depreciation under three methods (LO7-4)[The following information applies to the questions displayed below.]$Year123While You Wait Copy purchased a new copy machine. The new machine cost $116,000 including installation. The companyestimates the equipment will have a residual value of $29,000. While You Wait Copy also estimates it will use the machinefor four years or about 8,000 total hours. Actual use per year was as follows:4Problem 7-5B (Algo) Part 33. Prepare a depreciation schedule for four years using the activity-based method. (Round your "Depreciation Rate" to 3 decimalplaces and use this amount in all subsequent calculations. Round answers to the nearest whole dollar.)сWHILE YOU WAIT COPYDepreciation Schedule Activity.Rased.F5Hours Used2,8002,0002,0002,000%5OF6DashboardF76H7T Y U&G H 10< Prev....F8Saved281F937 of 12x | +(27L(9F10OF11)0# 0Next >O P*+F12{NCPrtSc+ 11=}HelpInsert1ODeleteSave & ExitBackspaceCheck m► 11NumLoc apter 7 Video 1apter 7 Homework i7"art 3 of 325ointshttps://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fm... AeBookPrintReferences2McGrawHillType here to searchE#3XRFYear124Problem 7-5B (Algo) Part 33. Prepare a depreciation schedule for four years using the activity-based method. (Round your "Depreciation Rate" to 3 decimalplaces and use this amount in all subsequent calculations. Round answers to the nearest whole dollar.)34TotalXaF4Question 7 - Chapter 7 Homewo X$WHILE YOU WAIT COPYDepreciation Schedule Activity-BasedEnd of Year AmountsDepreciationExpense$SсFS%5G30,45021,75021,75021,75095,700F6O E:6T YAccumulatedDepreciation$H✈30,450F7n&7DashboardUJBook ValueT5< Prev18FB*8→18KSavedF9S7 of 12(27) LDIA(9F10x +OLwwwimO*F11)0PNext >94:*+F12{CNPrtSc11+ 11}Help Save & Exit1InsertDelete206 4¹BackspaceCheck my► 111NumLockE7

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Lets understand the basics. In activity based depreciation method, depreciation is getting…

Business

Accounting

Required information Problem 7-5B (Algo) Determine depreciation under three methods (LO7-4) [The following information applies to the questions displayed below.] While You Wait Copy purchased a new copy machine. The new machine cost $116,000 including installation. The company estimates the equipment will have a residual value of $29,000. While You Wait Copy also estimates it will use the machine for four years or about 8,000 total hours. Actual use per year was as follows: Year 1 H234 Hours Used 2,800 2,000 2,000 2,000

Required information Problem 7-5B (Algo) Determine depreciation under three methods (LO7-4) [The following information applies to the questions displayed below.] While You Wait Copy purchased a new copy machine. The new machine cost $116,000 including installation. The company estimates the equipment will have a residual value of $29,000. While You Wait Copy also estimates it will use the machine for four years or about 8,000 total hours. Actual use per year was as follows: Year 1 H234 Hours Used 2,800 2,000 2,000 2,000

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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am Warren Company plans to depreciate a new building using the double declining balance depreciation method. The building cost is $780,000. The estimated residual value of the building is $48,000 and it has an expected useful life of 25 years. What is the building's book value at the end of the first year? Grew H Multiple Choice O $717,600 $62,400 $31,200 $33.850 < Prev
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Original Cost POST. ... Accumulated Depreciation for Previous Years DATE DESCRIPTION REF. DEBIT CREDIT ... Book Value, Beginning Year 4 1 20xx ... Revised Salvage Value 2 2. ... Revised Remaining Depreciation Cost 3 ... 4 Revised Useful Life 3 Years Revised Depreciation, Total Revised Depreciation, Per Year ...
Required information [The following information applies to the questions displayed below.] Speedy Delivery Company purchases a delivery van for $38,400. Speedy estimates that at the end of its four-year service life, the van will be worth $6,200. During the four-year period, the company expects to drive the van 201,250 miles. Actual miles driven each year were 52,000 miles in year 1 and 58,000 miles in year 2. Required: Calculate annual depreciation for the first two years of the van using each of the following methods. (Do not round your intermediate calculations.) 3. Activity-based. Annual Year Depreciation 1
REVIEW PROBLEM: SALE OF PROPERTY, PLANT AND EQUIPMENT The 1. M. Stoned Company acquired a machine from the Mickey Lobe Corporation on January 1, 20A0. The purchase price of the machine was $100,000, which did not include the 6% sales tax. Installation and delivery charges amounted to $4,000. One of the employees, Bad Wiser, damaged some parts while installing the machine. It cost $500 to repair the damage. The machine has a projected useful life or 10 years. The estimated salvage for the machine is $5,000. REQUIRED: 1. Compute the initial cost of the machine on January 1, 20X6: 100000 +1,000 +6% 6000 110,000 2. Compute the yearly depreciation expense under the straight-line method: 110,000 5,000 10,500 10 3. Show what this machine would look like on the Balance Sheet at the end of 20X9. 4. Assume the machine is sold on December 31, 20X9 for $60,000. Compute the gain or loss on the sale. Show all work clearly!!! (110,000- 60,000)x. 50,000 5. Record the sale.
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A building was constructed at a cost of P 1 000 000. This building was estimated to have a useful life of 50 years with no scrap value. How much is the building worth at the end of 40 years if depreciation charges had been set as follows: double declining for the first 15 years; SYD for the succeeding 15 years and straight line method for the next succeeding 10 years. a. P90 347.74 c. P63 145.45 b. P80 312.5 d. P45 641.2