!Required information[The following information applies to the questions displayed below.]On April 1, 2016, Cyclone's Backhoe Co. purchases a trencher for $310,000. The machine is expected to last five years andhave a salvage value of $55,000.Compute depreciation expense for both years ending December 2016 and 2017 assuming the company uses the straight-line method.Choose Numerator:Choose Denominator:Annual Depreciation= Annual depreciation=Year Annual Depreciation XFraction of Year20162017XDepreciationExpense

To compute the depreciation expense using the straight-line method, follow these steps:1. Determine…

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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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Accounting Question
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Swifty Corporation purchased a delivery truck for $28,000 on January 1, 2020. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 14,500 in 2020 and 11,000 in 2021. PArt1: Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Depreciation expense $ ? per mile PART 2: Compute depreciation expense for 2020 and 2021 using (1) the straight-line method, (2) the units-of-activity method, and (3) the double-declining-balance method. (Round depreciation cost per unit to 2 decimal places, e.g. 0.50 and depreciation rate to 0 decimal places, e.g. 15%. Round final answers to 0 decimal places, e.g. 2,125.) Depreciation Expense 2020 2021 (1) Straight-line method $ ? $ ? (2) Units-of-activity method $ ? $ ? (3) Double-declining-balance method $ ? $ ?…
mn.3
Cullumber Company purchased a new machine on October 1, 2022, at a cost of $110,000. The company estimated that the machine will have a salvage value of $10,000. The machine is expected to be used for 10,000 working hours during its 5-year life. (a) Your answer is correct. Compute the depreciation expense under straight-line method for 2022. 2022 Depreciation expense 5000 eTextbook and Media Attempts: unlimited %24
Depreciation MethodsE5A. On January 13, 2013, Precision Oil Company purchased a drilling truck for $90,000. Precision expects the truck to last five years or 200,000 miles, with an estimated residual value of $15,000 at the end of that time. During 2014, the truck is driven 48,000 miles. Precision’s year end is December 31. Compute the depreciation for 2014 under each of the following methods: (1) straight-line, (2) production, and (3) double-declining-balance. Using the amount computed in (3), prepare the journal entry to record depreciation expense for the second year, and show how the Drilling Truck account would appear on the balance sheet.
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Visahno
The Sirap manufacturing Co. bought equipment on 1/4/2018 for $120 M. The machine has an expected useful life of 8 years with no Salvage value. Sirap Co. used the straight line depreciation method for the years 2018, 2019, and 2020. On 1/4/2021 they switched to the Double Declining Balance method. Required: Calculate the depreciation expense for 2021, and prepare the Journal Entry. (Hint: calculate the book value on 1/4/21 using the old method, and then go forward using the new depreciation method.
Required information [The following information applies to the questions displayed below.] NewTech purchases computer equipment for $271,000 to use in operating activities for the next four years. It estimates the equipment's salvage value at $25,000. Prepare a table showing depreciation and book value for each of the four years assuming straight-line depreciation. Straight-Line Depreciation Annual Depreciation Expense Choose Numerator: Choose Denominator: Depreciation expense Year Annual Depreciation Year-End Book Value Year 1 Year 2 Year 3 Year 4 Total
2. Prepare the year-end Journal entry for depreciation on December 31, 2024. Assume that the company uses the double-declining- balance method instead of the straight-line method. Required Information [The following information applies to the questions displayed below.] Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $56,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $11,000. On January 1, 2024, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $2,000. Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. Do not round Intermediate calculations. Round your final answers to nearest whole dollar. No 1 Event 1 Answer is not complete. General Journal Depreciation expense Accumulated depreciation-computer Debit Credit

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