Answer the question below based on the following information.• The DDB method is used for appreciation• Basis = 150000 $• Recovery period = 10 years• Salvage = 30000 $%3D%3DThe book value at year 10 is$.*Round to the nearest whole number (e.g. 123.4567 123 and 1234.5-1235)

Name: Answer the question below based on the following information.• The DD
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Description: Answer the question below based on the following information.• The DDB method is used for appreciation• Basis = 150000 $• Recovery period = 10 years• Salvage = 30000 $%3D%3DThe book value at year 10 is$.*Round to the nearest whole number (e.g. 123.4

Step 1 Depreciation=2×SLDP×BV Where: SLDP = Straight-line depreciation percent BV = Book value at…

Answered: • Salvage = 30000 $ %3D ne book value…

Business

Accounting

• Salvage = 30000 $ %3D ne book value at year 10 is $. (o g 1234567+ 123 and 1234

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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QUESTION 3 Capitalized cost is an application of perpetuity. It is the sum of the first cost and the present worth of all future payments and replacements. A machine costs P300,000 new, and must be replaced at the end of each 15 years. If the annual maintenance required is P5,000, find the capitalized cost, if money is worth 5% and the salvage value is P50,000. First Cost Present worth of the annual maintenance cost *Letters only Perpetuity of the depreciation cost Capitalized cost a. 178,700 b. 231,700 c. 321,500 d. 400,500 e. 127,700 a. 372,700 b. 441,700 c. 529,500 d. 609,500 e. 631,700
• X Company purchases equipment for $120,000 on January 1, 2020. The equipment is estimated to last for 5 years with a residual value of $20,000. Using double-declining balance, depreciation expense for the year ended December 31st, 2022 will be: O $20,000 O $26,667 $28,800 O $17,280
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Q1// On 1/1/2012 Tikrit company purchased Machines that cost 500,000, the machines is expected useful life 8 years, and estimate salvage value Zero (20 Mark) .Depreciation Expenses at the end of 2014 will be 1
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MCQ3 Smitty Inc. wishes to use the revaluation model for this property: Before Revaluation • Building Gross Value 120,000 • Building Accumulated Depreciation 40,000 • Net carrying value 80,000 The fair value for the property is $150,000. Assuming this is the first year of using the revaluation model, what amount would be booked to the Accumulated Depreciation account, if Smitty chooses to use the proportional method to record the revaluation?
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Note: Double Declining Balance = 200% Declining Balance A. How much is the depreciation for year 3? Select one: o a. P158,203.13 o b. P150,000 o c. P210,937.50 o d. P187,500 В. How much is the total depreciation as of year three using DDB method? C. What is the equipment's book value at the end of year three?
A2 Can you please show all steps.
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Q3: The following table gives the operation cost, maintenance cost and salvage value at the end of every year of a machine whose purchase value is 25,000$. Find the economic life of the machine assuming interest rate, i = 15%. End of Year (n) 1 2 3 4 5 6 7 8 9 10 Cost operation at the end of year ($) 3000 4000 5000 6000 7000 8000 9000 10000 11000 12000 Maintenance cost at the end of year ($) 300 400 500 600 700 800 900 1000 1100 1200 Salvage value ate end of the year ($) 9000 8000 7000 6000 5000 4000 3000 2000 1000 500