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- Your staff person has provided you with the following journal entry for January 20x1 depreciation. The monthly deprecation is supposed to be $100.00. What is wrong with this entry?Original Cost POST. ... Accumulated Depreciation for Previous Years DATE DESCRIPTION REF. DEBIT CREDIT ... Book Value, Beginning Year 4 1 20xx ... Salvage Value 2 2. ... Revised Remaining Depreciation Cost 3 ... 4 Revised Useful Life 15 YEARS Revised Depreciation, Total Revised Depreciation, Per Year ...Depreciation by units-of-activity Method Prior to adjustment at the end of the year, the balance in Trucks is $408,000 and the balance in Accumulated Depreciation—Trucks is $126,200. Details of the subsidiary ledger are as follows: TruckNo. Cost EstimatedResidualValue EstimatedUsefulLife AccumulatedDepreciationat Beginningof Year MilesOperatedDuringYear 1 $86,000 $12,900 200,000 miles — 30,000 miles 2 119,000 14,280 360,000 $23,800 36,000 3 103,000 14,420 212,000 $82,400 21,200 4 100,000 12,000 260,000 $20,000 31,200 a. Determine for each truck the depreciation rate per mile and the amount to be credited to the accumulated depreciation section of each subsidiary account for the miles operated during the current year. Keep in mind that the depreciation taken cannot reduce the book value of the truck below its residual value. Round the rate per mile to two decimal places. Enter all values as positive amounts. Truck No.…
- Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $139,100 has an estimated useful life of 16 years, has an estimated residual value of $8,700, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? %$4 Feedback b. Assume that the equipment was sold on April 1 of the fifth year for $98,242. 1. Journalize the entry to record depreciation for the three months until the sale date. If an amount box does not require an entrY, leave it blank. Round your answers to the nearest whole dollar if required. Depreciation Expense-Equipment Accumulated Depreciation-Equipmentv Feedback 2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank, Do not round intermediate calculations. Cash Accumulated Depreciation-Equipment V Loss on Sale of Equipment y 00 00 000 %24Pre-Lecture Question 06 For indefinite-life intangibles other than goodwill, an impairment test should be conducted at least: 1 once during its useful life. 2 quarterly. 3 monthly. 4 annually.subject; accounting
- Partial-Year Depreciation Equipment acquired at a cost of $90,000 has an estimated residual value of $5,000 and an estimated useful life of 10 years. It was placed in service on October 1 of the current fiscal year, which ends on December 31. If necessary, round your answers to the nearest cent. a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method. Depreciation Year 1 Year 2 8,500 b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double-declining-balance method. Depreciation Year 1 Year 2Depreciation by units-of-activity Method Prior to adjustment at the end of the year, the balance in Trucks is $424,500 and the balance in Accumulated Depreciation-Trucks is $128,900. Details of the subsidiary ledger are as follows: Accumulated Miles Estimated Estimated Depreciation Operated Truck Residual Useful at Beginning During No. Cost Value Life of Year Year $78,500 $11,775 240,000 miles 36,000 miles 119,000 14,280 310,000 $23,800 31,000 99,500 13,930 203,000 $79,600 20,300 127,500 15,300 320,000 $25,500 38,400 a. Determine for each truck the depreciation rate per mile and the amount to be credited to the accumutated depreciation section of each subsidiary account for the miles operated during the current year. Keep in mind that the depreciation taken cannot reduce the book value of the truck below its residual value. Round the rate per mile to two decimal places. Enter all values as positive amounts. Credit to Rate per Mile Miles Accumulated Truck No. (in cents) Operated…Partial-year depreciation Equipment acquired at a cost of $74,000 has an estimated residual value of $4,000 and an estimated useful life of 10 years. It was placed in service on April 1 of the current fiscal year, which ends on December 31. When required, round your answers to two decimal places. a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method. Year 1 $ Year 2 $ Depreciation b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double-declining-balance method. Year 1 Year 2 Depreciation
- Complete the Sum of depreation Useful 8 учет Sum of Sum of years digits method of Depreciation Rate Year 1 Year 3 A 个 Fraction Year 5 ↑A 4 Estimated Residual: 5 Estimated Life in years: 6 Estimated Life in hours: 7 Actual Hours: 8 Year 1 Year 2 9 10 11 12 14 15 16 17 18 19 Year 3 Year 4 20 21 22 23 $ B 10,000 Year 1 2 Prepare the following Straight Line depreciation schedule by using the excel SLN FUNCTION (fx) to calculate the 13 Depreciation Expense for Years 1-4 in the Depreciation Expense column. Enter formulas or absolute cell references for the remaining cells. W|N 3 4 1200 4 360 270 350 220 с D SULLIVAN RANCH CORPORATION Depreciation Schedule-Straight Line Method End of year amounts Depreciation Expense E Accumulated Depreciation LL Book Value Fhow to find the book value for december 31 and accumulated depreciation
