Swifty Corporation purchased machinery that was installed and ready for use on January 3, 2020, at a total cost of $221000. Salvage value was estimated at $32000. The machinery will be depreciated over five years using the double-declining balance method. For the year 2021, Swifty should record depreciation expense on this machinery of estbank Multiple Choice Question 74 O $45360. O $88400. O $53040. O $58160.

Swifty Corporation purchased machinery that was installed and ready for use on January 3, 2020, at a total cost of $221000. Salvage value was estimated at $32000. The machinery will be depreciated over five years using the double-declining balance method. For the year 2021, Swifty should record depreciation expense on this machinery of estbank Multiple Choice Question 74 O $45360. O $88400. O $53040. O $58160.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Sheridan Company purchased a machine on July 1, 2020, for $940000. The machine has an estimated useful life of five years and a salvage value of $209000. The machine is being depreciated from the date of acquisition by the 150% declining-balance method. For the year ended December 31, 2020, Sheridan should record depreciation expense on this machine of $109650. $188000. $282000. $141000.
Sami Products purchased a machine for $85,000 on July 1, 2020. The company intends to depreciate it over 8 years using the double-declining balance method. Salvage value is $5,000. What is the depreciation for 2021.
On January 1, 2022, Betty DeRose, Inc. purchased equipment for $86,000. The equipment was assigned a useful life of 12 years and a salvage value of $5,300. On January 1, 2026, Betty DeRose decided the life of the equipment should be changed from 12 to 18 years with a salvage value of $3,800 at the end of the 18 years. Betty DeRose uses the straight-line depreciation method to calculate depreciation on its long-term assets. Calculate the amount of depreciation expense recorded on the equipment for 2026.
Carla Vista Products purchased a machine for $66400 on July 1, 2025. The company intends to depreciate it over 8 years using the double-declining balance method. The salvage value is $6700. Depreciation for 2026 to the closest dollar is $8300. O $33200. O $14525. $13200.
Assume that Bloomer Company purchased a new machine on January 1, 2017, for $80,000. The machine has an estimated useful life of nine years and a residual value of $8,000. Bloomer has chosen to use the straight-line method of depreciation. On January 1, 2019, Bloomer discovered that the machine would not be useful beyond December 31, 2022, and estimated its value at that time to be $2,000. Required: 1. Calculate the depreciation expense, accumulated depreciation, and book value of the asset for each year 2017 to 2022. If necessary, round any depreciation calculations to the nearest dollar.
Archie Company purchased a framing machine for $52,000 on January 1, 2024. The machine is expected to have a four-year life, with a residual value of $7,000 the end of four years. Using the straight-line method, depreciation for 2025 and book value on December 31, 2025, would be: Multiple Choice O O $11,250 and $29,500, respectively $13,000 and $26,000, respectively $13,000 and $19,000, respectively $11,250 and $22,500, respectively
LILY Company purchased machinery on January 1, 2020. It has an estimated useful life of four years and a residual value of ₱500,000. The machine is being depreciated using SYD Method. The depreciation applicable to this fixed asset for 2021 is ₱1,200,000. What was the acquisition cost of the machinery? A. ₱ 3,000,000 B. ₱ 3,500,000 C. ₱ 4,000,000 D. ₱ 4,500,000
The Vermont Construction Company purchased a hauling truck on January 1 of 2019, at a cost of $35,000. The truck has a useful life of eight years with an estimated salvage value of $6,000. Determine the book depreciation amount to be taken over the useful of the truck using straight-line method and double declining balance methods.
Nature's Fit acquired an equipment on January 1, 2020, for $30,000 with an estimated four-year life and $2,000 residual value. Nature's uses straight-line depreciation. Record the gain or loss if the building was sold on December 31, 2022, for $10,000.
← Gulfcoast, Inc. purchased a van on January 1, 2019, for $830,000. Estimated life of the van was five years, and its estimated residual value was $94,000. Gulfcoast uses the straight-line method of depreciation. Calculate the book value of the van at the end of 2019. OA. $778,125 B. $682,800 C. $674,375 OD. $736,000
Equipment was purchased for $83700 on January 1, 2021. Freight charges amounted to $4000 and there was a cost of $12000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $16000 salvage value at the end of its 5-year useful life. What is the amount of accumulated depreciation at December 31, 2022 if the straight-line method of depreciation is used? O $16740. $13540. $28140. $33480.
Help me selecting the right answer. Thank you