[The following information applies to the questions displayed below.)At the beginning of the year, Foster & Long Company bought machinery, shelving, and a forklift. The machinery initiallycost $31,600 but had to be overhauled (at a cost of $2,400) before it could be installed (at a cost of $1,200) and finally putinto use. The machinery's total life was estimated as 40,000 hours, with an estimated residual value of $1,000. Themachinery was actually used 5,000 hours in year 1 and 7,000 hours in year 2. Repair costs were $500 in each year.The shelving cost $10,050 and was expected to last 5 years, with a residual value of $750. The forklift cost $17,550 andwas expected to last six years, with a residual value of $2,300.5. Compute double-declining-balance depreciation expense for years 1 and 2 for the forklift. TIP: Remember that the formula fordouble-declining-balance uses cost minus accumulated depreciation (not residual value).Year 1Year 2Double-declining-balance (The following information applies to the questions displayed below.}At the beginning of the year, Foster & Long Company bought machinery, shelving, and a forklift. The machinery initiallycost $31,600 but had to be overhauled (at a cost of $2,400) before it could be installed (at a cost of $1,200) and finally putinto use. The machinery's total life was estimated as 40,000 hours, with an estimated residual value of $1,000. Themachinery was actually used 5,000 hours in year 1 and 7,000 hours in year 2. Repair costs were $500 in each year.The shelving cost $10,050 and was expected to last 5 years, with a residual value of $750. The forklift cost $17,550 andwas expected to last six years, with a residual value of $2,300.4. Compute year 2 straight-line depreciation expense for the shelving and give the journal entry to record it.Complete this question by entering your answers in the tabs below.Req 4AReq 48Compute year 2 straight-line depreciation expense for the shelving.Year 2 straight-lne depreciation expense

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(The following information applies to the questions displayed below.) At the beginning of the year, Foster & Long Company bought machinery, shelving, and a forklift. The machinery initially cost $31,600 but had to be overhauled (at a cost of $2,400) before it could be installed (at a cost of $1,200) and finally put into use. The machinery's total life was estimated as 40,000 hours, with an estimated residual value of $1,000. The machinery was actually used 5,000 hours in year 1 and 7,000 hours in year 2. Repair costs were $500 in each year. The shelving cost $10,050 and was expected to last 5 years, with a residual value of $750. The forklift cost $17,550 and was expected to last six years, with a residual value of $2,300. 4. Compute year 2 straight-line depreciation expense for the shelving and give the journal entry to record it. Complete this question by entering your answers In the tabs below. Req 4A Req 48 Compute year 2 straight-line depreciation expense for the shelving. Year 2 straight-ine depreciation experse

(The following information applies to the questions displayed below.) At the beginning of the year, Foster & Long Company bought machinery, shelving, and a forklift. The machinery initially cost $31,600 but had to be overhauled (at a cost of $2,400) before it could be installed (at a cost of $1,200) and finally put into use. The machinery's total life was estimated as 40,000 hours, with an estimated residual value of $1,000. The machinery was actually used 5,000 hours in year 1 and 7,000 hours in year 2. Repair costs were $500 in each year. The shelving cost $10,050 and was expected to last 5 years, with a residual value of $750. The forklift cost $17,550 and was expected to last six years, with a residual value of $2,300. 4. Compute year 2 straight-line depreciation expense for the shelving and give the journal entry to record it. Complete this question by entering your answers In the tabs below. Req 4A Req 48 Compute year 2 straight-line depreciation expense for the shelving. Year 2 straight-ine depreciation experse

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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