The net book value of furniture and fixtures at October 1, 20X1, was $20,976, Depreciation is expensed on the diminishing balance basis at 15% per annum. Original cost of the machine was $50,000 having a salvage value of $5,000 with an estimated life of 10 years. To the nearest dollar, what is the depreciation expense per diminishing method for the year ended September 30, 20X2? a) $4,500 b) $5,000 c) $3,146.40 d) $3,054.60

Q: omputer equipment was acquired at the beginning of the year at a cost of $63,7 e of 6 years.…

A: Answer :Cost of computer = $63,703 Residual value = $2,416 life = 6 years Depreciation per year…

Q: Equipment was acquired at the beginning of the year at a cost of $575,000. The equipment was…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

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A: Depreciation is a decrease in value of an asset during its life time. Depreciation is calculated by…

Q: If a fixed asset, such as a computer, were purchased on January 1 for $1,603 with an estimated life…

A: Depreciation is the systematic allocation of the value of an asset during the life of the asset. It…

Q: Computer equipment was acquired at the beginning of the year at a cost of $62,250 that has an…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: Depreciation by Three Methods; Partial Years Perdue Company purchased equipment on April 1 for…

A: Answer a)

Q: Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $587,500. The…

A: Depreciation is the loss in the value of the asset caused due to its usage, wear and tear. There are…

Q: Assume Bilinger Company uses the straight-line method of depreciation and has a long-lived asset…

A: Depreciation is the amount of expenses which is charged on fixed assets due to usage of the assets,…

Q: The cost of an asset is $1,050,000, and its residual value is $280,000. Estimated useful life of the…

A: Formula: Depreciation rate = ( 100 / Useful life ) x 2

Q: An asset has a cost of $60.000 with a residual value of $12,000. It has a life of 5 years and was…

A: As per double declining rate, the depreciation is calculated as follows: Double-declining…

Q: Machinery was purchased on January 1 for $60,000. The machinery has an estimated life of 7 years and…

A: Answer -  Depreciation rate under straight line = 1/7 years =14.285%   Depreciation under double…

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A: Depreciation is the reduction in the value of asset over a period of time.

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A: Formulas used: Depreciation expense= (Original cost-Residual value)/Estimated useful life

Q: The pertinent information about a piece of construction equiptment follows: cost $75,000 Estimated…

A: Double declining balance method is used in charging depreciation on assets. Under this method, the…

Q: Machinery was purchased on January 1 for $67,000. The machinery has an estimated life of 7 years and…

A: DEPRECIATION EXPENSEDepreciation means gradual decrease in value of assets due to normal wear and…

Q: Equipment

A:

Q: Machinery was purchased on January 1 for $72,000. The machinery has an estimated life of 7 years and…

A: Depreciation for Year 1 = $72,000 * 2/7 = $20,571.43

Q: Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $662,500. The…

A: Depreciation is a reduction in the value of assets over time due to normal wear and tear,…

Q: Equipment with a cost of $70,007, an estimated residual value of $4,741, and an estimated life of 14…

A: In the given question, the original estimated life of the asset was 14 years. After it was used for…

Q: On January 1, Global, Inc. purchased a new machine for $80,000. Its estimated useful life is eight…

A: The reduction in the value of the assets over a period of time is referred to as depreciation. The…

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A: The Depreciation expense is charged on fixed assets as reduction in the value of the fixed assets…

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A: Double Declining balance method is a form of an accelerated depreciation method in which the asset…

Q: The cost of an asset is $1,050,000, and its residual value is $280,000. Estimated useful life of the…

A: Depreciation means the amount expense out of cost of assets due to normal usage of assets , normal…

Q: Machinery was purchased on January 1 for $86,240. The machinery has an estimated life of seven years…

A: Introduction:- Depreciation is a non cash expenses. Depreciation is charged on fixed asset over a…

Q: On January1, a machine with a useful life of five years and a residual value of R.O.25,000 was…

A:

Q: Comparing Three Depreciation Methods Dexter Industries purchased packaging equipment on January 8…

A: Depreciation can be computed in the following few methods which are enumerated as below:  1.…

Q: on, the

A: Given: Company purchases for 550,000 salvage value of $50,000

Q: Equipment was acquired at the beginning of the year at a cost of $537,500. The equipment was…

A: Year Book value Depreciation Accumulated Depreciation Book value 1 $537,500 $119,444.4444 $119,444…

Q: Equipment with a cost of $155,546 has an estimated residual value of $7,131 and an estimated life of…

A: Workings: Depreciation = (original cost - residual value) / useful life years.

Q: Evans Co purchased a machine with an estimated useful life of 10 years for $76,000 on 30 September…

A: We have the following information: Evans Co purchased a machine with an estimated useful life of 10…