The next four items are based on the following information: Dirt Corporation schedule of depreciable assets at December 31, 20X7 was as follows: Ассит. Depreciation 64,000 36,000 33,600 Acquisition date 20X6 Asset Cost Residual value 20,000 10,000 14,000 А 100,000 55,000 70,000 В 20X5 C 20X5 Dirt takes a full year's depreciation expense in the year of an assetť's acquisition, and no depreciation expense in the year of an asset's disposition. The estimated useful life of each depreciable asset is 5 years. 2. Dirt depreciates asset A on the double-declining-balance method. How much depreciation expense should Dirt record in 20X8 for asset A? 3. Dirt depreciates asset A on the double-declining-balance method. How much depreciation expense should Dirt record in 20X9 for asset A? 4. Using the same depreciation method as used in 20X5, 20X6, and 20X7, how much depreciation expense should Dirt record in 20X8 for asset B? 5. Dirt depreciates asset C by the straight-line method. On June 30, 20X8, Dirt sold asset C for P28,000 cash. How much gain (loss) should Dirt record in 2008 on the disposal of asset C?

The next four items are based on the following information: Dirt Corporation schedule of depreciable assets at December 31, 20X7 was as follows: Ассит. Depreciation 64,000 36,000 33,600 Acquisition date 20X6 Asset Cost Residual value 20,000 10,000 14,000 А 100,000 55,000 70,000 В 20X5 C 20X5 Dirt takes a full year's depreciation expense in the year of an assetť's acquisition, and no depreciation expense in the year of an asset's disposition. The estimated useful life of each depreciable asset is 5 years. 2. Dirt depreciates asset A on the double-declining-balance method. How much depreciation expense should Dirt record in 20X8 for asset A? 3. Dirt depreciates asset A on the double-declining-balance method. How much depreciation expense should Dirt record in 20X9 for asset A? 4. Using the same depreciation method as used in 20X5, 20X6, and 20X7, how much depreciation expense should Dirt record in 20X8 for asset B? 5. Dirt depreciates asset C by the straight-line method. On June 30, 20X8, Dirt sold asset C for P28,000 cash. How much gain (loss) should Dirt record in 2008 on the disposal of asset C?

Name: The next four items are based on the following information:Dirt Corpo
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: The next four items are based on the following information:Dirt Corporation schedule of depreciable assets at December 31, 20X7 was as follows:Ассит.Acquisition dateDepreciation64,00036,00033,600AssetCostResidual valueА100,00055,00070,00020X620,0001

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter8: Operating Assets: Property, Plant, And Equipment, And Intangibles

Section: Chapter Questions

Problem 8.6E

See similar textbooks

Similar questions

The next four items are based on the following information: Dirt Corporation schedule of depreciable assets at December 31, 20X7 was as follows: Асcum. Depreciation 64,000 36,000 33,600 Acquisition date 20X6 Residual value 20,000 10,000 14,000 Asset Cost 100,000 55,000 70,000 20X5 20X5 Dirt takes a full vear's depreciation expense in the vear of an asset's acquisition and no depreciation ABC
1. Dirt depreciates asset A on the double-declining-balance method. How much depreciation expense should Dirt record in 20X8 for asset A? 2. Dirt depreciates asset A on the double-declining-balance method. How much depreciation expense should Dirt record in 20X9 for asset A?
Determine the depreciation, for the year of acquisition and for the following year of a Rixed asset acquired on October 1 for $500,000, with an estimated life of 5 years. and residual value of $50,000, using: a. The double declining-balance method. Assume a fiscal year ending December 31. Year of acquisition: Following year: b. The straight-line method. Assume a fiscal year ending December 31. Year of acquisition: Following year: Subm
The T-accounts for Equipment and the related Accumulated Depreciation—Equipment for Skysong, Inc. at the end of 2022 are shown here. Equipment Beg. bal. 60,000 Disposals 16,500 Acquisitions 31,200 End. bal. 74,700 Accum. Depr.—Equipment Disposals 3,825 Beg. bal. 33,375 Depr. exp. 9,000 End. bal. 38,550 In addition, Skysong, Inc.’s income statement reported a loss on the disposal of plant assets of $2,625. What amount was reported on the statement of cash flows as “cash flow from sale of equipment”? (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
n The T-accounts for Equipment and the related Accumulated Depreciation-Equipment for Oriole Company at the end of 2022 are shown here. Equipment Beg. bal. 75,600 Disposals 21,800 Acquisitions 45,500 End. bal. 99,300 Accumulated Depreciation-Equipment Disposals 5,000 Beg. bal. 44,700 Depr. exp. 11,500 End. bal. 51,200 In addition, Oriole Company's income statement reported a loss on the disposal of plant assets of $4,000. What amount was reported on the statement of cash flows as "cash flow from sale of equipment"? (Show an amount that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) Cash flow from sale of equipment eTextbook and Media $
18. ABC Co. takes a full year's depreciation expense in the year of an asset's acquisition and no depreciation expense in the year of disposition. Data relating to one of ABC' depreciable assets at December 31, 20X5 are as follows: Acquisition year – 20X3; Cost - P350,000; Residual value - 50,000; Accumulated depreciation - 240,000; Estimated useful life - 5 years; Using the same depreciation method as used in 20X3, 20X4, and 20X5, how much depreciation expense should ABC record in 20X6 for this asset?
The T-accounts for Equipment and the related Accumulated Depreciation—Equipment for Vaughn Manufacturing at the end of 2022 are shown here. Equipment Beg. bal. 100,000 Disposals 27,500 Acquisitions 52,000 End. bal. 124,500 Accum. Depr.—Equipment Disposals 6,375 Beg. bal. 55,625 Depr. exp. 15,000 End. bal. 64,250 In addition, Vaughn Manufacturing’s income statement reported a loss on the disposal of plant assets of $4,375. What amount was reported on the statement of cash flows as “cash flow from sale of equipment”? (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Cash flow from sale of equipment $enter cash flow from sale of equipment in dollars
Topic: Intangible Assets (Goodwill) Flair Company purchased another entity for P8,000,000 at year-end. The carrying amount of the acquiree's net assets on the date of purchase is P6,200,000. An analysis indicated that the fair value of the acquiree's tangible assets exceeded the carrying amount by P600,000, and the fair value of identifiable intangible assets exceeded carrying amount by P450,000. What amount of goodwill should be recognized by the acquirer?
The T-accounts for Equipment and the related Accumulated Depreciation—Equipment for Oriole Company at the end of 2022 are shown here. Equipment Beg. bal. 75,600 Disposals 21,800 Acquisitions 45,500 End. bal. 99,300 Accumulated Depreciation—Equipment Disposals 5,000 Beg. bal. 44,700 Depr. exp. 11,500 End. bal. 51,200 In addition, Oriole’s income statement reported a loss on the disposal of plant assets of $4,000. What amount was reported on the statement of cash flows as “cash flow from sale of equipment”? (Show an amount that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Cash flow from sale of equipment $
The T-accounts for Equipment and the related Accumulated Depreciation-Equipment for Sheffield Company at the end of 2022 are shown here. Equipment Beg. bal. 79,800 Disposals 23,700 Acquisitions 37,400 End. bal. 93,500 Accumulated Depreciation-Equipment Disposals 5,200 Beg, bal 44,500 Depr. exp. 12.200 End, bal 51.500 In addition, Sheffield's income statement reported a loss on the disposal of plant assets of $4,000. What amount was reported on the statement of cash flows as "cash flow from sale of equipment"? (Show amount that decrease cash flow with either a-sign eg-15,000 or in parenthesis eg. (15,000)) Cash flow from sale of equipment S
Entity A acquired an asset that had a cost of P130,000. The asset is being depreciated over a 5-year period using the sum-of-the-years’ digit method. It has a salvage value estimated at P10,000. The loss/gain if the asset is sold for P38,000 at the end of the third year is ?
The T-accounts for Equipment and the related Accumulated Depreciation—Equipment for Luo Company at the end of 2020 are shown here. Equipment Beg. bal. 79,200 Disposals 20,700 Acquisitions 44,800 End. bal. 103,300 Accumulated Depreciation—Equipment Disposals 8,700 Beg. bal. 43,600 Depr. exp. 14,300 End. bal. 49,200 In addition, Luo’s income statement reported a loss on the disposal of plant assets of $6,000. What amount was reported on the statement of cash flows as “cash flow from sale of equipment”? (Show amount that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Cash flow from sale of equipment $