The reed company uses the straight-line method to depreciate its equipment. On may 1, 2007, the company purchased some equipment for $200,000. The equipment is estimated to have a useful life of ten years and a salvage value of $20,000. How much depreciation expense should Reed record for the equipment in the adjusting entry on December 31, 2007? a.$6,000 b.$12,000 c.$13,500 d.$18,000
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- Frey, Inc. purchased a machine for $600,000 on January 2, 2017. The machine has an estimated useful life of 4 years and a salvage value of $100,000. The machine is being depreciated using the sum-of-the-years'-digits method. The December 31, 2018 asset balance, net of accumulated depreciation, should be: Select one: a. $250,000 Ob. $350,000 c. $280,000 Od. $320,000 $450,000Regal Company acquired a delivery truck on 2009 January 2, for $107,200. The truck had an estimated salvage value of $4,800 and an estimated useful life of eight years. At the beginning of 2009, a revised estimate shows that the truck has a remaining useful life of six years. The estimated salvage value changed to $1,600. Compute the depreciation charge for 2009 and the revised depreciation charge for 2009 using the straight-line method.(a) Faster Company purchased equipment in 2010 for $104,000 and estimated an $8,000 salvage value at the end of the equipment's 10-year useful life. At December 31, 2016, there was $67,200 in the Accumulated Depreciation account for this equipment using the straight-line method of depreciation. On March 31, 2017, the equipment was sold for $21,000. Indicate the accounts increased/decreased to remove the equipment from the records of Faster Company on March 31, 2017. (b) Lewis Company sold equipment for $11,000. The equipment originally cost $25,000 in 2014 and $6,000 was spent on a major overhaul in 2017 (charged to the Equipment account). Accumulated Depreciation on the equipment to the date of disposal was $20,000. Indicate the accounts increased/decreased to record the disposition of the equipment. (c) Selby Company sold equipment that had a book value of $13,500 for $15,000. The equipment originally cost $45,000 and it is estimated that it would cost $57,000 to replace the…
- Clean Corporation purchased a depreciable asset for $1,560,000 on January 1, 2015. The estimated salvage value is $120,000, and the estimated useful life is 9 years. The straight-line method is used for depreciation. On January 1, 2018, Hollander changed its estimates to a total remaining useful life of 8 years with a salvage value of $200,000. What is 2018 depreciation expense? A) $160,000 OB) $200,000 C) $240,000 D) $110,000Crouch Company purchased a new machine on May 1, 1998 for $176,000. At thetime of acquisition, the machine was estimated to have a useful life of ten yearsand an estimated salvage value of $8,000. The company has recorded monthlydepreciation using the straight-line method. On March 1, 2007, the machine wassold for $24,000. What should be the loss recognized from the sale of themachine? a. $0.b. $3,600.c. $8,000.d. $11,600.Zorzi Corporation purchased a Machine on January 1, 2017 for $80,000. The machinery is estirmated to have a salvage value of $8,000 after a useful life of 8 years. Compute the depreciation expense for 2017 using the sume of the double-decling balance method O $5.000 O $10,000 O $15.000 O $20,000
- Clean Corporation purchased a depreciable asset for $1,560,000 on January 1, 2015. The estimated salvage value is $120,000, and the estimated useful life is 9 years. The straight-line method is used for depreciation. On January 1, 2018, Hollander changed its estimates to a total remaining useful life of 8 years with a salvage value of $200,000. What is 2018 depreciation expense? A) $160,000 (B) $200,000 (C) $240,000 (D) $110,000Jeter Company purchased a new machine on May 1, 1998 for $176,000. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of $8,000. The company has recorded monthly depreciation using the straight-line method. On March 1, 2007, the machine was sold for $24,000. What should be the loss recognized from the sale of the machine? $-0- O $3,600 $8,000 $11,600On January 1, 2014, Bonita Industries purchased equipment at a cost of $361000. The equipment was estimated to have a salvage value of $10000 and it is being depreciated over eight years under the sum-of-the-years'-digits method. What should be the charge for depreciation of this equipment for the year ended December 31, 2021? $45125 $9750 $43875 $10028
- Equipment was acquired on January 1, 2013, at a cost of $75,000. The equipment was originally estimated to have a salvage value of $5,000 and an estimated life of 10 years. Depreciation has been recorded through December 31, 2016, using the straight-line method. On January 1, 2017, the estimated salvage value was revised to $7,000 and the useful life was revised to a total of 8 years. (A) Calculate the book value at the time of the revision (January 1, 2017). (B) Determine the depreciation expense for 2017Slotkin Products purchased a machine for $39,000 on July 1, 2014. The company intends to depreciate it over 8 years using the double-declining balance method. Salvage value is $3,000. Depreciation for 2015 to the closest dollar is A.$8,531 B.$19,500 C.$4,875 D. $7,500Rottino Company purchased a new cutting machine on January 1, 2017, at $17,000, paid in cash. It has been depreciated using the double-declining-balance method based on an estimated salvage value of $0 and an estimated useful life of 5 years. Prepare Rottino Company's journal entries to record the disposal of the machine on October 31, 2018, in these two independent situations (show your calculations to prove the result): Requirement: (i) Sold the machine for $7.600 cash. (ii) Exchange the old cutting machine with cash of $1,000 for a new cutting machine. The old machine had a fair value of $7,000.