Brief Exercise 11-1 Cullumber Corporation purchased a truck at the beginning of 2017 for $59,500. The truck is estimated to have a salvage value of $2,380 and a useful life of 190,400 miles. It was driven 27,370 miles in 2017 and 36,890 miles in 2018.Compute depreciation expense for 2017 and 2018. Depreciation expense for 2017   $   Depreciation expense for 2018   $

Brief Exercise 11-3 Shamrock Company purchased machinery on January 1, 2017, for $96,000. The machinery is estimated to have a salvage value of $9,600 after a useful life of 8 years.               Your answer is incorrect.     Compute 2017 depreciation expense using the sum-of-the-years'-digits method. Depreciation expense   $       SHOW SOLUTION LINK TO TEXT           Your answer is incorrect.     Compute 2017 depreciation expense using the sum-of-the-years'-digits method, assuming the machinery was purchased on April 1, 2017. (Round answer to 0 decimal places, e.g. 5,125.) Depreciation expense   $

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Problem 6-25 (Algo) Identify depreciation methods used LO 3 Grove Co. acquired a production machine on January 1, 2019, at a cost of $495,000. The machine is expected to have a four-year useful life, with a salvage value of $86,000. The machine is capable of producing 56,000 units of product in its lifetime. Actual production was as follows: 12,320 units in 2019; 17,920 units in 2020; 15,680 units in 2021; 10,080 units in 2022. Following is the comparative balance sheet presentation of the net book value of the production machine at December 31 for each year of the asset’s life, using three alternative depreciation methods (items a–c): Required: Identify the depreciation method used for each of the following comparative balance sheet presentations (items a–c). If a declining-balance method is used, be sure to indicate the percentage (150% or 200%). (Hint: Read the balance sheet from right to left to determine how much has been depreciated each year. Remember that December 31, 2019, is…

S10-6 Calculating depreciation by three methods–second year At the beginning of 2017, JetQuick Airlines purchased a used Boeing jet at a cost of $46 million. JetQuick expects the plane to remain useful for eight years (5 million kilometres) and to have a residual value of $6 million. JetQuick expects the plane to be flown for 1.3 million kilometres the first year and 1 million kilometres the second year. Requirements 1 Calculate second-year (2018) depreciation on the plane using the following methods: a straight line b units of production c reducing balance (use 2 x the SL rate). 2 Calculate the balance in Accumulated depreciation at the end of the second year using the straight-line method of depreciation.

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Problem 1 On January 2008, Vasen Company purchased equipment at a cost of P2,500,000 to be used in its manufacturing operations. The equipment was estimated to have a useful life of eight years with residual value estimated at P500,000. Naval considered various methods of depreciation and selected the sum of the years' digits method. On December 31, 2009, the accumulated depreciation should have a balance of Note: Choose the letter of your answer and show your solution as basis of your answer. a. P500,000 less than under the straight line method b. P500,000 less than under the double declining balance method c. P333,333 greater than under the straight line method d. P333,333 greater than under the double declining balance method

O 3Depreciation calculation methods Millco, Inc., acquired a machine that cost $1,200,000 early in 2016. The machine is expected to last for eight years, and its estimated salvage value at the end of its life is $180,000.Required:a. Using straight-line depreciation, calculate the depreciation expense to be recognized in the first year of the machine’s life and calculate the accumulated depreciation after the fifth year of the machine’s life.b. Using declining-balance depreciation at twice the straight-line rate, calculate the depreciation expense for the third year of the machine’s life.c. What will be the net book value of the machine at the end of its eighth year of use before it is disposed of, under each depreciation method?

Depreciation calculation methods Gandolfi Construction Co. purchased a used CAT 336DL earth mover at a cost of $500,000 in January 2016. The company’s estimated useful life of this heavy equipment is 10 years, and the estimated salvage value is $100,000.Required:a. Using straight-line depreciation, calculate the depreciation expense to be recognized for 2016, the first year of the equipment’s life, and calculate the equipment’s net book value at December 31, 2018, after the third year of the equipment’s life.b. Using declining-balance depreciation at twice the straight-line rate, calculate the depreciation expense to be recognized for 2018, the third year of the equipment’s life.