FINANCIAL ACCOUNTING-W/SOLN.MANUAL
14th Edition
ISBN: 9781285477978
Author: Weil
Publisher: CENGAGE L
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Logan Enterprises purchased a forklift for $45,000 on January 1, 2018. The forklift has an expected salvage value of $2,500 and is expected to be used for 150,000 hours over its estimated useful life of 6 years. Actual usage was 17,500 hours in 2018 and 14,200 hours in 2019. Calculate depreciation expense per hour under the units-of-activity method. (Round the answer to 2 decimal places.) Correct answer
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- Logan Enterprises purchased a forklift for $45,000 on January 1, 2018. The forklift has an expected salvage value of $2,500 and is expected to be used for 150,000 hours over its estimated useful life of 6 years. Actual usage was 17,500 hours in 2018 and 14,200 hours in 2019. Calculate depreciation expense per hour under the units-of-activity method. (Round the answer to 2 decimal places.)arrow_forwardGeneral accountingarrow_forwardCalculate depreciation expense per hour under the unit of activity method??arrow_forward
- What is the depreciation expense to be recorded on December 31, 2021 for this financial accounting question?arrow_forwardOriginal cost of fixed assets?arrow_forwardOn Jan 1, Year 1, White Co grants its three top employees, Mr. Blue, Ms. Orange, and Mrs. Green, 3,000 options each to purchase its $10-par common stock. Each option allows the purchase of 10 shares at $25 per share during Years 3 and 4. In order for these options to be exercisable, each of the top employees must demonstrate a high level of performance during years 1 and 2. The fair market value of these options was $90,000. At that grant date, Mr. Blue declined the offer. How much will White record for compensation expense each year for years 1 and 2?arrow_forward
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