1. BE.09.04 Revision of Depreciation Equipment with a cost of $240,000 has an estimated residual value of $18,600, has an estimated useful life of 12 years, and is depreclated by the straight-Iline method. a. Determine the amount of the annual depreciation. 24 b. Determine the book value at the end of the tenth year of use. $4 C. Assuming that at the start of the eleventh year the remaining life is estimated to be four years and the residual value is estimated to be $4,800, determine the depreciation expense for each of the remaining four years. $4

1. BE.09.04 Revision of Depreciation Equipment with a cost of $240,000 has an estimated residual value of $18,600, has an estimated useful life of 12 years, and is depreclated by the straight-Iline method. a. Determine the amount of the annual depreciation. 24 b. Determine the book value at the end of the tenth year of use. $4 C. Assuming that at the start of the eleventh year the remaining life is estimated to be four years and the residual value is estimated to be $4,800, determine the depreciation expense for each of the remaining four years. $4

Name: 1. BE.09.04Revision of DepreciationEquipment with a cost of $240,000
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: 1. BE.09.04Revision of DepreciationEquipment with a cost of $240,000 has an estimated residual value of $18,600, has an estimated useful life of 12 years, and is depreclated by the straight-Iline method.a. Determine the amount of the annual deprecia

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter18: Accounting For Long-term Assets

Section: Chapter Questions

Problem 3CE: A machine costing 350,000 has a salvage value of 15,000 and an estimated life of three years....

See similar textbooks

Similar questions

Requirement 1. For each depreciation method, prepare a depreciation schedule showing asset cost, depreciation expense, accumulated depreciation, and asset book value for each year of the asset's life. For the units of production method, round depreciation per unit to three decimal places. Before completing the straight-line depreciation schedule, calculate the straight-line depreciation rate. One year Useful life (SL) Depreciation rate - X 1 More Info - X Requirements Complete the Straight-Line Depreciation Schedule. Begin by filling out the schedule through 2019, and then complete the schedule by entering the amounts through 2022. On January 4, 2018, Bailey Enterprises, Inc., paid $205,600 for equipment used in manufacturing automotive supplies. In addition to the basic purchase price, the company paid $1,000 for transportation charges, $100 for insurance for the equipment while in transit, $10,500 sales tax, and $2,800 for a special which to place the equipment in the plant.…
Revision of depreciation Equipment with a cost of $354,400 has an estimated residual value of $40,800, has an estimated useful life of 32 years, and is depreciated by the straight-line method. a. Determine the amount of the annual depreciation. 9,800 ✔ b. Determine the book value after 18 full years of use. $ 178,000 ✓ c. Assuming that at the start of the year 19 the remaining life is estimated to be 18 years and the residual value is estimated to be $34,000, determine the depreciation expense for each of the remaining 18 years.
Revision of Depreciation Equipment with a cost of $180,000 has an estimated residual value of $14,400, has an estimated useful life of 16 years, and is depreciated by the straight-line method. a. Determine the amount of the annual depreciation. %$4 10,350 V b. Determine the book value at the end of the tenth year of use. %24 C. Assuming that at the start of the eleventh year the remaining life is estimated to be eight years and the residual value is estimated to be $10,500, determine the depreciation expense for each of the remaining eight years. %$4 Feedback
EXERCISE.12.2 An equipment costing P250,000 with residual amount of P25,000 has an useful life of 10 years was depreciated by straight line depreciation method. With the details given above find, A. Annual depreciation B. Book value at the end of tenth year
1. EX.09.195 Golden Sales has bought $135,000 in fixed assets on January 1st associated with sales equipment. The residual value of these assets is estimated at $10,000 at the end of their 4-year service life. Golden Sales managers want to evaluate the options of depreciation. al. Compute the annual straight-line depreciation. a2. Provide the sample depreciation journal entry to be posted at the end of each of the years. If an amount box does not reguire an entry, leave it blank. Dec. 31 b. Prepare the journal entries for each year of the service life for these assets using the double-declining balance method. If an amount box does not require an entry, leave it blank. Year 1, Dec. 31 Year 2, Dec. 31 Year 3, Dec. 31 Year 4, Dec. 31
Revision of Depreciation Equipment with a cost of $611,800 has an estimated residual value of $55,600, has an estimated useful life of 18 years, and is depreciated by the straight-line method. a. Determine the amount of the annual depreciation.$ b. Determine the book value after 8 full years of use.$ c. Assuming that at the start of the year 9 the remaining life is estimated to be 13 years and the residual value is estimated to be $57,800, determine the depreciation expense for each of the remaining 13 years.$
Revision of Depreciation Equipment with a cost of $354,500 has an estimated residual value of $38,000, has an estimated useful life of 15 years, and is depreciated by the straight-line method. a. Determine the amount of the annual depreciation. 21,100 V b. Determine the book value after 10 full years of use. c. Assuming that at the start of the year 11 the remaíning life is estimated to be 8 years and the residual value is estimated to be $38,700, determine the depreciation expense for each of the remaining 8 years. Feedback Check My Viork Straight-line depreciation allocates the depreciable cost of the asset equally over the expected useful life. The book value is the foxed asset cost less accumulated depreciation. Revising depreciation is necessary when estimates of residual values and/or useful lives of foced assets change due to abnormal wear and tear or obsolescence
Revision of Depreciation Equipment with a cost of $304,000 has an estimated residual value of $41,600, has an estimated useful life of 16 years, and is depreciated by the straight-line method. a. Determine the amount of the annual depreciation.$ b. Determine the book value at the end of the tenth year of use.$ c. Assuming that at the start of the eleventh year the remaining life is estimated to be eight years and the residual value is estimated to be $16,800, determine the depreciation expense for each of the remaining eight years.
Revision of Depreciation Equipment with a cost of $748,000 has an estimated residual value of $68,000, has an estimated useful life of 25 years, and is depreciated by the straight-line method. a. Determine the amount of the annual depreciation.$fill in the blank 1 b. Determine the book value at the end of the 11 full years of use.$fill in the blank 2 c. Assuming that at the start of the year 12 the remaining life is estimated to be 17 years and the residual value is estimated to be $71,400, determine the depreciation expense for each of the remaining 17 years.
Revision of Depreciation Equipment with a cost of $240,000 has an estimated residual value of $18,600, has an estimated useful life of 12 years, and is depreciated by the straight-line method. a. Determine the amount of the annual depreciation. Determine the book value at the end of the tenth year of use. C Assuming that at the start of the eleventh year the remaining life is estimated to be four years and the residual value is estimated to be $4,800, determine the depreciation expense for each of the remaining four years.
Revision of Depreciation Equipment with a cost of $180,000 has an estimated residual value of $14,400, has an estimated useful life of 16 years, and is depreciated by the straight- line method. a. Determine the amount of the annual depreciation. $4 b. Determine the book value at the end of the tenth year of use. $ C. Assuming that at the start of the eleventh year the remaining life is estimated to be eight years and the residual value is estimated to be $10,500, determine the depreciation expense for each of the remaining eight years.
10. Determine the rate of depreciation, the total depreciation up to the end of the 8th year and the book value at the end of 8 years for an asset that costs P15, 000 new and has an estimated scrap value of P2, 000 at the end of 10 years by: a. Using the declining balance method. b. Using the double declining balance method.