! Required information [The following information applies to the questions displayed below.) On January 1, Save More Groceries purchased store equipment for $43,000. Save More estimates that at the end of its 10- year service life, the equipment will be worth $4,000. During the 10-year period, the company expects to use the equipment for a total of 13,000 hours. Save More used the equipment for 1,200 hours the first year. Required: Calculate depreciation expense of the equipment for the first year, using each of the following methods. Note: Do not round your intermediate calculations. 1. Straight-line. Depreciation expense _
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- Required information [The following information applies to the questions displayed below.] On January 1, Speedy Delivery Company purchases a delivery van for $32,800. Speedy estimates that at the end of its four-year service life, the van will be worth $4,800. During the four-year period, the company expects to drive the van 175,000 miles. Actual miles driven each year were 45,000 miles in year 1 and 53,000 miles in year 2. Required: Calculate annual depreciation for the first two years using each of the following methods. (Do not round your intermediate calculations.) 1. Straight-line. Year 1 2 Annual DepreciationGruman Company purchased a machine for $198,000 on January 2, Year 1. It made the following estimates: Service life 5 years or 10,000 hours Production 180,000 units Residual value $ 18,000 In Year 1, Gruman uses the machine for 2,000 hours and produces 45,000 units. In Year 2, Gruman uses the machine for 1,200 hours and produces 30,000 units. If required, round your final answers to the nearest dollar. If Gruman used a service life of 8 years or 15,000 hours and a residual value of $9,000, what would be the effect on the following under the straight-line, sum-of-the-years'-digits, and double-declining-balance depreciation methods? Book value Straight-line method Year 1 $fill in the blank 27 Year 2 $fill in the blank 28 Sum-of-the-years'-digits method Year 1 $fill in the blank 29 Year 2 $fill in the blank 30 Double-declining-balance method Year 1 $fill in the blank 31 Year 2 $fill in the blank 32Gruman Company purchased a machine for $198,000 on January 2, Year 1. It made the following estimates: Service life 5 years or 10,000 hours Production 180,000 units Residual value $ 18,000 In Year 1, Gruman uses the machine for 2,000 hours and produces 45,000 units. In Year 2, Gruman uses the machine for 1,200 hours and produces 30,000 units. If required, round your final answers to the nearest dollar. For each method, what is the book value of the machine at the end of Year 1? At the end of Year 2? Straight-line method Year 1 Year 2 Sum-of-the-years'-digits method Year 1 Year 2 Double-declining-balance method Year 1 $fill in the blank 15 Year 2 $fill in the blank 16 Activity method based on hours worked Year 1 $fill in the blank 17 Year 2 $fill in the blank 18 Activity method based on units of output Year 1 $fill in the blank 19 Year 2 $fill in the blank 20
- Required information Skip to question [The following information applies to the questions displayed below.]Speedy Delivery Company purchases a delivery van for $36,000. Speedy estimates that at the end of its four-year service life, the van will be worth $6,400. During the four-year period, the company expects to drive the van 148,000 miles. Actual miles driven each year were 40,000 miles in year 1 and 46,000 miles in year 2. Required: Calculate annual depreciation for the first two years of the van using each of the following methods. (Do not round your intermediate calculations.) 1. Straight-line. year Anual depreciation 1 2Gruman Company purchased a machine for $198,000 on January 2, Year 1. It made the following estimates: Service life 5 years or 10,000 hours Production 180,000 units Residual value $ 18,000 In Year 1, Gruman uses the machine for 2,000 hours and produces 45,000 units. In Year 2, Gruman uses the machine for 1,200 hours and produces 30,000 units. If required, round your final answers to the nearest dollar. If Gruman used a service life of 8 years or 15,000 hours and a residual value of $9,000, what would be the effect on the following under the straight-line, sum-of-the-years'-digits, and double-declining-balance depreciation methods? Depreciation expense Straight-line method Year 1 $fill in the blank 21 Year 2 $fill in the blank 22 Sum-of-the-years'-digits method Year 1 $fill in the blank 23 Year 2 $fill in the blank 24 Double-declining-balance method Year 1 $fill in the blank 25 Year 2 $fill in the blank 26The company manufactures a line of equipment which it sells to wholesalers. The company sold 5,000 items of this type this year, which also has a one-year guarantee if the equipment fails. Based on past experience, 10% of items sold are returned for repair. The estimated repair cost is OMR 150. What should be the value of provisions to be made? O a. OMR 75,000. O b. OMR 150. O C. OMR 500. O d. OMR 750,000.
- AU Removals’ financial year ends on 30 June each year. On 1 July 2019, AU Removals purchased a truck for $168,000. You are the accountant of the business and you have estimated that the truck is to last 15 years and to have $7,000 residual value at that point. As per the business plan, the truck can be used to drive 350,000 kilometres over the 15 years, with per-year projections of 21,000 km, 28,000 km, 25,200 km, respectively over the first three years. Required: Calculate the accumulated depreciation balance at the end of the second year using each of the following depreciation bases. Show your workings. Your calculations should be rounded to the nearest whole number dollar amount. 1. straight-line diminishing balance (19 per cent rate) units-of-production.AU Removals’ financial year ends on 30 June each year. On 1 July 2019, AU Removals purchased a truck for $168,000. You are the accountant of the business and you have estimated that the truck is to last 15 years and to have $7,000 residual value at that point. As per the business plan, the truck can be used to drive 350,000 kilometres over the 15 years, with per-year projections of 21,000 km, 28,000 km, 25,200 km, respectively over the first three years. Suppose that, on 1 July 2021, the truck is sold for $135,000 in cash. Assuming the straight-line method is used, record the transaction in the general journal.On January 1, the Matthews Band pays $66.600 for sound equipment. The banc estimates it will use this cquipment for five years and perform 200 concerts. It estimates that after five years it can sell the equipment for S2,000. During the first year, the band performs 55 concerts. omnuto the firstrear depreriation using the units-of-production method.
- Quick Copy purchased a new copy machine. The new machine cost $106,000 including installation. The company estimates the equipment will have a residual value of $26,500. Quick Copy also estimates it will use the machine for four years or about 8,000 total hours. Actual use per year was as follows: Year Hours Used 2,800 1234 2,000 2,000 3,200 Problem 7-5B (Algo) Part 1 Required: 1. Prepare a depreciation schedule for four years using the straight-line method. (Do not round your intermediate calculations.) QUICK COPY Depreciation Schedule-Straight-Line End of Year Amounts Depreciation Year Expense 1 2 3 4 Total $ 0 Accumulated Depreciation Book ValueCanada Duck sells a variety of winter coats to individual and retail stores. The company expects to retire all its manufacturing equipment in the new year. At that point, Canada Duck is considering three options:Option 1) It rents its manufacturing equipment at an annual cost of $125,000 per year. Maintenance of equipment costs $8,500 per year. The company pays rent and maintenance at the beginning of each year.Option 2) It rents state-of-the-art manufacturing equipment at an annual cost of $200,000 per year. The company will save $22,000 annually on manufacturing costs. Maintenance of equipment costs $5,000 per year. All costs and savings are incurred at year-end.Option 3) It purchases new equipment for $1,500,000. The equipment is expected to have a life span of 10 years with no salvage value at the end. Canada Duck uses the sum-of-years’-digits depreciation method. The equipment will require maintenance of $1,500 per year. The company will save $46,000 annually on manufacturing…In 2021, Kohler Company sold 3,170 metal connectors on account to Ace Hardware Incorporated for $200 each on September 15. Each metal connector costs Kohler Company $150 to make. Ace Hardware has 60 days to return the unused goods. Kohler believes that Ace Hardware will ultimately return 75 of the connectors. On September 29, Ace Hardware returns 50 connectors. Kohler Company has a September 30 fiscal year end. At year end, Kohler believes 75 connectors is a good estimate of the total that will be returned. The cost of recovering these products is immaterial. Kohler expects to be able to resell these goods for a profit. Instructions Prepare the following journal entries on the books of Kohler Company: Entries to record the initial sales on September 15. Entries to record the return of goods September 29. Entries to record the year-end adjustment based on estimated returns on September 30. (a) (5) (c)