Now change the Cost, Life of the Asset, and Salvage Value for all of the assets listed in the table in your worksheet to match the information below: Asset No. Fixed Asset Name 1-001 1-002 1-003 1-004 1-005 1-006 1-007 Desktop computer 13" Laptop Laptop 15" Tablet 4-person Workstation office chairs (set of 4) 70 Flat Screen TV Cost Life of Asset $1,800 $1,300 $2,700 $ 600 $3,200 $1,000 $1,750 5 5 5 5 10 10 5 Salvage Value $0 $0 $0 $0 $500 $100 $250 Be sure to also check the Cost in both of your Depreciation Method tables in your worksheet so that it matches the updated information. Required: 2a. Complete the chart below that shows comparisons of the two depreciation methods. (Round your answers to the nearest whole dollar.)

Now change the Cost, Life of the Asset, and Salvage Value for all of the assets listed in the table in your worksheet to match the information below: Asset No. Fixed Asset Name 1-001 1-002 1-003 1-004 1-005 1-006 1-007 Desktop computer 13" Laptop Laptop 15" Tablet 4-person Workstation office chairs (set of 4) 70 Flat Screen TV Cost Life of Asset $1,800 $1,300 $2,700 $ 600 $3,200 $1,000 $1,750 5 5 5 5 10 10 5 Salvage Value $0 $0 $0 $0 $500 $100 $250 Be sure to also check the Cost in both of your Depreciation Method tables in your worksheet so that it matches the updated information. Required: 2a. Complete the chart below that shows comparisons of the two depreciation methods. (Round your answers to the nearest whole dollar.)

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section19.3: Journalizing Depreciation Expense

Problem 1OYO

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please help tables https://cxp.cengage.com/contentservice/assets/T=1618167328102/whitf38h/images/ch08/tables_8-2_8-3_8-5.html Modified Accelerated Cost Recovery System (MACRS) (LO 8.2) Calculate the following: Click here to access the various depreciation tables. If required, round your final answers to the nearest dollar. If your answer is zero, enter "0". a. The first year of depreciation on a residential rental building costing $250,000 purchased June 2, 2019. b. The second year (2020) of depreciation on a computer costing $5,000 purchased in May 2019, using the half-year convention and accelerated depreciation considering any bonus depreciation taken.
* CengageNOW2 | Online teachin x + ignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false 它 ☆ SU login O Digital University |.. Tenant Portal - Login 围 eBook Show Me How E Print Item Straight-Line Depreciation A building acquired at the beginning of the year at a cost of $93,600 has an estimated residual value of $3,600 and an estimated useful life of 10 years. Determine the following: a. The depreciable cost 90,000 10 b. The straight-line rate c. The annual straight-line depreciation 90,000 X Feedback V Check My Work ifference betwee the asset's initial cost and its residual value. The residual value is the estimated value at Depreciable cost is the the end of the useful life. Straight-line depreciation allocates the depreciable cost of the asset equally over the expected useful life. 10:22 PM 46% -2°F 12/16/2021 F11 F10 F8 F7 1%/ 6. 4. R. * CO 5
CengageNOWv2 | Online teachin x + /ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=... A Print Item A Determining Fixed Asset's Book Value The balance in the equipment account is $3,240,000, and the balance in the accumulated depreciation-equipment account is $2,134,000. a. What is the book value of the equipment? X b. Does the balance in the accumulated depreciation account mean that the equipment's loss of value is $2,134,000? ✓, because depreciation is an allocation of the cost No of the equipment to the periods benefiting from its use. E 00
y Home CengageNOWv2 | Online teachin x takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogressfalse eBook Show Me How Calculator Print Item Partial-Year Depreciation Equipment acquired at a cost of $105,000 has an estimated residual value of $12,000 and an estimated useful life of 10 years. It was placed into service on May 1 of the current fiscal year, which ends on December 31. a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method. Depreciation Year 1 %24 6,200 Year 2 b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double-declining-balance method. Depreciation Year 1 Year 2 Feedback TCheck My Work Asset cost minus residual value equals depreciable cost Book value is the asset cost minus accumulated depreciation. If an asset is used for only part of a year the depreciation is prorated based on the number of months the asset is in service.…
https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launch Url=https%253A%252F%252Fmymasonportal.gmu.edu%252Fweba 8: Homework i ces Listed below are costs (or discounts) to purchase or construct new plant assets. (1) Indicate whether the costs should be expensed or capitalized (Meaning they are included in the cost of the plant assets on the balance sheet.) (2) For costs that should be capitalized, indicate in which category of plant assets (Equipment, Building, or Land) the related costs should be recorded on the balance sheet. List 1. Costs to clear and grade land purchased for a new plant. 2. Parking ticket fees incurred by the delivery truck that illegally parked when delivering new equipment. 3. Demolition costs to remove an old building on land purchased. 4. Janitorial costs incurred to clean equipment. 5. Repair costs to fix new equipment damaged by the crew that unpacked it. 6. Costs to lay foundation for a new building. 7. Costs to unpack and assemble…
* CengageNowv2 |Online teachin X +. ignment/takeAssignmentMain.do?invoker%3&takeAssignmentSessionLocator=&inprogress=false eBook Show Me How Calculator Print Item Entries for sale of fixed asset Chart of Accounts First Question Journal Instructions Equipment acquired on January 8 at a cost of S168,000 has an estimated useful life of 18 years, has an estimated residual value of $15,000, and is depreciated by the straight-line method. A. What was the book value of the equipment at December 31 the end of the fourth year? B. Assuming that the equipment was sold on April 1 of the fifth year for 5125,000, journalize the entries to record (1) depreciation for the three months until the sale date and (2) the sale of the equipment.
Online Test Window- Google Chrome tests.mettl.com/test-window/f55ac827#/testWindow/0/17/1 EY Accounting Assessment O Total 00:54:42 Finish Test Section 1 of 1 Section #1 v 10 11 12 13 14 15 16 17 19 18 18 of 45 All 43 Question # 18 G Revisit Choose the best option An entity purchased a machine for 700,000. The machine was depreciated using the straight-line method and had a residual value of 40,000, The machine was sold on December 31, 20X1. The accumulated depreciation related to the machine was 495,000 on that date. The entity reported a O 280,000 O 240,000 O 205,000 gain on the sale of the machine of 75,000 in its income statement for the fiscal year ending December 31, 20X1. The selling price of the machine was O 115,000 Prev Questen Next Question +91-82878-03040 Zaineh | Support +1-650-924-9221 metti 4:13 PM 1/16/2021 Type here to search 20
S.olivia Activity No. 3 assets. The following invoice displays the cost of furniture you have bought. Th items have an estimated salvage value of $5,000, and it is expected that will be used for 7 years. Design the depreciation schedule for the a Qatar Machinery QBN 48741 568 952 588 Salwa Road, Al Sadd, Doha, Qatar 3358 9625 Ashraf@busmachines.com Qty 11 18 40 5 Year Customer Information: Doha Product Description Boardroom Table Chairman chair Desk cupboard 00 File stand 025 injoj duz 300 T2D T2D+lotoidu2 noitollotant Invoice: tripisy tolonel Opening book value Annual Depreciation amount Invoice Invoice Number: A782528AM Invoice Date: 09 October 2013 Travel Agenvy Amount Each 800 500 nor 350 M29 400 bipopque 250 brote sl Sub total GST 10% Subtotal + GST Installation Freight Grand Total Amount Closing book value 2000 1500 Accumulated depreciation amount
PLEASE NOTE: All whole dollar amounts using "$" with commas as needed (i.e. $12,345). [HINT - You definitely will want to use this EXCEL spreadsheet Chapter11 Depreciation Schedules.xlsx Download Chapter11 Depreciation Schedules.xlsxto assist in your calculations.] Straight-Line Depreciation Method: Office Mart purchases a photocopier for $70,000. The photocopier has a salvage value of $7,000 and has expected life of seven years. Office Mart uses the straight-line depreciation method. Calculate the annual depreciation expense. What is the year one book value? What is the year three book value? What is the year six accumulated depreciation? Units-of-Production Depreciation Method: Office Mart purchases a photocopier for $70,000. The photocopier has a salvage value of $7,000 and is expected to produce 787,500 copies over its life. Office Mart uses the units-of-production depreciation method and the expected copies per year for the eight years are: 115,000 copies. 119,250 copies.…
Ephy. discussion X 11 Chapter 9 Home X Question 4 - Chap X D21 Module Twelve: P X Biomedical Treatr X ps://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducati... A ework i Cost of the asset Installation costs Renovation costs prior to use Repairs after production began Saved PA9-1 (Algo) Part 4 study guide - Go X Required momation PA9-1 (Algo) Computing Acquisition Cost and Recording Depreciation under Three Alternative Methods [LO 9-2, LO 9-3] [The following information applies to the questions displayed below.] Year 2 units-of-production depreciation expense Help At the beginning of the year, Buffalo Machinery bought three used machines. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Details for Machine A are provided below. $10,900 990 1,170 890 Save & Exit S Check my v 4. Compute year 2 units-of-production…
can I ask how did you compute this part? I am very confused about this part. can you give me a detailed computation? Thanks Purchase of Equipment $ (22,400)
1. Prepare depreciation schedules using Straight-Line, Units-of-Production, and Double-Declining Balance Depreciation. Finance Depreciation Schedules - Excel Sign In FILE НOМE INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Calibri -11 Alignment Number Conditional Format as Cell Formatting Table Styles - Paste в I U A. Cells Editing Clipboard Font Styles A1 fx Sullivan Ranch Corporation has purchased a new tractor. The following A D F 1 Sullivan Ranch Corporation has purchased a new tractor. The following information is given: 2 $ 150,000 10,000 3 Cost: 4 Estimated Residual: 5 Estimated Life in years: 4 6 Estimated Life in hours: 1200 7 Actual Hours: Year 1 360 9. Year 2 270 10 Year 3 350 11 Year 4 220 12 Prepare the following Straight Line depreciation schedule by using the excel SLN FUNCTION (fx) to calculate the 13 Depreciation Expense for Years 1-4 in the Depreciation Expense column. Enter formulas or absolute cell references for the remaining cells. 14 15 16 SULLIVAN RANCH…