Swifty Industries presents you with the following information. Complete the table for the year ended December 31, 2022. The company depreciates all assets using the half-year convention. (Round answers to 0 decimal places, e.g. 45,892.) Description Date Purchased Cost Salvage Value Life in Years Depreciation Method Accumulated Depreciation to 12/31/21 Depreciation for 2022 Machine A 2/12/20 $146,800 $17,000 10 (a) $34,220 (b) $ Machine B 8/15/19 (c) 21,630 5 SL 29,870 (d)

Swifty Industries presents you with the following information. Complete the table for the year ended December 31, 2022. The company depreciates all assets using the half-year convention. (Round answers to 0 decimal places, e.g. 45,892.) Description Date Purchased Cost Salvage Value Life in Years Depreciation Method Accumulated Depreciation to 12/31/21 Depreciation for 2022 Machine A 2/12/20 $146,800 $17,000 10 (a) $34,220 (b) $ Machine B 8/15/19 (c) 21,630 5 SL 29,870 (d)

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 9MCQ: Chapman Inc. purchased a piece of equipment in 2018. Chapman depreciated the equipment on a...

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Question

Description

Date
Purchased

Cost

Salvage
Value

Life
in Years

Depreciation
Method

Accumulated
Depreciation to
12/31/21

Depreciation
for 2022

Machine A

2/12/20

$146,800

$17,000

(a)

$34,220

(b)

Machine B

8/15/19

(c)

21,630

29,870

(d)

Machine C

7/21/18

67,200

23,500

DDB

(e)

(f)

Machine D

(g)

225,570

71,070

SYD

72,100

(h)

Definition Video Definition Accounting method wherein the cost of a tangible asset is spread over the asset's useful life. Depreciation usually denotes how much of the asset's value has been used up and is usually considered an operating expense. Depreciation occurs through normal wear and tear, obsolescence, accidents, etc. Video

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