CH 3 Examples, Part 2

15 Faithful Company purchased an equipment on January 2, 2021 for P3,000,000. The equipment had an estimated useful life of 5 years. It is the company’s policy to use the double declining method in its first two years and then switch to the straight-line method for the remaining useful life of the asset.     How much is the balance of the accumulated depreciation account pertaining to the equipment as of December 31, 2023?

Please provide this question solution general accounting

Please help me with correct answer thanku

Please do not give image format

Recording Errors and Changes in Accounting Estimates On January 1, 2018, Zale Company purchased a building for $560,000. The building was estimated to have a useful life of 30 years and no residual value and was depreciated using the straight-line method. In 2020, the company revised the estimated total useful life to 25 years and adjusted the residual to $7,000. In addition, in 2020, the company discovered that building improvements of $8,400 made in early 2019 were incorrectly expensed as repair expense. Disregard income tax considerations. a. Provide the journal entry to record the adjustment for the error discovered in 2020. Assume that the error is material to the company. b. Provide the journal entry in 2020 to record depreciation expense. Note: Round your final answer to the nearest whole dollar. For example, enter 502 for 502.4 and enter 503 for 502.5.Note: Record your credit accounts in alphabetical order using the first letter of the account name.     Date Account Name Dr.…

please help me

Please do not give image format

Please do not give image format

Tr405

devrat

4

Please do not give image format

Exact Time Logistics Co. purchased a delivery truck on Jan 02, 2020 for $145,000 and it was estimated that there will have a residual value of $ 15,000 at the end of its life time, which is 10 years. Exact Time Logistics Co depreciates its assets using straightline method. Due to slow down in the business, it sold this truck for $55,000 at the end of seventh year You are required to prepare a) depreciation schedule for the first seven years and b) determine the profit / loss on the sale and prepare the journal entry at the time of sale

Lucky Lure Co. purchased a machine on October 1, 2018 for $125,000. It has a $15,000 residual value and a 10- year useful life. On July 1, 2020 the machine sold for $79,500. The company uses the double-declining-balance method of depreciation. The company fiscal year end is December 31. Instructions Prepare the journal entries for 2018 through 2020. Š A▾ B I

Show Attempt History Current Attempt in Progress Sheridan Corporation uses straight-line depreciation, prepares adjusting entries annually, and has a December 31 year end. It purchased equipment on January 1, 2020, for $196,000. The equipment had an estimated useful life of five years and a residual value of $19,680. On December 31, 2021, the company tests for impairment and determines that the equipment's fair value is $98,800. (a) Your answer is incorrect. Assuming annual depreciation has already been recorded at December 31, calculate the equipment's carrying amount at December 31, 2021, immediately after recording depreciation for the year. be here to search Carrying amount $ At 14°C Mostly cloudy

Muscat LLC purchased a machine on 1st January,2019 for OMR 125,000. The rate of depreciation is 20% p.a. under straight line method. Replacement Cost of the machine on 31st December,2019 was OMR 175,000 and on 31st December, 2020 was OMR 250,000. The company wishes to follow Current Cost Accounting rather than the Historical Cost Accounting. a. What is the amount of Depreciation Adjustment? b. What is the amount of Additional Depreciation? c. What is the amount of Back Log Depreciation?

None

Please help find depreciation for 2020 to the closest dollar.

SolMfg Company purchased a new machine for $200,000 on March 1, 2020. It is estimated that the machine will have $20,000 residual value at the end of its 5-year useful service life. Dont give handwritten answers thank you

Please avoid solutions image based thanx

Vinubhai

View Policies Current Attempt in Progress Ivanhoe Company purchased a new machine on October 1, 2022, at a cost of $68,220. The company estimated that the machine has a salvage value of $6,540. The machine is expected to be used for 70,400 working hours during its 6-year life. Compute the depreciation expense under the straight-line method for 2022 and 2023, assuming a December 31 year-end. (Round answers to 2 decimal places, eg 5,275.25) 2022 2023 The depreciation expense under the straight-line method $ eTextbook and Media Attempts: 0 of 3 used Submit Answer Save for Later

Please do not give solution in image format thanku