A motor vehicle was purchased for $15,000 in 2020. It has no salvage value. Its useful life is 120,000 miles. In December 2020, it was driven for 1,100 miles. Calculate the depreciation expense for the month of December. Do not prepare a journal entry.
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A motor vehicle was purchased for $15,000 in 2020. It has no salvage value. Its useful life is 120,000 miles. In December 2020, it was driven for 1,100 miles. Calculate the
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- UCF Diner bought a delivery truck on 1/1 at a cost of $40,000, an estimated salvage (residual) value of $8,000, and an estimated useful life of 5 years. The truck is being depreciated on a straight-line basis. At the end of the first year (12/31), what amount will be reported for depreciation expense? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 ASUS f4 E3 f5 f6 f7 f8 f9 f10 f11 团 4. 5 7 8 Y U 因 96 图 立 R 图 %24A copy machine acquired on May 1 with a cost of $2,545 has an estimated useful life of 3 years. Assuming that it will have a residual value of $745, determine the annual depreciation expense using the straight-line method (no journal entry necessary; show math).On January 1, 2017, Salt Creek Country Club purchased a new riding mower for $15,100. The mower is expected to have a 10-year life with a $3,000 salvage value. What journal entry would Salt Creek make on December 31, 2017, if it uses straight-line depreciation? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit
- Blossom Corporation purchased a new machine for its assembly process on August 1, 2020. The cost of this machine was $172,200. The company estimated that the machine would have a salvage value of $19,200 at the end of its service life. Its life is estimated at 5 years, and its working hours are estimated at 22,500 hours. Year-end is December 31.Compute the depreciation expense under the following methods. Each of the following should be considered unrelated. (Round depreciation rate per hour to 2 decimal places, e.g. 5.35 for computational purposes. Round your answers to 0 decimal places, e.g. 45,892.) (a) Straight-line depreciation for 2020 $enter a dollar amount (b) Activity method for 2020, assuming that machine usage was 850 hours $enter a dollar amount (c) Sum-of-the-years'-digits for 2021 $enter a dollar amount (d) Double-declining-balance for 2021 $enter a dollar amountChahal Company’s fiscal year-end is December 31. The company purchased a machine costing $129,000 on April 1, 2022. The machine is expected to be obsolete after five years (60 months), and thereafter no longer useful to the company. The estimated salvage value is $6,000. The company’s depreciation policy is to record depreciation for the portion of the year that the asset is in service. Compute depreciation expense for 2022 under the straight‑line depreciation method. (Round your answer to the nearest whole number. Do not include a $ sign in your answer.)On June 15, 2024, Perfect Furniture discarded equipment that had a cost of $8,000, a residual value of $0, and was fully depreciated. Journalize the disposal of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Jun. 15 Accumulated Depreciation-Equipment Cash Depreciation Expense-Equipment Equipment Gain on Disposal Loss on Disposal Maintenance Expenses Debit Credit
- The company treasurer must determine the depreciation method for office furniture that costs $50,000 and has no salvage value at the end of a 10-year depreciable life. Compute the depreciation using the Straight-Line methodOn January 1, 2018, a company purchased a delivery truck for $45,000 cash. The truck had an estimated useful life of seven years and an estimated salvage value of $3,000. The straight-line method of depreciation was used. The annual depreciation recorded each year (2018-2021) was $6,000 [(45,000 - 3,000) = 42,000/7]. Prepare the journal entries to record depreciation expense and the disposition of the truck on September 1, 2022, under the following assumption: The truck and $45,000 cash were given in exchange for a new delivery truck that had a cash price of $60,000. This transaction has commercial substance. GENERAL JOURNAL Date Account Titles and Explanation PR Debit Credit Sept. 1 2022 Record depreciation for 2022. Show calculation below. Sept. 1 2022…Skysong, Inc. purchased a delivery truck for $32,400 on January 1, 2020. The truck has an expected salvage value of $2,400, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,700 in 2020 and 12,900 in 2021. Assume that Skysong uses the straight-line method. Prepare the journal entry to record 2020 depreciation.
- Waterway Corporation purchased a new machine for its assembly process on August 1, 2020. The cost of this machine was $162,900. The company estimated that the machine would have a salvage value of $18,900 at the end of its service life. Its life is estimated at 5 years, and its working hours are estimated at 20,000 hours. Year-end is December 31.Compute the depreciation expense under the following methods. Each of the following should be considered unrelated. (Round depreciation rate per hour to 2 decimal places, e.g. 5.35 for computational purposes. Round your answers to 0 decimal places, e.g. 45,892.) (a) Straight-line depreciation for 2020 $ (b) Activity method for 2020, assuming that machine usage was 800 hours $ (c) Sum-of-the-years'-digits for 2021 $ (d) Double-declining-balance for 2021 $A company purchased a truck for $35,000 on January 1, 2019. The truck is estimated to have a useful life of four years and a salvage value of $1,000. Assuming that the company uses straight-line depreciation, what is depreciation expense for the year ended December 31, 2020?Robert Parish Corporation purchased a new machine for its assembly process on August 1, 2020. The cost of this machine was $117,900. The company estimated that the machine would have a salvage value of $12,900 at the end of its service life. Its life is estimated at 5 years, and its working hours are estimated at 21,000 hours. Year-end is December 31. Instructions Compute the depreciation expense under the following methods. Each of the following should be considered unrelated. a. Straight-line depreciation for 2020. b. Activity method for 2020, assuming that machine usage was 800 hours. c. Sum-of-the-years’-digits for 2021. d. Double-declining-balance for 2021.
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