an asset was purchased at 480,000. it has an estimated life of10 years, and is sold at 50,000. what is depreciation of the first year?

Q: An asset costing $20,000 has estimated useful life of 5 years and salvage value of $4,500. Calculate…

A: >Accounting principle states that the cost of the long term assets (like equipment) is to be…

Q: The MACRS depreciation allowances on 3-year property are 33.33%, 44.45%, 14.81%, and 7.41%,…

A: Depreciation  A method of allocation of net cost with respect to those periods in which an entity is…

Q: What is the book value of equipment purchased 7 years ago for $14,146 if it is depreciated using the…

A: Sum-of-the-years'-digits = 1+2+3+4+5+6+7+8+9+10                                          = 55 years

Q: An asset is purchased for $200,000. The salvage value in 20 years is $75,000. What is the…

A: Cost of non-current assets is amortized throughout its useful life and is recorded as depreciation…

Q: Machinery acquired on Jan for 500000 Useful life of machinery is 10 years and salvage value is…

A: Formula: Straight line method = ( Asset cost - Salvage value ) / Useful life

Q: A building was purchased on August 1 for $490,000. It has a salvage value of $38,000 and a useful…

A: The depreciation is a decline in the value of tangible assets over their useful life. it is a…

Q: Asset B recently acquired an asset that has a cost basis of $15,000. The asset’s estimated life is 7…

A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…

Q: Three years ago a machine was purchased for $5,000. Assuming a ten-year life and straight-line…

A: Depreciation is loss in the value of asset over its useful life. straight line depreciation formula:…

Q: A calculator was purchased for RO 480 and its depreciation rate is calculated as 15%. What is the…

A: Under ‘Written down value method’, the depreciation is calculated at a certain fixed percentage each…

Q: A machine purchased for 150,000 its estimated life is 15 years, after which it will be sold for…

A: Sum of the years digits (SYD) depreciation Method takes the asset's expected life and adds together…

Q: A company purchases an asset for P10,000 and plans to keep it for 20 years. the salvage value is…

A: The sum-of-the-years' digits approach is a quick way to figure out how much an asset will depreciate…

Q: A person bought a property for $270,000. The value of the building on the property is $220,000.…

A: Depreciation is an accounting method for assets where they have gone through various wear and tear…

Q: What is the depreciation of equipment purchased at 9 years ago for $79,010 if it is depreciated…

A: As per the SOYD method the annual depreciation % each year = remaining estimated useful life at the…

Q: A business’ building has a cost of ₱ 3,340,000 with a useful life of 10 years. On June 25,2020, the…

A: The total property plant and equipment are those that provide long-term economic benefits and…

Q: An asset was purchased for P1,000,000.00 to be retired at the end of 15 years with a salvage value…

A: Discount rate = 8% Annual operating cost = 180,000 Salvage Value = 40,000 Purchase Price (initial…

Q: Lyceum of Aparri purchased an asset for P 12,555.00 and plans to keep it for 19 years. If the…

A: Depreciation: A depreciation is a non-cash expenses for the company. The depreciation expenses is…

Q: The value of the building on the property is $220,000. If the building has an economic life of 50…

A: Depreciation is an accounting method where the assets are gone through wear and tear over the period…

Q: Lacey Company purchased a depreciable asset for $440,000. The estimated salvage value is $20,000,…

A: Depreciation is the decrease in value of assets due to its obsolete condition ,wear and tear…

Q: Assume the cost of a company’s long-term asset is $20,000, expected salvage value is $1,000, and…

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…

Q: An asset is purchased for P500,000.00. The salvage value in 25 years is P100,000.00. What is the…

A: The question is related to Depreciation. The details are given as under  Cost of Asset = P500000…

Q: Asset value on Jan 01 is $ 500000, Salvage value after 10 years is 25000. Compute accumulated…

A: Formula: Depreciation rate = ( 100 / useful life years ) x 2

Q: A. Equipment acquired on the first day of the current fiscal year for $100,000 has an estimated of…

A: Depreciation is a reduction in the value of assets due to the usage of that asset. We can evaluate…

Q: What is the depreciation of equipment purchased 5 years ago for $50,264 if it is depreciated using…

A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…

Q: An asset is purchased for $90,000. It is expected to have a useful life of six years and a salvage…

A: Introduction: Depreciation: Decreasing value of fixed Assets over its useful life period called as…

Q: A concern has a total income of $950,000 /year, and all expenses except depreciation amount to…

A: As per the straight-line method, the depreciation is charged by an equal amount over the useful life…

Q: In the Sum of the years-digits depreciation method, if the asset has 6 years of life, then the…

A: Year Sum of Digits Fraction 1 6 6/21 2 5 5/21 3 4 4/21 4 3 3/21 5 2 2/21 6 1 1/21…

Q: a certain asset has an estimated life of 30 years. The denominator for sum-of-the-years'- digits…

A: The sum of years depreciation method works by depreciating the depreciable amount of the asset by a…

Q: An asset is purchased for P9,000.00. Its estimated economic life is 10 years after which it will be…

A: Depreciation represents the reduction in the value of asset over a period of time.

Q: An asset has a depreciable base of $80,000 and an estimated useful life of 4 years. In the first…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: A long term asset was purchased for $200,000 with a 10 year life. At the end of 8 years, the…

A:

Q: The cost of an asset is $1,180,000​, and its residual value is $260,000. Estimated useful life of…

A: Given: Cost of asset = $1,180,000 Residual value = $260,000 Life = 5 years

Q: An asset is purchased for $50,000. The rate of depreciation is 15% p.a. Calculate the annual…

A: Depreciation is an accounting method where the entities assets are gone through wear and tear over…

Q: If a fixed asset, such as a computer, were purchased on January 1 for $3,750 with an estimated life…

A: Depreciation is provided for the wear and tear of the fixed assets.

Q: Consider a 5-year MACRS asset, which was purchased at $140,000. The asset was disposed of at end of…

A: The MACRS is the depreciation system that is specifically used in the U.S. As per this method,…

Q: An asset purchased for $50,000 has a depreciable life of five years, and it has a terminal book…

A: Given: Cost of asset= $50,000 Life 5 years Salvage value = $5,000

Q: What is the depreciation deduction, using each of the following methods, for the second year for an…

A: Answer a: Rate of depreciation for 200% DB Model=2Useful life=27=0.2857 Depreciation in year 2=Book…

Q: A certain asset has an estimated life of 30 years. The denominator for sum-of-the-years'-digits…

A: Depreciation is the expense recorded in P&L for distributing the cost of a tangible asset over…

Q: Company A bought a building for OMR.73,000, which has the expected useful life of eight years and a…

A: Annual Depreciation (straight line method) = (Cost of the assets - Residual value) / Expected life…

Q: A truck was purchased for $58,000 and depreciates $6560 per year. Suppose that the vehicle is…

A:

Q: An engineer bought an equipment for P 800,000. Other expenses, including installation, amounted to P…

A: depreciation is the decrease in value of the asset over its life dues to constant usage and wear and…

Q: Consider a 5-year MACRS asset, which was purchased at $140,000. The asset was disposed of at end of…

A: The Modified Accelerated Cost Recovery System (MACRS) serves as a most appropriate method of…

Q: A company bought a property in Chelsea four years ago on 1 January for $ 170,000. Since then…

A: Given the following information: A company bought a property in Chelsea four years ago on 1 January…

Q: Roma Inc purchased an asset worth $500,000.  The useful life of the assetwill be 8 years and it was…

A: The depreciation expense is charged on fixed assets as reduced value of fixed assets with the…

Q: urchasing equipment  for $150,000 (7yr MACRS property). The estimated useful life of the equipment…

A: MACRS is modified accelerated depreciation in which there is more depreciation during the initial…