At the beginning of 2019, Robotics Inc. acquired a manufacturing facility for $12 million. $9 million of the purchase price was allocated to the building. Depreciation for 2019 and 2020 was calculated using the straight-line method, a 25-year useful life, and a $1 million residual value. In 2021, the estimates of useful life and residual value were changed to 20 years and $500,000, respectively. What is depreciation on the building for 2021?

The Depreciators Inc purchases and begins using equipment costing $175 on Sept 1, 2020. There was an additional cost of $15 for delivery and installation. The Depreciators expects to use the equipment over a 3 year useful life and estimates the salvage value to be $10. DI uses the straight line method for calculating depreciation. Determine the following. Pay attention to the dates being asked!: a) Net Book Value of the equipment as of December 31, 2020 $ b) Depreciation Expense for the year ending Dec 31, 2021 $ c) Accumulated Depreciation for the year ending Dec 31, 2023 You must show your work on your PDF upload to receive credit. You may prepare journals, TAccounts, or a table to determine your answers. The choice is yours, but your calculations should be logically presented so I can follow what you have done.

Winia Corporation purchased farm equipment on January 1, 2019, for $280,000. In 2019 and 2020, Winia depreciated the asset on a straight-line basis with an estimated useful life of five years and a $90,000 residual value. In 2021, due to changes in technology, Winia revised the residual value to $30,000 but still plans to use the equipment for the full five years. What depreciation would Winia record for the year 2021 on this equipment? $8,000

Rehearsal Corporation purchased equipment on Jan 1, 2020, for $250,000. The equipment was expected to have a useful life of three years , or12,000 operating hours, and a residual value of $10,000. The equipment was used for 3,500 hours during 2020, 3,500 hours during 2021, and 5,000 hours in 2022.Instructions:Determine the amount of depreciation expense for the years ended December 31, 2020, 2021, and 2022, by (a) the straight-line method,(b) the units-of-production method, and ( c ) the double-declining-balance method. Round DDB Rate to two decimal places. Round final answers to the nearest dollar.SHOW YOUR WORK:Depreciation ExpenseYear Staight-Line

On January 1, 2024, Hobart Manufacturing Company purchased a drill press at a cost of $36,000. The drill press is expected to last 10 years and has a residual value of $6,000. During its 10-year life, the equipment is expected to produce 500,000 units of product. In 2024 and 2025, 25,000 and 84,000 units, respectively, were produced. Required: Compute depreciation for 2024 and 2025 and the book value of the drill press on December 31, 2024 and December 31, 2025, assuming the double-declining-balance method is used. Depreciation Book Value 2024 2025

Howarth Manufacturing Company purchased equipment on June 30, 2020, at a cost of $90,000. The residual value of the equipment was estimated to be $6,000 at the end of a five-year life. The equipment was sold on March 31, 2024, for $18,000. Howarth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. Required: Prepare the journal entry to record the sale. Assuming that Howarth had instead used the double-declining-balance method, prepare the journal entry to record the sale.

At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $12.9 million. $9.9 million of the purchase price was allocated to the building. Depreciation for 2022 and 2023 was calculated using the straight-line method, a 25-year useful life, and a $1.9 million residual value. In 2024, the company switched to the double-declining-balance depreciation method. What is depreciation on the building for 2024?

On January 2, 2021, Morales Paint Company purchased a truck that cost $60,000 with a residual value of $2,500. The expected useful life of the truck is 4 years and 100,000 miles. It is expected to be driven 13,000 miles in the first year; 40,000 miles the second year; 27,000 miles in the third year and 20,000 miles in the fourth year.   A. Prepare a depreciation schedule for the asset’s entire useful life using each of the following methods: Straight Line Production (Units of Production) Double Declining Balance   B. Prepare the journal entry to record depreciation expense for year 2 for each of the Depreciation Methods (a total of 3 journal entries).   C. Assume that the company decided to sell the equipment in year 3 for $15,000 in cash. Prepare the required journal entry for each of the Depreciation Methods (a total of 3 journal entries).

On August 31, 2019, CAMELLIA Company purchased a new machinery for ₱540,000. The machinery has an estimated useful life of 5 years and depreciation is computed using the SYD method. Estimated salvage value of the machine is ₱60,000.   Questions: What is the total accumulated depreciation on December 31, 2020?  If CAMELLIA decides to change its depreciation method to straight-line at the start of 2021, what is the depreciation expense for the year ended December 31, 2021? *   Present solutions.

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