determine the net book value (NBV) of the asset on December 31 • Cost of asset, $250,000 • Accumulated depreciation, beginning of year, $80,000 Current year depreciation, $25,000
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- Adjustment for depreciation The estimated amount of depredation on equipment for the current year is $133,000. a. How is the adjustment recorded? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease. b. If the adjustment in (a) was omitted, which items would be erroneously stated on (1) the income statement for the year and (2) the balance sheet as of December 31?Vorst depreciates Asset A on the double-declining-balance method. How much depreciation expense should Vorst record in 2020 for Asset A? a. 32,000 b. 25,600 c. 14,400 d. 6,4006) An asset was bought for OMR.12,000. Its accumulated depreciation is OMR.7,700 and the rate of depreciation is 20%. What is the amount of depreciation charge for the current accounting period using reducing balance method? A) OMR.1540 B) OMR.940 C) OMR. 2400 D) OMR.860
- 1. How much is the depreciation expense for the fiscal year ended June 30, 20x9? 2. How much is the revaluation surplus on December 31, 20x8? 3. How much is the carrying amount of the equipment on June 30, 20x9?PA7. LO 4.3Using the following information: make the December 31 adjusting journal entry for depreciation determine the net book value (NBV) of the asset on December 31 Cost of asset, $250,000 Accumulated depreciation, beginning of year, $80,000 Current year depreciation, $25,000A. Make the December 31 adjusting journal entry for depreciation.B. Determine the net book value (NBV) of the asset on December 31.• Cost of asset, $195,000• Accumulated depreciation, beginning of year, $26,000• Current year depreciation, $13,000
- Using the following information, Make the December 31 adjusting journal entry for depreciation. Determine the net book value (NBV) of the asset on December 31. Cost of asset, $195,000 Accumulated depreciation, beginning of year, $26,000 Current year depreciation, $13,0001. Determine the annual depreciation expense for each of the estimated 5 years of use, the accumulated depreciation at the end of each year, and the book value of the equipment at the end of each year by (a) the straight-line method and (b) the double-declining-balance method. a. Straight-line method Additional Instruction Accumulated Depreciation, Year Depreciation Expense End of Year Book Value, End of Year 1 2 3 4 5 b. Double-declining-balance method Accumulated Depreciation, Year Depreciation Expense End of Year Book Value, End of Year 1 2 3 4 5 New lithographic equipment, acquired at a cost of $859,200 on March 1 at the beginning of a fiscal year, has an estimated useful life of 5 years and an estimated residual value of $96,660. The manager requested…The depreciation allowance for a $100,000 MACRS-GDS asset was $8,550 after its 3rd year. What was the depreciation allowance after its 2nd year? a. $8,550 b. $9,500 c. $18,000 d. Cannot be determined with the information given.
- 4. An asset that is book-depreciated over a 5-year period by the straight-linemethod has BV3 = ₱ 62,000 with a depreciation charge of ₱ 26,000 peryear. Determine (a) the first cost of the asset and (b) the assumed salvagevalueHello, in the above question 3 on the change in policy on the depreciation why not calculate the depreciation expense for the year-end December 31, 2018, and 2019 which is 100,000 divided by 10 = 10,000 for 2 years = 20,000. Then subtract the 36,000 -20,000 = 16,000. Reverse the 12,800 which was booked using the double declining balance method. and record the correct amount to accumulated depreciation and depreciation expense.ALL 3 and last part posted in writing ! Compute depreciation for each year (and total depreciation of all years combined) for the machine under the Double-declining-balance. DDB Depreciation for the Period End of Period Year Beginning of Period Book Value Depreciation Rate Depreciation Expense Accumulated Depreciation Book Value Year 1 % $0 Year 2 % 0 Year 3 % 0 Year 4 % 0 Total $0
