Equipment costing $20,000 that is a MACRS 5-year property is disposed of during the second year for $15,000. Calculate any depreciation recapture, ordinary losses, or capital gains associated with disposal of the equipment.
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Equipment costing $20,000 that is a MACRS 5-year property is
disposed of during the second year for $15,000. Calculate any
depreciation recapture, ordinary losses, or
with disposal of the equipment.
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- A crane rental company has acquired a new heavy-duty crane for $280,000. The company calculates depreciation on this equipment on the basis of number of rentals per year, and the salvage value of the crane at the end of its 12-year life is $40,000. If the crane is rented an average of 133 days per year, what is the depreciation rate per rental? The depreciation is per day of rent. (Round to the nearest dollar.)ABC Company makes its policy that for every new piece of equipment purchased, the annual depreciation should not exceed 25% of the first cost at any time without salvage value. determine the length of service if the depreciation used is the Double Declining Balanced method.Determine the rate of depreciation, the total depreciation, the total depreciation up to the end of the 8th year and the book value at the end of 8 years for an asset that costs P 15,000 new and has an estimated scrap value of P 2,000 at the end of 10 years by (a) Declining balance method (b) Double Declining balance method
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- A printing machine initially costs ₱169,000. It can be sold for ₱15,000 at the end of its 12-year useful life.Using the double declining balance method, what is the depreciation charge of the machine at the end of the second year of its useful life?An engineering firm purchased a second hand truck for P 530,000 and paid P 15,000 for freightand taxes to the job site. The equipment has a normal life of 10 years with a trade in value of P50,000 against the purchase of a new equipment at the end of the life. Determine the annualdepreciation cost by the straight line method.Malu Luigi Company makes an internal policy that for every new machine purchased, the annual depreciation cost should not exceed 15% of the first cost and should cost nothing at the end of its life. Determine the service life of brand new P 500,000 machine using SOYD.
- An asset is purchased for P 120,000,00. Its estimated life is 10 years, after which it will be sold for P 12,000,00. Find the depreciation for the second year using SOYD method.In Straight Line depreciation, the book value at the end of the depreciable life is equal to the salvage value used to calculate the yearly depreciation amount. TRUE OR FALSEABC Corporation makes its policy that for every new equipment purchased, the annual depreciation should not exceed 20% of the first cost at any time without salvage value. Determine the length of service if the depreciation used is the SOYD Method.