Falcon co purchased an asset for $100,000 ,which has a salvage value $6,000 after 10years. Based on a Declined balanced( DB) depreciation method the book value (BV) for year 6is a) $12438 b) $20,568 C) $14,699 d)$18,488

Q: Samson Company applies revaluation accounting to plant assets with a carrying value of P800,000, a…

A: Given carrying value = P 800,000 Depreciation under straight line method when there is no residual…

Q: On January 1, 2016, Indians Corporation bought a factory equipment for P924,000 salvage value was…

A: Under Double declining balance method, depreciation is charged at an accelerated rate in the initial…

Q: On January 1, 2016 Murgatroyd Co. purchased equipment for OMR 30,000, estimating a four-year useful…

A: Depreciation is the decrease in the value of an asset due to various reasons like wear and tear,…

Q: Bailand Company purchased a building for $366,000 that had an estimated residual value of $16,000…

A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

Q: Equipment was acquired at the beginning of the year at a cost of $76,260. The equipment was…

A: Depreciation Expense = [Cost of the asset – Salvage Value] / Useful life Gain (Loss) on sale of the…

Q: Madison Corporation acquired a machine for $27,000 and has recorded depreciationfor two years using…

A: Depreciation: Depreciation is a method of reducing the capitalized cost of long-lived operating…

Q: Mazaya Company purchased a piece of equipment on January 1, 2010. The equipment cost R O. 80,000 and…

A: Double declining depreciation rate = Straight line depreciation rate x 2 = (100/8 years) x 2 = 25%

Q: On January 1, 20Y1, Jacob Inc. purchased a commercial truck for $48,000 and uses the straight-line…

A: Lets understand the basics. In straight line basis, depreciation is calculated in equal installments…

Q: Sage Corporation purchased an asset at a cost of $54,000 on March 1, 2017. The asset has a useful…

A: Tax depreciation for each year 2017–2022 is computed as below:

Q: On January 1, 2010, Graham Company purchased a new machine for P2,100,000. The new machine has an…

A: SOLUTION   FORMULA =  ACCUMULATED DEPRECIATION  (SUM OF THE YEARS DIGIT METHOD) =(COST OF ASSET -…

Q: On July 1, 2004, Gonzalez Corporation purchased factory equipment for P450,000. Salvage value was…

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

Q: Beckman enterprises purchase a depreciable asset on Oct1, year1 at a cost of 132,000. the asset is…

A: The depreciation expense is incurred on fixed assets as reduction in the value of fixed assets with…

Q: An asset owned by Photon Environmental was book-depreciated by the straight line method over a…

A: a.  Salvage value is calculated as follows: The following formula is used in the calculation of the…

Q: Majaan International, purchased equipment for $500,000 which was estimated to have a useful life of…

A: Calculation of depreciation using Straight line method To calculate the depreciation which know the…

Q: Baland Company purchased a building for $218,000 that had an estimated residual value of $8,000 and…

A: Part 1:

Q: Marigold Corp. applies revaluation accounting to plant assets with a carrying value of $1650000, a…

A: The depreciation expense refers to the reduction in the value of fixed assets due to the use of that…

Q: Beck man Enterprise purchased a depreciable asset on October 1, Year 1 at the cost of $152,000. The…

A: Depreciation expense refers to the fall in the value of the asset due to passage of time, wear and…

Q: Samson Company applies revaluation accounting to plant assets with a carrying value of P800,000, a…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: An asset was purchased for $112,000 on January 1, Year 1 and originally estimated to have a useful…

A: Accumulated depreciation, January 1, Year 3 = [($112,000 - $10,000) / 11 years] x 2 years =…

Q: For each of the independent situations, prepare all the journal entries relating to the building for…

A: Depreciation:   Depreciation refers to the reduction in the monetary value of a fixed asset due to…

Q: An asset was purchased for $138,000.00 on January 1, Year 1 and originally estimated to have a…

A:

Q: The Bailand Company purchased a building for P 210,000 that had an estimated residual value of…

A: Journal entries are prepared to record the financial and non financial transactions of the business…

Q: On January 1, Year 1, Missouri Co. purchased a truck that cost $56,000. The truck had an expected…

A: Double declining rate = 1/Useful life*2

Q: Equipment was acquired at the beginning of the year at a cost of $612,500. The equipment was…

A: a. Compute the depreciation for the first year: Cost of the Equipment $612,500 Less: Residual…

Q: January 1, 2014, Bonita Industries purchased equipment at a cost of $361000. The equipment was…

A: The depreciation expense refers to the reduction in the value of assets due to the use of that asset…

Q: Bailand Company purchased a building for $218,000 that had an estimated residual value of $8,000 and…

A: Depreciation needs to be charged to books for the normal usage of the asset during the estimated…

Q: Mazaya Company purchased a piece of equipment on January 1, 2010. The equipment cost R.O.80,o00 and…

A: Double declining depreciation rate = Straight line depreciation rate x 2 = (100/8 years) x 2 = 25%

Q: Pinewood Corporation purchased a piece of equipment for S70,000. It estimated an 8-year life and a…

A: Answer 1) Calculation of Depreciation expense as per Original Estimate Annual depreciation expense =…

Q: Keller Industries uses the straight-line depreciation method. One asset had been purchased for…

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

Q: Coachwhip Corporation purchased a machinery on January 1, 2022 for P5,000,00O. The same had an…

A: Depreciation as per straight line method = (cost - salvage value) /useful life =  P5000, 000/8 =…

Q: Marlow Co. purchased a point of sale system in jan1 for 6,400. This system has a useful life of 5…

A: Depreciation represents the reduction from the asset over a period of useful life.

Q: A company used straight-line depreciation for equipment that cost $12,000, had a salvage value of…

A: Solution - Depreciation= (value of assets - residual value)/No. Of years of useful life (As per…

Q: Buffalo Cole Inc. acquired the following assets in January of 2018. Equipment, estimated service…

A: Straight line depreciation means a same amount of depreciation is charged each year. Given in the…

Q: An asset was purchased for $103,000 on January 1, Year 1 and originally estimated to have a useful…

A: Depreciation is a non-cash expense which is recorded to report the regular wear and tear of an…

Q: An asset was purchased for $126,000.00 on January 1, Year 1 and originally estimated to have a…

A: Depreciation ( Straight Line Method) = Total Cost of Assets - Salvage Value / No. Of useful life

Q: Equipment was acquired at the beginning of the year at a cost of $78,840. The equipment was…

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

Q: On January 1, 2011, ECLAR Co. acquired a building for ₱4,000,000. The asset is depreciated using the…

A: The impairment loss on any fixed assets is the reduction in the value of asset. If the recoverable…

Q: Required: 1. Identify the method of depreciation and compute the depreciation expense for the third…

A:

Q: Concord Corporation purchased a piece of equipment for $85,200. It estimated an 5-year life and…

A: Solution: Accumulated depreciation upto 3 years = (85200-2200)*3/5 = $49,800 Book value at the…

Q: An asset that had a first cost of $80,000 was depreciated according to the MACRS method over a…

A: Depreciation rate (MACRS 5-year period): Year Depreciation rate 1 20.00% 2 32.00% 3 19.20%…

Q: Marcus purchased a equipment which was an depreciable asset for P38,000 on January 1, 2017. The…

A: Depreciation was used to record value of various machineries after its wear and tear where sum of…

Q: Beckman Enterprises purchased a depreciable asset on October 1, Year 1 at a cost of $164,0000. The…

A: Double declining depreciation rate = Straight line depreciation rate x 2 = (100/5 years) x 2 = 40%

Q: Oriole Company purchased a piece of equipment for $73,100. It estimated an 8-year life and a $2,700…

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

Q: A company used straight-line depreciation for an item of equipment that cost $12,000, had a salvage…

A: Given the following information: Method of depreciation: Straight line method Useful life of…

Q: Swifty Corporation purchased a depreciable asset for $371000. The estimated salvage value is $26000,…

A: The different methods for computing depreciation are straight line method of depreciation, double…

Q: An asset was purchased for $115,000 on January 1, Year 1 and originally estimated to have a useful…

A: Annual Depreciation (Straight line method) = (Cost of the assets - Salvage value) / Life of the…