How would you journal this? In 2017 Vail extended the building at a cost of 30,000. The extension provided an addition to the service potential of the building. Original building info: Purchase 1/1/14 at a cost of 50,000. Accumulated depreciation of $3,750 using straightline depreciation over 40 years with 0 residual value.

Q: depreciation is computed on the straight line.

A: Annual depreciation = (Cost or fair value - Salvage value)/Remaining useful life in years

Q: At the beginning of 2016, Robotics Inc. acquired a manufacturing facility for $12 million. $9…

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

Q: Gundrum Company purchased equipment on January 1, 2015 for $920,400. The equipment was expected to…

A: Working Note 1:Compute accumulated depreciation.

Q: Togo's Sandwich Shop had the following long-term asset balances as of January 1, 2021:     Cost…

A: Rate of depreciation (Building)=1useful life×2=120×2=10%

Q: Lopez acquired a building on June 1, 2015, for $26,433,500. Compute the depreciation deduction…

A: For residential  Period =27.5 years  Cost =26433500 Annual depreciation =26433500/27.5 Annual…

Q: The Fisher Company purchased a machine on October 1, 2018, for $18,000. At the time of acquisition,…

A: Depreciable cost=Cost-Salvage value=$18,000-$5,000=$13,000

Q: On January 1, 2020, DAHLIA Company showed land with a carrying amount of ₱10,000,000 and building…

A: Solution:  Calculation of revaluation surplus on Jan, 2019 Carrying amount of land = 10,000,000 Fair…

Q: On January 1, 2018, Tyson Manufacturing Corporation purchased a machine for $40,000,000. Tyson's…

A:

Q: On January 1,2013, a new building was purchased at a cost of $30,000,000. Depreciation was computed…

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

Q: Shah Enterprises, acquired a new equipment on April 2014. The cost of the equipment was $160,000…

A: Under the half-year convention, the depreciation is charged for half-year in the year of purchase of…

Q: On July 1, 2015, Ling Company purchased a building for P49,200,000. The building has an estimated…

A: Accumulated depreciation on December 31, 2019 = Cost of building  - book value of the building on…

Q: Tristen Company purchased a five-story office building on January 1, 2016, at a cost of $5,000,000.…

A: Annual depreciation = (Cost of the assets - residual value of the assets) / Estimated useful life of…

Q: Holt Company purchased a computer for $8,000 on January 1, 2016. Straight-line depreciation is used,…

A: The following calculations show the depreciation calculated for the year 2018: Formulation:

Q: On September 3, 2016, Ivory Company acquired an apartment building for $1,500,000 (with $300,000…

A: Straight line method is also called fixed installment method, original value method, It is one of…

Q: On October 1, 2017, Holt Company places a new asset into service. The cost of the asset is $120,000…

A: Straight line method: The value of an asset is diminished  equally  in  each period till it reaches…

Q: How much is the gain (loss) as a result of the sale of the building?

A: The answer for the multiple choice question and relevant working are presented hereunder : Cost of…

Q: 0 and building at ₱70,000,000. The original useful life of the building is 20 years and depreciation…

A: Given: To calculate the revaluation surplus on Dec 31, 2020 as,

Q: What is the depreciation charge for 2019?

A: Total Cost of building = P 8,600,000 Useful life of building = 40 years Salvage value.       = P…

Q: Taylor Company purchased a machine for $9,800 on January 1, 2016. The machine has beendepreciated…

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

Q: Vaughn Assembly Company purchased a machine on January 1, 2021, by paying cash of $550,000. The…

A: Depreciation is considered as an expense charge on the value of the Asset. It can be calculated by…

Q: AT Travel Limited acquired a two-story building for use as an office on June 30, 2022, at $2…

A: Solution Carrying amount of asset is the amount in which accumulated depreciation is deducted from…

Q: A microcomputer was purchased on January 1, 2017 at a cost of    $11,000. It is expected to have a…

A: Depreciation is the allocation of cost of asset over the useful life of the asset. Straight line…

Q: Counselors of Atlanta purchased equipment on January ​1, 2023​, for $20,000. Counselors of Atlanta…

A: Introduction Straight line method: It is the method of charging depreciation evenly throughout the…

Q: Wildhorse Company purchased a hot tub for $ 11,790 on January 1, 2016. Straight-line depreciation is…

A: The reduction in the value of an asset during its life is referred to as depreciation. An…

Q: Funseth Company purchased a five-story office building on January 1, 2014, at a cost of $5,000,000.…

A: Calculate Depreciation expenses on building.

Q: On January 1, 2020, DAHLIA Company showed land with a carrying amount of ₱10,000,000 and building…

A: The question is multiple choice question Required  Choose the Correct Option.

Q: On January 1, 2020, DAHLIA Company showed land with a carrying amount of ₱10,000,000 and building…

A: The assets of a firm may be reported either by using the historical cost method or at the fair value…

Q: On January 1, 2020, PEONY Company showed land with a carrying amount of ₱10,000,000 and building…

A: Revaluation surplus = carrying amount - revalued amount

Q: On January 1, 2020, DAHLIA Company showed land with a carrying amount of ₱10,000,000 and building…

A: Revaluation surplus means when carrying value of the assets in the books is less than fair value or…

Q: Becker Office Service purchased a new computer system on January 1, 2018, for $40,000. It is…

A: Depreciation means decline in the estimation of benefit inside its valuable life because of mileage…

Q: Recently the Ace Manufacturing Company purchased an office building and system. Below is the…

A: 1) The general journal entry to record the purchase of new building on April 1 - Date Particulars…

Q: Novak Corp. purchased a new machine on October 1, 2022, at a cost of $137,000. The company estimated…

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

Q: Calculate the depreciation expense, accumulated depreciation, and book value of the asset for each…

A: Depreciation per Year = (Historical cost - Residual Value)/Useful life  It is pertinent to note that…

Q: On January 1, 2020, DAHLIA Company showed land with a carrying amount of ₱10,000,000 and building…

A: Given: Cost of the building on 1 January, 2020  = P 60,000,000  Original useful life of the building…

Q: ABC Inc. purchased a machine on January 1, 2014 for 900,000. This asset will be depreciated for 10…

A: Replacement cost - Replacement cost is the cost incurred to improve the performance of the assets.…

Q: Haystack company purchased a machine on January 1, 2015 for $48,000. The company estimates that the…

A: This question deals with the calculation selling price of machine with $3,500 gain. We first need to…

Q: Tristen Company purchased a five-story office building on January 1, 2019, at a cost of $6,400,000.…

A: Depreciation means the amount fixed assets written off due to normal wear and tear , normal usage ,…

Q: On January 1, 2020, DAHLIA Company showed land with a carrying amount of ₱10,000,000 and building…

A: Straight line method is a method of depreciation under same amount is charged as depreciation in…

Q: On Jan. 1, 2015, ABC Leasing Inc. acquired a building for a total capitalizable cost of P20,000,000.…

A: Revaluation surplus arises in a situation when revalued value of the asset is more than carrying…

Q: Tristen Company purchased a five-story office building on January 1, 2019, at a cost of $5,000,000.…

A: The depreciation expense on the building is calculated as follows: As per the straight-line method…

Q: On April 8, 2018, Dreamland Park purchased a ferris wheel for $300,000. The estimated life of the…

A: The question is based on the concept of Depreciation Accounting. As per the Bartleby guidelines we…

Q: At the beginning of 2014, Robotics Inc. acquired a manufacturing facility for $12 million. $9…

A:

Q: Sony Company has decided to sell one of its old machines on December 31, 2019. The machine was…

A: The gain or loss is calculated as the difference between sale value and book value of the assets.

Q: On January 1,2013, a new building was purchased at a cost of $30,000,000. Depreciation was computed…

A: Revised depreciation expense on the building for 2016  = (fair value of building - salvage value) /…

Q: Holly, Incorporated has a building that originally cost $460,000. Holly expects to be able to sell…

A: 1. Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of…

Q: NewTech

A: Ans. Straight Line Depreciation :    Cost of computer equipment - Salvage value ÷ Useful life =…

Q: On January 1, 2018, Hobart Mfg. Co. purchased a drill press at a cost of $21,900. The drill press is…

A: Deprecation per unit = (Cost of drill press - Residual value)/ Expected production in units =…

Q: Togo's Sandwich Shop had the following long-term asset balances as of January 1, 2021: Accumulated…

A: 1. DEPRECIATION ON THE BUILDING : STRAIGHT LINE METHOD RATE  = 1/10 = 10 % DEPRECIATION AS PER…

Q: At the beginning of 2016, Robotics Inc. acquired a manufacturing facility for $13.2 million. $10.2…

A: Working Note 1: Compute the depreciation under the straight-line method for the year 2016.