Kiwi company issued a 2.5% promissory note payable in 3 equal annual installments to purchase machinery with a depreciable value of 3,000,000 on October 31, 2021. Interest expense relating to the promissory note was 16,650 for 2021. Unadjusted accumulated depreciation on December 31, 2022 amounted to 100,000. A. How much was the cost of the machinery, How much is the machinery’s salvage value, What was the estimated useful life of the machinery in years? B. How much is adjusted accumulated depreciation on December 31, 2022? C. How much is adjusted depreciation expense on December 31, 2022?
Kiwi company issued a 2.5% promissory note payable in 3 equal annual installments to purchase machinery with a depreciable value of 3,000,000 on October 31, 2021. Interest expense relating to the promissory note was 16,650 for 2021. Unadjusted accumulated depreciation on December 31, 2022 amounted to 100,000. A. How much was the cost of the machinery, How much is the machinery’s salvage value, What was the estimated useful life of the machinery in years? B. How much is adjusted accumulated depreciation on December 31, 2022? C. How much is adjusted depreciation expense on December 31, 2022?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 11E: On May 10, 2019, Horan Company purchased equipment for 25,000. The equipment has an estimated...
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Kiwi company issued a 2.5% promissory note payable in 3 equal annual installments to purchase machinery with a
A. How much was the cost of the machinery, How much is the machinery’s salvage value, What was the estimated useful life of the machinery in years?
B. How much is adjusted accumulated depreciation on December 31, 2022?
C. How much is adjusted depreciation expense on December 31, 2022?
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