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- Cost of Intangible Assets Advanced Technological Devices Inc. acquired a patent for $91,500. It spent an additional $31,250 successfully defending the patent in legal proceedings. Required: Determine the cost of the patent.Estimate the average total estimated useful life of depreciable property, plant, and equipment. Starbucks reports 580.6 million of depreciation and amortization in the statement of cash flows, of which 4.5 million relates to amortization of limited-life intangible assets. Does the estimate reconcile with stated accounting policy on useful lives for property, plant, and equipment? Explain.Chapman Inc. purchased a piece of equipment in 2018. Chapman depreciated the equipment on a straight-line basis over a useful life of 10 years and used a residual value of $12,000. Chapmans depreciation expense for 2019 was $11,000. What was the original cost of the building? a. $98,000 b. $110,000 c. $122,000 d. $134,000
- Equipment R20 000, Accumulated Depreciation R16 000. Depreciation is calculated at 20% p. a. on a diminishing method. An old equipment was disposed for R1 500 cash on 1 December 2020. The equipment originally costed R3 000. The Accumulated depreciation is R 700.The profit/loss for the disposed equipment is _________.A. Profit/loss R300B. Profit/loss R92C. Profit/loss R455D. Profit/loss R460Equipment R20 000, Accumulated Depreciation R16 000. Depreciation is calculated at 20% p. a. on a diminishing method. An old equipment was disposed for R1 500 cash on 1 December 2020. The equipment originally costed R3 000. The Accumulated depreciation is R 700.The depreciation for the disposed equipment is _________.A. R460B. R345C. R225D. R92Equipment acquired on January 3,20Y1, at a cost of $412,500, has an estimated useful life of 20 years and an estimated residual a. What was the annual amount of depreciation for the years 20Y1,20Y2, and 20Y3, using the straight-line method of depreciation? Round annual depreciation to the nearest dollar and use this amount in your follow-on calculations. Depreciation expense \table[[20Y1,$
- Equipment acquired on January 8, 20Y1, at a cost of $675,000, has an estimated useful life of 17 years and an estimated residual value of $135,000. What was the annual amount of depreciation for the years 20Y1, 20Y2, and 20Y3, using the straight-line method of depreciation? Round annual depreciation to the nearest dollar and use this amount in your follow-on calculations. Depreciation expense 20Y1$ 20Y2$ 20Y3$Asset Cost SalvageValue Units ofUseful Life Depreciationper Unit ($) Automobile $27,500 $3,500 40,000 miles $ what is the depreciationA plant asset with a cost of R 900,000 and accumulated depreciation of R 800,000 and sold for R 80,000. What is the amount of gain or loss on disposal?
- Lumax LLC purchased property, plant and equipment. The details of the PPE are given below. The appropriate amount of depreciation applicable for the current accounting period shall be: Classification of PPE OMR – cost Useful life Salvage value at the end of life Machinery 1,200,000 25 year 220,000 Land and Building – the part of land value included in the total amount is estimated to be OMR 800,000. 3,500,000 40 years 400,000 Generator engines – life if based on hours operated and during the year the company operated generators for 30,000 hours. 400,000 600,000 hours 25,000 Furniture and fittings 500,000 10 years 100,000Presented below is information related to equipment owned by Sanabel Co. at December 31, 2018 Cost $4,500,000 600,000 Accumulated depreciation to date Expected future net cash flows 3,500,000 Fair value 2,700,000 4 years Remaining useful life Salvage value 100,000 Cost of disposal Assuming the equipment is held for disposal . The impairment loss on December 31 2018 will amount to a $ 0 1.200.000 $1.170.000 d 1.230.000Sheridan Company purchased a depreciable asset for $1140000. The estimated salvage value is $59000, and the estimated useful life is 10000 hours. Sheridan used the asset for 1200 hours in the current year. The activity method will be used for depreciation. What is the depreciation expense on this asset?
