Question 3: Machinery with an 8-year useful life was purchased on January 1, 20X1, for $407,000. If the machinery is estimated to have a $18,000 salvage value, how much would the "depreciation expense be in 20X2" using a sum-of-years' digits method? Use the SYD formula. Question 4: Assume the same details as Question 3, except that the machinery was purchased on May 31, 20X1. Use the SYD formula.
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- A machine was purchased for $72,000, has a 10-year useful life, and a $4,000 salvage value. What is its depreciation expense in year 2 using the sum of the years' digits method (rounded to the nearest dollar)? Select one: O a. 12,364 O b. 11,782 c. 13,091 d. 11,127 OLima Enterprises purchased a depreciable asset for $22,000 on April 1, Year 1. The asset will be depreciated using the straight-line method over its four-year useful life. Assuming the asset's salvage value is $2,000, what will be the amount of accumulated depreciationon this asset on December 31, Year 3? A. $5,000 B. $15,000 C. $15,125 D. $20,000 E. $13,750A machine purchased for $315653 has a depreciable life of 7 years, and it has a terminal book (salvage) value of $29728 at the end of its depreciable life. With the straight-line method of depreciation, what is the asset's book value at the end of year 5? Round your answer to 2 decimal places. Add your answer
- . An asset was purchased six years ago at a cost of P7,000. It was estimated to have a useful life of ten years with a salvage value of 300 at the end of the time. It is now of no future use and can be sold for only P800. Determine the sunk cost if the depreciation has been computed by: a. The straight-line method. b. The sum-of-the-year’s digits method1. SYDM: A property that is book-depreciated over a 10-year period by the Sum of Years Digit Method has $9,745.45 depreciation charge and $37,109.09 book value on the 3rd year. Determine the assumed salvage value of the property. 2. SYDM: A property that is book-depreciated over a 10-year period by the Sum of Years Digit Method has $7,309.09 depreciation charge and $21,272.73 book value on the 5th year. Determine the assumed salvage value of the property.Marissa's company recently purchased a depreciable asset for $190,000. The estimated salvage value is $18,000, and the estimated useful life is 8 years. The straight-line method will be used for depreciation. Given this information, the depreciable base of the asset will be O $115,000. O $208,000. O $172,000. O $23,750. Submit Answer Save for Later
- Presented below is information related to Windsor Manufacturing Corporation. Asset Cost Estimated Salvage Estimated Life (in years) $46,200 $5,300 10 32,000 4,100 9. 35,400 3,900 9. 19,700 1,500 7 23,100 3,300 6. (a) X Your answer is incorrect. Compute the rate of depreciation per year to be applied to the plant assets under the composite method. (Round answer to 2 decimal place, eg. 4.83%.) Composite rate 9.43 eTextbook and MediaEquipment was acquired at the beginning of the year at a cost of $562,500. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $47,675. Question Content Area a. What was the depreciation for the first year? Round your answer to the nearest cent.$fill in the blank 0c4447fd4012faf_1 b. Using the rounded amount from Part a in your computation, determine the gain or loss on the sale of the equipment, assuming it was sold at the end of year eight for $98,318. Round your answer to the nearest cent. Enter your answer as a positive amount.$fill in the blank 0c4447fd4012faf_2 Question Content Area c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. Cash Accumulated Depreciation-Equipment Loss on Sale of Equipment EquipmentRequired information [The following information applies to the questions displayed below.] On April 1, Cyclone Company purchases a trencher for $294,000. The machine is expected to last five years and have a salvage value of $47,000. Compute depreciation expense at December 31 for both the first year and second year assuming the company uses the straight-line method. Choose Numerator: Year First year Second year Annual Depreciation x Choose Denominator: Fraction of Year 11 11 11 11 11 Annual Depreciation Annual depreciation Depreciation Expense
- Presented below is information related to Windsor Manufacturing Corporation. Asset Cost Estimated Salvage Estimated Life (in years) A $46,200 $5,300 10 32,000 4,100 35,400 3,900 19,700 1,500 23,100 3,300 (a) Your answer is correct. Compute the rate of depreciation per year to be applied to the plant assets under the composite method. (Round answer to 2 decimal place, eg. 4.83%.) Composite rate 10.61 eTextbook and MediaA truck acquired at a cost of $130,000 has an estimated residual value of $7,600, has an estimated useful life of 34,000 miles, and was driven 3,400 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. Line Item Description Amount (a) The depreciable cost $fill in the blank 1 (b) The depreciation rate $fill in the blank 2 per mile (c) The units-of-activity depreciation for the year $fill in the blank 3A): Complete the sum-of-the-years' digits method of depreciation. *chart attached* B): Billings Corporation purchased a wood pulp mixer for $17,400. Delivery costs totaled $464. The useful is 7 years, and the salvage value is $1,372. Prepare a depreciation schedule using the sum-of-the-years' digits method. *chart attached*