Bitter Company acquired a machinery on April 1, 2020. Problem 27-9 (ACP) siter Company acquired a machinery on April 1, 2020. Cost Residual value Estimated useful life What is the depreciation for 2020 using sum of years 1,200,000 120,000 8 years digits? a 180,000 b. 240,000 e. 120,000 d. 160,000 2 What is the depreciation for 2021 using sum of years' digits? a 157,500 ь. 217,500 e. 210,000 d. 105,000 3. What is the depreciation for 2020 using double declining balance? a. 300,000 b. 150,000 c. 225,000 d. 202,500 4 What the depreciation for 2021 using double declining balance?

Bitter Company acquired a machinery on April 1, 2020. Problem 27-9 (ACP) siter Company acquired a machinery on April 1, 2020. Cost Residual value Estimated useful life What is the depreciation for 2020 using sum of years 1,200,000 120,000 8 years digits? a 180,000 b. 240,000 e. 120,000 d. 160,000 2 What is the depreciation for 2021 using sum of years' digits? a 157,500 ь. 217,500 e. 210,000 d. 105,000 3. What is the depreciation for 2020 using double declining balance? a. 300,000 b. 150,000 c. 225,000 d. 202,500 4 What the depreciation for 2021 using double declining balance?

Name: Bitter Company acquired a machinery on April 1, 2020.Problem 27-9 (AC
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Description: Bitter Company acquired a machinery on April 1, 2020.Problem 27-9 (ACP)CostResidual valueEstimated useful lifeWhat is the depreciation for 2020 using sum of years'1,200,000120,0008 yearsdigits?a. 180,000b. 240,000c. 120,000d. 160,0001 What is the de

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter8: Operating Assets: Property, Plant, And Equipment, And Intangibles

Section: Chapter Questions

Problem 8.5E: Change in Estimate Assume that Bloomer Company purchased a new machine on January 1, 2016, for...

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Change in Estimate Assume that Bloomer Company purchased a new machine on January 1, 2016, for $80,000. The machine has an estimated useful life of nine years and a residual value of $8,000. Bloomer has chosen to use the straight-line method of depreciation. On January 1, 2018, Bloomer discovered that the machine would not be useful beyond December 31, 2021, and estimated its value at that time to be $2,000. Required Calculate the depreciation expense, accumulated depreciation, and book value of the asset for each year 2016 to 2021. Was the depreciation recorded wrong in 2016 and 2017? If so, why was it not corrected?
Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the purchase of the printer impacts not only depreciation expense each year but also the assets book value. What amount will be recorded as depreciation expense each year, and what will the book value be at the end of each year after depreciation is recorded?
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Bruce Company acquired a machinery on April 1, 2020. Cost P 1,200,000 Residual Value P 120,000 Estimated Useful Life 8 years What is the depreciation for 2020 using sum of years’ digits? A. P240,000 B. P180,000 C. P120,000 D. P160,000 What is the depreciation for 2021 using sum of years’ digits? A. P157,500 B. P217,500 C. P210,000 D. P105,000
Bruce Company acquired a machinery on April 1, 2020. Cost P 1,200,000 Residual Value P 120,000 Estimated Useful Life 8 years What is the depreciation for 2020 using straight line depreciation? A. P150,000 B. P101,250 C. P112,500 D. P125,000 What is the carrying amount of the machinery on December 31, 2022 using straight line depreciation? A. P750,000 B. P817,500 C. P828,750 D. P780,000
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Why is carrying amount as at 31.12.2019 found by 30,000 - 6,000? Asking because carrying value formula is cost minus accummulated depreciation. but 6000 is not the accummulated depreciation. Is 24,000 answer correct?