Estimating the Percent Depreciated The property and equipment footnote from the Deere & Company balance sheet follows ($ millions): PROPERTY AND DEPRECIATION A summary of property and equipment at October 31, in millions of dollars follows: Land Buildings and building equipment Machinery and equipment Dies, patterns, tools, etc All other Construction in progress Total at cost Less accumulated depreciation Property and equipment - net $124 3,108 5,089 1,552 926 530 11,329 5,751 $5,578 During the year, the company reported $696 million of depreciation expense. Check Estimate the percent depreciated of Deere's depreciable assets. Round to one decimal place. %

Estimating the Percent Depreciated The property and equipment footnote from the Deere & Company balance sheet follows ($ millions): PROPERTY AND DEPRECIATION A summary of property and equipment at October 31, in millions of dollars follows: Land Buildings and building equipment Machinery and equipment Dies, patterns, tools, etc All other Construction in progress Total at cost Less accumulated depreciation Property and equipment - net $124 3,108 5,089 1,552 926 530 11,329 5,751 $5,578 During the year, the company reported $696 million of depreciation expense. Check Estimate the percent depreciated of Deere's depreciable assets. Round to one decimal place. %

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 8.1DC

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Based on the data provided, what is the debit to accumulated depreciation recorded in 2023? * The following items were listed at cost by Cake Company and are depreciated according to the straight-line method: Land Building Machinery & Equipment Total Accumulated Depreciation Net Book Value 12/31/2022 P 2,000,000.00 10,560,000.00 5,560,000.00 P 18,120,000.00 3,200,000.00 P 14,920,000.00 12/31/2023 P 2,000,000.00 10,560,000.00 5.200.000.00 P 17,760,000.00 3,200,000.00 P 14,560,000.00 Cake depreciation expense for 2023 and 2022 were P 440,000 and P 400,000, respectively. Based on the data provided, what is the debit to accumulated depreciation recorded in 2023?
Disposition of Assets: Journalizing Mitchell Parts Co. had the following plant asset transactions during the year: 1. Assets discarded or sold: Motor #12, which had a cost of $2,800 and accumulated depreciation of Jan. 1 $2,800, was discarded. Motor #8, which had a cost of $4,400 and accumulated depreciation of $4,000, 8 was sold for $200. Motor #16, which had a cost of $5,600 and accumulated depreciation of 14 $5,400, was sold for $450. 2. Assets exchanged or traded in: Feb. 1 Motor #6, which had a cost of $6,000 and accumulated depreciation of $4,800, was traded in for a new motor (#22) with a fair market value of $7,000. The old motor and $5,600 in cash were given for the new motor. ° Motor #9, which had a cost of $5,500 and accumulated depreciation of $5,000, was traded in for a new motor (#23) with a fair market value of $6,500. The old motor and $6,200 in cash were given for the new motor. Required: Prepare general journal entries for the transactions. Page: 1 DOC. POST NO. REF.…
A company’s property records revealed the following information about its plant assets: Cost Salvage Value Purchase Date Estimated Life Depreciation Method A $ 42,000 $ 3,000 10/1 3 years Straight-line B 86,000 8,600 7/01 5 years Double Declinign Balance Calculate the depreciation expense for each machine in Year 1 and Year 2 for the year ended December 31.
Given the data, prepare a depreciation table (Depreciation Expense, Accumulated Depreciation, Carrying Amount) for the following methods: 1. Straight line 2. Service hours 3. Production method Also, identify the Gain or Loss for each year and every deprecation method if the machine is sold at: End of 1st Yr - 500,000 End of 2nd Yr - 360,000 End of 3rd Yr - 260,000 End of 4th Yr - 165,000 End of 5th Yr - 40,000
The balance sheet of Alpha Ltd on 31/12/21 is the following ASSETS Plot of land Building Depreciation Vehicle Depreciation. Furniture Depreciation Participations Total fixed assets. Goods Goods in pledge Customers Downpayment to suppliers Prepaid expenses Available Funds Circulating Assets Total assets 31/12/2021 40.000 200.000 -40.000 80.000 -75.000 95.000 -72.000 85.000 313.000 60.000 20.000 30.000 20.000 20.000 107.000 257.000 570.000 31/12/2022 Liabilities Equity (stock price 3€) Statutory Reserves Premium Reserve New result Total Foreign Capitals Long term Loan Bills payable Suppliers Loan with pledged goods Customers' downpayments Expenses payables Prepaid revenues Total Predictions Total liabilities 31/12/2021 180.000 60.000 20.000 -30.000 230.000 120.000 40.000 50.000 14.000 20.000 30.000 20.000 294.000 46.000 570.000 During the use of 2022, the following transactions took place. Sale of goods with value EUR 80,000 and cost EUR 35,000, 80% of them paid by cash and the rest with…
The following data relate to the Machinery account of Wildhorse, Inc. at December 31, 2025. Original cost Year purchased Useful life Salvage value Depreciation method Accum. depr. through 2025* a. Cash A Machinery (Machine A) $54,280 2020 15,340 10 years $3,658 Sum-of-the-years'-digits $36,816 B 15,340 $60,180 2021 Machinery 15,000 hours $3,540 Activity $41,536 C $94,400 2022 15 years $5,900 Straight-line $17,700 D $94,400 *In the year an asset is purchased, Wildhorse, Inc. does not record any depreciation expense on the asset. In the year an asset is retired or traded in, Wildhorse, Inc. takes a full year's depreciation on the asset. The following transactions occurred during 2026. 2024 10 years $5,900 On May 5, Machine A was sold for $15,340 cash. The company's bookkeeper recorded this retirement in the following manner in the cash receipts journal. Double-declining balance $18,880
The following property and equipment section was obtained from a recent Abbott Laboratories 10-K. Property and equipment, at cost Land. $ 370,949 Buildings. Equipment.. Construction in progress.. 2,655,356 8,813,517 920,599 12,760,421 Less: accumulated depreciation and amortization.. Net property and equipment... 6,757,280 $ 6,003.141 Property and Equipment Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets. The following table shows estimated useful lives of property and equipment. Classification Estimated Useful Lives Buildings.. Equipment.. 10 to 50 years (average 27 years) 3 to 20 years (average 11 years) During the year, the company reported $868,808 for depreciation expense. What is Abbott Laboratories' estimated useful life of depreciable assets?
Endblast Productions showed the following selected asset balances on December 31, 2023: Land Building Accumulated depreciation, building¹ Equipment Accumulated depreciation, equipment² $476,800 606,400 425,600 211, 200 72,000 ¹Remaining estimated useful life is eight years with a residual value of $40,000; depreciated using the straight-line method to the nearest whole month. 2Total estimated useful life is 10 years with a residual value of $24,000; depreciated using the double-declining-balance method to the nearest whole month. Required: Prepare the entries for each of the following. (Round intermediate calculations to the nearest whole dollar.) 1. The land and building were sold on September 27, 2024, for $655,000 cash. View transaction list
e. Depreciation is computed as follows: Residual Acquisition Useful Life Depreciation Asset Cost Value Date in Years Method Used Buildings $900,000 $0 January 2 50 Double-declining-balance Office Equip. 246,000 26,000 January 3 Straight-line Store Equip. 112,000 12,000 July 1 10 Straight-line
Swifty Industries presents you with the following information.Complete the table for the year ended December 31, 2022. The company depreciates all assets using the half-year convention. (Round answers to 0 decimal places, e.g. 45,892.) Description DatePurchased Cost SalvageValue Lifein Years DepreciationMethod AccumulatedDepreciation to12/31/21 Depreciationfor 2022 Machine A 2/12/20 $146,800 $17,000 10 SYD $34,220 $20060 Machine B 8/15/19 81370 21,630 5 SL 29,870 11948 Machine C 7/21/18 67,200 23,500 8 DDB (A) (B) Machine D (C) 225,570 71,070 5 SYD 72,100 (D)
Swifty Industries presents you with the following information.Complete the table for the year ended December 31, 2022. The company depreciates all assets using the half-year convention. (Round answers to 0 decimal places, e.g. 45,892.) Description DatePurchased Cost SalvageValue Lifein Years DepreciationMethod AccumulatedDepreciation to12/31/21 Depreciationfor 2022 Machine A 2/12/20 $146,800 $17,000 10 (a) $34,220 (b) $ Machine B 8/15/19 (c) 21,630 5 SL 29,870 (d) Machine C 7/21/18 67,200 23,500 8 DDB (e) (f) Machine D (g) 225,570 71,070 5 SYD 72,100 (h)
Records show the following information for a plant asset purchased on October 1 of Year 1. Cost $ 330,000 Salvage Value $ 39,000 Purchase Date October 1 Useful Life 6 years Calculate depreciation expense for Year 1 and Year 2 for the year ended December 31. Depreciation expense for Year 1 for the year ended December 31 Depreciation Method Straight-line Depreciation expense for Year 2 for the year ended December 31