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This question is based on the following information: Trinity Company bought a copying machine costing P 123,000 with an estimated life of 3 years with negligible salvage value. The estimated earnings after taxes of this machine at the end of each year are estimated below: Earnings after taxes End of year 1 P 8,120 2 7,200 3 6,820 The company is using the
a. 2.357 years
b. 2.537 years
c. 2.735 years
d. 2.753 years
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- Montello Inc. purchases a delivery truck for $25,000. The truck has a salvage value of $6,000 and is expected to be driven for ten years. Montello uses the straight-line depreciation method. Calculate the annual depreciation expense.Montello Inc. purchases a delivery truck for $15,000. The truck has a salvage value of $3,000 and is expected to be driven for eight years. Montello uses the straight-line depreciation method. Calculate the annual depreciation expense.Montezuma Inc. purchases a delivery truck for $15,000. The truck has a salvage value of $3,000 and is expected to be driven for eight years. Montezuma uses the straight-line depreciation method. Calculate the annual depreciation expense. After three years of recording depreciation, Montezuma determines that the delivery truck will only be useful for another three years and that the salvage value will increase to $4,000. Determine the depreciation expense for the final three years of the assets life, and create the journal entry for year four.
- Montezuma Inc. purchases a delivery truck for $20,000. The truck has a salvage value of $8,000 and is expected to be driven for ten years. Montezuma uses the straight-line depreciation method. Calculate the annual depreciation expense. After five years of recording depreciation, Montezuma determines that the delivery truck will be useful for another five years (ten years in total, as originally expected) and that the salvage value will increase to $10,000. Determine the depreciation expense for the final five years of the assets life, and create the journal entry for years 6–10 (the entry will be the same for each of the five years).Montello Inc. purchases a delivery truck for $25,000. The truck has a salvage value of $6,000 and is expected to be driven for 125,000 miles. Montello uses the units-of-production depreciation method, and in year one the company expects the truck to be driven for 26,000 miles; in year two, 30,000 miles; and in year three, 40,000 miles. Consider how the purchase of the truck will impact Montellos depreciation expense each year and what the trucks book value will be each year after depreciation expense is recorded.Montello Inc. purchases a delivery truck for $25,000. The truck has a salvage value of $6,000 and is expected to be driven for 125,000 miles. Montello uses the units-of-production depreciation method, and in year one it expects to use the truck for 26,000 miles. Calculate the annual depreciation expense.
- This question is based on the following information: Trinity Company bought a copying machine costing P 123,000 with an estimated life of 3 years with negligible salvage value. The estimated earnings after taxes of this machine at the end of each year are estimated below: Earnings after taxes End of year 1 P 8,120 2 7,200 3 6,820 The company is using the straight line method for computing the depreciation. What is the accounting rate of return on the average cost of investment? a. 10.5% b. 11.5% c. 12% d. 15%Answer the following questions related to depreciation expense calculation. Be sure to read each question carefully. NOTE: (Round Each Answer to the Nearest dollar, Do NOT use any Commas, Dollar Signs or Periods. - Example 6000). 1. A machine with a useful life of 12 years and residual value of $10,000 was purchased for $120,000 on January 1. What is the annual depreciation expense using the straight line method? 2. A truck with a useful life of 7 years and a residual value of $0 was purchased for $49,000 on January 1. What is depreciation expense in year 5 under the straight line method? 3. A machine with a useful life of 5 years and residual value of $2,000 was purchased for $30,000 on January 1. What is the depreciation expense in year 2 using the double declining balance method? 4. A Semi-Truck with a useful life of 7 years and residual value of $50,000 was purchased for $225,000 on January 1. What is the depreciation expense for year 2 using the double declining balance? (NOTE:…[The following information applies to the questions displayed below.] NewTech purchases computer equipment for $267,000 to use in operating activities for the next four years. It estimates the equipment's salvage value at $25,000. Prepare a table showing depreciation and book value for each of the four years assuming straight-line depreciation. Straight-Line Depreciation Annual Depreciation Expense Choose Numerator: Choose Denominator: Cost minus salvage IEstimated useful life (years) Depreciation expense %3D $ 242,000 / 4 = $ 60,500 Year Annual Depreciation Year-End Book Value Year 1 $ 60,500 $ 206,500 Year 2 60,500 146,000 Year 3 60,500 85,500 Year 4 60,500 25,000 Total 242,000 II %24
- On January 1, Brando Corp. purchased a machine costing $35,989. The expected useful life of the machine is 5 years and the residual value is $4,461. How much is the annual depreciation expense assuming use of the straight-line depreciation method? Provide your answer to the nearest whole dollar (i.e., No decimal places.)At the beginning of the year jimmy jones company purchased a machine for $35,000. The following expenditures were incurred. . Freight = $ 1,200 .Insatallation = 1,200 .property tax on the machine for the first year = $ 750 The machine is estimated to have a useful life of 7 years and a residual value of $2,500 1. What is the initial cost of the machine? 2.what is the double decling depreciation of year 1 and 2? 3.What is the straight line depreciation of year 1 and year 2? 4.If Jimmy decides to sum of the years digits depreciation, what is the depreciation of year 1 and year 2.?A company has bought a truck 3 years ago at a cost of Rs.15,00,000 with anexpected life of ten years. Its current market value is estimated to be around Rs.8,00,000. The estimated salvage value at the end of ten years is Rs. 75,000. Thecompany adopts Declining balance method of depreciation for maintaining itsbooks of account.What will be the Depreciation charge for the seventh year?