First cost $80,000 Book depreciation life MACRS property class Salvage value 7 years 7 years $24,000 Depreciation Schedule 1 $8,000 $22,857 $11,429 $22,857 2 $8,000 $16,327 $19,592 $16,327 3 $8,000 $11,661 $13,994 $11,661 4 $8,000 $5,154 $9,996 $8,330 5 $8,000 so $7,140 $6,942 $8,000 $0 $7,140 $6,942 7 $8,000 $0 $7,140 $6,942 8 $0 $0 $3,570 $0

First cost $80,000 Book depreciation life MACRS property class Salvage value 7 years 7 years $24,000 Depreciation Schedule 1 $8,000 $22,857 $11,429 $22,857 2 $8,000 $16,327 $19,592 $16,327 3 $8,000 $11,661 $13,994 $11,661 4 $8,000 $5,154 $9,996 $8,330 5 $8,000 so $7,140 $6,942 $8,000 $0 $7,140 $6,942 7 $8,000 $0 $7,140 $6,942 8 $0 $0 $3,570 $0

Name: Consider the data in the following two tables:Identify the depreciatio
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: Consider the data in the following two tables:Identify the depreciation method used for each depreciation schedule as one of the following:(a) Double-declining-balance depreciation(b) Straight-line depreciation(c) DOB with conversion to straight-line

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 8.6E

See similar textbooks

Similar questions

First cost Book depreciation life MACRS property class Salvage value n 1 2 3 4 5 6 7 8 A $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $0 B $22,857 $16,327 $11,661 $5,154 SO SO SO SO $80,000 7 years 7 years $24,000 C $11,429 $19,592 $13,994 $9,996 $7,140 $7,140 $7,140 $3,570 D $22,857 $16,327 $11,661 $8,330 $6,942 $6,942 $6,942 SO
initial book value $ n residual value $ years years 1 $ 2 $ 3 $ 4 $ 5 $ 6 $ 7 $ 8 $ 9 $ 10 $ 11 $ 12 $ annual depreciation cumulative depreciation BV 1 $ 2 $ 3 $ 4 $ 5 $ 6 $ 7 $ 8 $ 3,000,000 9 $ 10 $ 12 11 $ 12 $ 16.67% annual depreciation cumulative depreciation BV 500,000.00 $ 416,666.67 $ 347,222.22 $ 289,351.85 $ 241,126.54 $ 250,000 $ 250,000 $ 250,000 $ 250,000 $ 250,000 $ 250,000 $ 250,000 $ 250,000 $ 250,000 $ 250,000 $ 250,000 $ 250,000 $ 250,000 $ 2,750,000 500,000 $ 2,500,000 750,000 $ 2,250,000 1,000,000 $ 2,000,000 1,250,000 $ 1,750,000 1,500,000 1,250,000 1,000,000 750,000 500,000 250,000 1,500,000 $ 1,750,000 $ 2,000,000 $ 2,250,000 $ 2,500,000 $ 2,750,000 $ 3,000,000 $ 200,938.79 $ 167,448.99 $ 139,540.82 $ 116,284.02 $ 96,903.35 $ 80,752.79 $ 67,293.99 $ - 500,000.00 $2,500,000.00 916,666.67 $2,083,333.33 1,263,888.89 $1,736,111.11 1,553,240.74 $1,446,759.26 1,794,367.28 $ 1,205,632.72 1,995,306.07 $1,004,693.93 2,162,755.06 $ 837,244.94 2,302,295.88 $ 697,704.12…
First cost Book depreciation life MACRS property class Salvage value n C $11,429 $19,592 $13,994 $9,996 $7,140 $7,140 $7,140 $3,570 Which of the depreciation schedules uses the straight-line depreciation method? 2 3 4 5 6 7 8 U U U U A B A $8,000 $8,000 B $22,857 $16,327 $8,000 $8,000 $8,000 $8,000 $8,000 $0 $11,661 $5,154 $0 $0 $0 $80,000 $0 7 years 7 years $24,000 D $22,8 $16,3 $11,6 $8,33 $6,94 $6,94 $6,94 $0
Historical cost Estimated useful life Salvage value Estimated useful hours $ 270,000 6 уears $ 24,000 12,000 hours Estimated hours per year: 3,100 2019 1,100 2020 1,200 2021 2,800 2022 2,600 2023 1,200 2024 Required 1 Complete the depreciation schedule using the Straight-line Method. Page, Adventure Park, Corp. ciation Schedule - Straight Line Method Depreciation Accumulated Depreciable Year Expense Depreciation Cost 12.31.19 12.31.20 12.31.21 12.31.22 12.31.23 12.32.24 2 Record depreciation expense for 2020. General Journal DR CR 3 What is the net book value of the equipment on 12.31.20? Historical cost (Accumulated depreciation) Net book value at 12.31.20
Using the MACRS table in your sildes covering chapters 9-11 and for an asset purchased at a cost of $200.000 and considered class 7, what is the MACRS depreciation for years two through five? a) Second year: b) Third year: d) Fourth year: d) Fifth year:
Dickinson Inc. owns the following assets Asset Cost Cost salvage Estimated useful life A $70,000 $7,000 10 Years B $50,000 $5,000 5 years C $82,000 $4,000 12 years Compute the composite depriciation rate and the composite life of Dickinson's asset
Connect: Cha... 6 Table 9.7 Modified ACRS depreciation allowances Saved Help Save & Exit Submit Property Class Year 3-Year 5-Year 7-Year Check my work 1 33.33% 20.00% 14.29% 2 44.45 32.00 24.49 3 14.81 19.20 17.49 4 7.41 11.52 12.49 An asset used in a four-year project falls in the five-year MACRS class (MACRS schedule) for tax purposes. The asset has an acquisition cost of $7,200,000 and will be sold for $1,620,000 at the end of the project. If the tax rate is 24 percent, what is the aftertax salvage value of the asset? Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. 7 5 11.52 8.93 6 5.76 8.92 8.93 8 4.46 Aftertax salvage value
Create a units of production depreciation Cargo Van Price $26,000 Machine Price $48,000Salvage value $2,000 Salvage value $3,000Useful life 10 years Useful life 8 yearsTotal miles 90,000 Total hours 13,000Yr 1 miles 12,100 Yr 1 hours 1,250Yr 2 miles 9,400 Yr 2 hours 1,46
Asset Cost SalvageValue Units ofUseful Life Depreciationper Unit ($) Automobile $27,500 $3,500 40,000 miles $ what is the depreciation
Problem 8-17 On mslday Problem 29-9 (PHILCPA Adapted) following information related to the land and building: 50,000,000 450,000,000 in E 75,000,000 Land Building Accumulated depreciation-building for building. On June 30, 2020 the land and building were revalued Replacement cost Sound value 65,000,000 480,000,000 Land w biendie Building 65,000,000 600,000,000 1. What is the revaluation surplus on June 30, 2020? salbling a. 135,000,000 b. 125,000,000 c. 120,000,000 d. 160,000,000 00 2. What is the depreciation of the building for 2020? a. 30,000,000 (6. 35,000,000 le. 40,000,000 d. 32,000,000 3. What is the revaluation surplus on December 31, 2020? (6. 130,000,000 e 123,750,000 d. 115,000,000 et sedW 000,001119- 000008.01 854
Economics Equipment having a first cost of $158,000, a life of 10 years, and a salvage value of $23,000. What is its book value after 6 years using the MACRS depreciation method? O $111,405.80 O $46,594.20 O $62,811.50 O $95,188.50
MCQ3 Smitty Inc. wishes to use the revaluation model for this property: Before Revaluation • Building Gross Value 120,000 • Building Accumulated Depreciation 40,000 • Net carrying value 80,000 The fair value for the property is $150,000. Assuming this is the first year of using the revaluation model, what amount would be booked to the Accumulated Depreciation account, if Smitty chooses to use the proportional method to record the revaluation?