Whispering Company purchased a new plant asset on April 1, 2020, at a cost of $744,000....
Whispering Company purchased a new plant asset on April 1, 2020, at a cost of $744,000. It was estimated to have a service life of 20 years and a salvage value of $51,000. Whispering’ accounting period is the calendar year. Compute the depreciation for this asset for 2020 and 2021 using the sum-of-the-years'-digits method. (Round answers to 0 decimal places, e.g. 45,892.) Depreciation for 2020 $ enter a dollar amount Depreciation for 2021 $ enter a dollar amount eTextbook and Media Compute the depreciation for this asset for 2020 and 2021 using the double-declining-balance method. (Round answers to 0 decimal places, e.g. 45,892.) Depreciation for 2020 $ enter a dollar amount Depreciation for 2021 $ enter a dollar amount
Homework Answers
Sum of years digits method,
>> Depreciable asset = $ 744,000 - $ 51,000 = $ 693,000.
>> Sum of years = n ( n + 1 ) / 2 = 20 ( 20 + 1 ) / 2 = 210.
>> Depreciation for 2020 = $ 693,000 * ( 20 / 210 ) * ( 9 / 12 )
>> Depreciation for 2020 = $ 49,500..
>> Depreciation for 2021 = $ 693000 * ( 19.25 / 210 )
>> Depreciation for 2021= $ 63,525.
======================================================================================
Double declining method.
>> Depreciation rate = 200 / Useful life = 200 / 20.
>> Depreciation rate = 10 %.
>> Depreciation for 2020 = $ 693,000 * 10 % * ( 9 / 12 )
>> Depreciation for 2020 = $ 51,975.
>> Depreciation for 2021 = ( $ 693,000 - $ 51,975 ) * 10 %.
>> Depreciation for 2021 = $ 64,103
========================================================================================
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Whispering Company purchased a new plant asset on April 1, 2020,
at a cost of $744,000....
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Compute the depreciation for this asset for 2020 and 2021 using
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Exercise 11-06 Whispering Company purchased equipment for $286,800 on October 1, 2020. It is estimated that...
Exercise 11-06
Whispering Company purchased equipment for $286,800 on October 1,
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Whispering uses the equipment for 550 hours and the equipment
produces 1,000 units.
Compute depreciation expense under each of the following methods.
Whispering is on a calendar-year basis ending December 31.
(Round rate per hour...
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Please also do for double declining balance! Thanks! Bramble Company purchased a new plant asset on...
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Marigold Company purchased a new plant asset on April 1, 2020,
at a cost of $723,000. It was estimated to have a service life of
20 years and a salvage value of $59,400. Marigold’ accounting
period is the calendar year.
Compute the depreciation for this asset for 2020 and 2021 using
the sum-of-the-years'-digits method. (Round answers to
0 decimal places, e.g. 45,892.)
Depreciation for 2020
$enter a dollar Amountt
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Compute the depreciation for this asset for 2020...
Exercise 11-03
Novak Company purchased a new plant asset on April 1, 2020, at a
cost of $786,000. It was estimated to have a service life of 20
years and a salvage value of $67,800. Novak’ accounting period is
the calendar year
Compute the depreciation for this asset for 2020 and 2021 using
the sum-of-the-years'-digits method. (Round answers to
0 decimal places, e.g. 45,892.)
Depreciation for 2020
$enter a dollar amount
Depreciation for 2021
$enter a dollar amount
Compute the...
Bonita Company purchased a new plant asset on April 1, 2020, at a cost of $738,000. It was estimated to have a service life of 20 years and a salvage value of $53,400. Bonita' accounting period is the calendar year. Compute the depreciation for this asset for 2020 and 2021 using the sum-of-the-years'-digits method. (Round answers to O decimal places, e.g. 45,892.) Depreciation for 2020 $ Depreciation for 2021 $ e Textbook and Media Compute the depreciation for this asset...
Question 10 View Policies Current Attempt in Progress Tamarisk Company purchased a new plant asset on April 1, 2020, at a cost of $759.000. It was estimated to have a service life of 20 years and a salvage value of $61,800. Tamarisk' accounting period is the calendar year. Compute the depreciation for this asset for 2020 and 2021 using the sum-of-the-years-digits method (Round answers to decimal places, e.g. 45,892.) Depreciation for 2020 $ Depreciation for 2021 $ e Textbook and...
Exercise 11-3 Metlock Company purchased a new plant asset on April 1, 2017, at a cost of $853,200. It was estimated to have a service life of 20 years and a salvage value of $72,000. Metlock's accounting period is the calendar year. Compute the depreciation for this asset for 2017 and 2018 using the sum-of-the-years'-digits method. (Round answers to O decimal places, e.g. 45,892.) Depreciation for 2017 A Depreciation for 2018 A Compute the depreciation for this asset for 2017...
Exercise 11-06
Whispering Company purchased equipment for $286,800 on October 1,
2020. It is estimated that the equipment will have a useful life of
8 years and a salvage value of $13,200. Estimated production is
48,000 units and estimated working hours are 20,000. During 2020,
Whispering uses the equipment for 550 hours and the equipment
produces 1,000 units.
Compute depreciation expense under each of the following methods.
Whispering is on a calendar-year basis ending December 31.
(Round rate per hour...
Nash Company purchased a new plant asset on April 1, 2017, at a cost of $824,760. It was estimated to have a service life of 20 years and a salvage value of $69,600. Nash's accounting period is the calendar year Your answer is incorrect. Try again Compute the depreciation for this asset for 2017 and 2018 using the sum-of-the-years'-digits method. (Round answers to 0 decimal places, e.g. 45,892.) Depreciation for 2017 83940 Depreciation for 2018 68324 LINK TO TEXT Your...
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Please also do for double
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