| Book value = (purchase price)*remaining life/total life | |
| = (1663081)*3/7 | |
| = 712749 | |
Acc. depr. = Purchase price-BV = 1663081-712749 = 950332
1 pts Question 24 Bertha Co purchased equipment 4 years ago for $1,663,081. The equipment was...
Bertha Co purchased equipment 4 years ago for $1,663,081. The equipment was depreciated straight line to zero over 7 years. What’s the current accumulated depreciation for the equipment?
Five years ago, Bertha Co purchased a equipment for $863,130 that was depreciated straight line to zero over 10 years. What is the current book value of the equipment? (Enter the magnitude of your response rounded to the nearest dollar)
Funck's Frisbees Inc. purchased equipment 4 years ago at a cost of $24 million. The company has depreciated the equipment according to the MACS schedule: Year Depreciation Rate 1 20% 2 32% 3 19% 4 18% What is the equipment's remaining book value? Enter your answer as a whole dollar (no decimal). Do not enter commas or the dollar sign. Enter the full numeric value ... do not enter the value in millions.
QUESTION 24 Entity L purchased equipment for $22,000 on January 1, 2022. The company expects to use the equipment for 5 years and uses straight line depreciation. The equipment has no salvage value. The entry to record depreciation expense on December 31, 2022 will include: a credit to Equipment for $4.400 a credit to Depreciation Expense - Equipment for $4,400 a debit to Depreciation Expense - Equipment for $4,400 a debit to Accumulated Depreciation - Equipment $4,400.
Power Manufacturing has equipment that it purchased 7 years ago for $2,750,000. The equipment was used for a project that was intended to last for 9 years. However, due to low demand, the project is being shut down. The equipment was depreciated using the straight-line method and can be sold for $440,000 today. The company's tax rate is 34 percent. What is the aftertax salvage value of the equipment? $440,000 $381,822 $440,000 $498,178 $589,600
Power Manufacturing has equipment that it purchased 5 years ago for $2,450,000. The equipment was used for a project that was intended to last for 7 years. However, due to low demand, the project is being shut down. The equipment was depreciated using the straight-line method and can be sold for $380,000 today. The company's tax rate is 34 percent. What is the after-tax salvage value of the equipment? Multiple Choice $509,200 $488,800 $380,000 $271,200
Power Manufacturing has equipment that it purchased 7 years ago for $1,950,000. The equipment was used for a project that was intended to last for 9 years. However, due to low demand, the project is being shut down. The equipment was depreciated using the straight-line method and can be sold for $280,000 today. The company's tax rate is 40 percent. What is the aftertax salvage value of the equipment? rev: 06_18_2018_QC_CS-129446 $310,667 $341,333 $218,667 $392,000 $280,000
•On Jan 1, ABC Co. purchased a piece of equipment for $280,000, $30,000 salvage value, 4 year useful life. The equipment is estimated to produce 500,000 units over its life. Actual units produced were 125,000; 100,000; 175,000; 100,000 for years 1-4, respectively. Determine depreciation for each year under straight line, units of production, and double declining balance. • •Part B. At the end of year 3 (prior to recording depreciation expense for that year) ABC Co changed the estimated useful...
Kenco purchased a new CNC lathe 6 years ago that had an installed cash cost of $475,000. The lathe was being depreciated over 8 years using straight line deprecation without taking salvage value into consideration. On 12/31 of the sixth year, Kenco sold the lathe to a machine tool dealer for $85,000. Required: Assume that lathe has been depreciated over six years and that accumulated depreciation is up to date. Make the required journal entry to record the transaction...
Kenco purchased a new CNC lathe 6 years ago that had an installed cash cost of $475,000. The lathe was being depreciated over 8 years using straight line deprecation without taking salvage value into consideration. On 12/31 of the sixth year, Kenco sold the lathe to a machine tool dealer for $85,000 2. Assume that lathe has been depreciated over six years and that accumulated depreciation is up to date. Make the required journal entry to record the transaction in...