Benny, Inc. purchased a bulldozer on July l, 2017 for $80,000. The equipment has an estimated...
- Benny, Inc. purchased a bulldozer on July l, 2017 for $80,000. The equipment has an estimated residual value of $4,000 and an estimated useful life of 10 years or 20,000 run hours of production which is operation hours: Benny, Inc. uses a calendar year.
Required:
Calculate depression expenses for 2017 and 2018 using units of production method 2017 = 1000 hours, 2018 hours = 3000 hours.
Calculate the accumulated depreciation and carrying the value of the equipment on December 31, 2018, for the units of production method.
Show your work,
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2017 DEPRECIATION EXPENSE |
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2018 DEPRECIATION EXPENSE |
|
2018 YEAR END ACCUMULATED DEPRECIATION AND NET CARRYING VALUE |
- Milos Company purchased a bulldozer for $37,000 on April l, 2018. The asset will be depreciated using straight line depreciation method and has estimated useful life of 7 years and salvage value of $2000. what is the depreciation expenses and accumulated depreciation for this asset in December 31, 2018 and 2019? The company reports on a calendar year. Prepare journal entries for 2018, 2019
|
2018 adjusting journal entries |
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2019 adjusting journal entries |
- Nelson Enterprises purchased equipment costing $100,000 on July l, 2018. The equipment is expected to have a salvage value of $ 10,000 at the end of 5 years useful life. If company uses double declining method what is the depreciation expenses for the year 2018, 2019 and the carrying value of equipment on December 31, 2019 will be how much.
|
2018 depreciation expenses |
|
2019 depreciation expenses |
|
2019 carrying value |
Homework Answers
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Benny, Inc. purchased a bulldozer on July l, 2017 for $80,000.
The equipment has an estimated...
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11-6
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