Homework Answers
| Date | Account Name | Debit | Credit |
| 31 Dec 2021 | Depreciation | $ 6,034 | |
| To Accumalted Depreciation Equipment | $ 6,034 | ||
| (To Record Depreciation on Equipment) |
| Double-declining-balance method | ||||
| Year | Book Valu Begining | Percentage2X((1/10*100)*2) | depreciation for the year | Book Vale End of the year |
| 2018 | $ 82,500 | 20 | $ 16,500 | $ 66,000 |
| 2019 | $ 66,000 | 20 | $ 13,200 | $ 52,800 |
| 2020 | $ 52,800 | 20 | $ 10,560 | $ 42,240 |
| Straight-line Method | ||||
| Year | Book Value |
Remaining estimated useful (10-3) |
Deprciation for the year | |
| 2021 | $ 42,240 | 7 | $ 6,034 |
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Recording Depreciation with a Change in Depreciation Method Pier Exports purchases equipment on January 1, 2018, at a c...
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Recording Entry for a change in Estimate Exon Company purchased equipment for $160,000 on January 1, 2018. The equipment has an estimated residual value of $4,800 and an estimated useful life of 8 years. The company depreciates the equipment using the straight-line method. On January 1, 2021, the company determines that the total useful life is 6 years and the estimated residual value is $1,600. Required Prepare the entry to record depreciation expense for 2021. Date Account Name Dec 31,...
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Hearty Fried Chicken bought equipment on January 2, 2018, for $21,000. The equipment was expected to remain in service for four years and to operate for 6,000 hours. At the end of the equipment's useful life, Hearty estimates that its residual value will be $3,000. The equipment operated for 600 hours the first year, 1,800 hours the second year, 2,400 hours the third year, and 1,200 hours the fourth year. Read the requirements. Requirement 1. Prepare a schedule of depreciation...
Preparing Depreciation Schedules Using Various Depreciation Methods Frito Inc. acquired equipment on January 1, 2020, at a cost of $12,000 that is estimated to have a useful life of five years and a residual value of $3,000. Required Prepare a depreciation schedule showing annual depreciation expense and year-end accumulated depreciation and book value over the life of the asset using the following methods. a. Straight-line method. b. Sum-of-the-years'-digits method. C. Double-declining-balance method. Straight-line Sum-of-the-years'-digits Double-declining balance c. Double-Declining-Balance Depreciation Method...
Seconds Fried Chicken bought equipment on January 2, 2018, for $27,000. The equipment was expected to remain in service for four years and to operate for 5,250 hours. At the end of the equipment's useful life, Seconds estimates that its residual value will be $6,000. The equipment operated for 525 hours the first year, 1,575 hours the second year, 2,100 hours the third year, and 1,050 hours the fourth year. Read the requirements. Requirement 1. Prepare a schedule of depreciation...
May I get some help on the incorrect answers.
Recording Error Corrections Related to Equipment On April 1, 2021, the following 2020 errors were discovered after the 2020 financial statements were issued. a. Equipment purchased on January 1, 2020, with a cost of $28,000, salvage value of $1,680, and useful life of 8 years was incorrectly expensed as maintenance cost. The company uses the straight-line method to depreciate all equipment. b. In 2020, fully depreciated equipment with an original cost...
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