Homework Help Question & Answers

Exercise 11-15 On March 10, 2019, Flint Company sells equipment that it purchased for $207,360 on August 20, 2012. It was originally estimated that the equipment would have a life of 12 years and a s...

Exercise 11-15 On March 10, 2019, Flint Company sells equipment that it purchased for $207,360 on August 20, 2012. It was ori

Exercise 11-15 On March 10, 2019, Flint Company sells equipment that it purchased for $207,360 on August 20, 2012. It was originally estimated that the equipment would have a life of 12 years and a salvage value of $18,144 at the end of that time, and depreciation has been computed on that basis. The company uses the straight-line method of depreciation Compute the depreciation charge on this equipment for 2012, for 2019, and the total charge for the period from 2013 to 2018, inclusive, under each of the six following assumptions with respect to partial periods. (Round depreciation per day to 2 decimal places, e.g. 15.64 and final answers to O decimal places, e.g. 45,892.) 2013-2018 Inclusive 2012 2019 (1) Depreciation is computed for the exact period of time during which the asset is owned. (Use 365 days for the (2) Depreciation is computed for the full year on the January 1 balance in the asset account. (3) Depreciation is computed for the full year on the December 31 balance in the asset account. (4) Depreciation for one-half year is charged on plant assets acquired or disposed of during the year. (5) Depreciation is computed on additions from the beginning of the month following acquisition and on disposals to (6) Depreciation is computed for a full period on all assets in use for over one-half year, and no depreciation is base and record depreciation through March 9, 2019.) the beginning of the month following disposal charged on assets in use for less than one-half year. (Use 365 days for base.)
0 0
Next > < Previous
ReportAnswer #1

Depreciation for full year on straight line basis = ($207360 - $18144) / 12 = $15768

Event 2012 2013-2018
Inclusive *
2019
1 For 2012 - 134 days, 2019 - 69 days $    5,788.80 $ 94,608.00 $    2,980.80
2 For 2012 - 0 as Balance on Jan 1 is 0 $                 -   $ 94,608.00 $ 15,768.00
3 For 2019 - 0 as Balance on Dec 31 is 0 $ 15,768.00 $ 94,608.00 $                 -  
4 For 2012 & 2019 is 1/2 depreciation $    7,884.00 $ 94,608.00 $    7,884.00
5 For 2012 - 4 months, 2019 - 3 months $    5,256.00 $ 94,608.00 $    3,942.00
6 For 2012 & 2019 = 0 as asset used for less than half year $                 -   $ 94,608.00 $                 -  


*Depreciation = $15768 x 6 = $94608

Know the answer?
Add Answer of:
Exercise 11-15 On March 10, 2019, Flint Company sells equipment that it purchased for $207,360 on August 20, 2012. It was originally estimated that the equipment would have a life of 12 years and a s...
Your Answer: Your Name: What's your source?
Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • On March 10, 2019, Sheridan Company sells equipment that it purchased for $216,960 on August 20,...

    On March 10, 2019, Sheridan Company sells equipment that it purchased for $216,960 on August 20, 2012. It was originally estimated that the equipment would have a life of 12 years and a salvage value of $18,984 at the end of that time, and depreciation has been computed on that basis. The company uses the straight-line method of depreciation. Compute the depreciation charge on this equipment for 2012, for 2019, and the total charge for the period from 2013 to...

  • *Exercise 11-15 a On March 10, 2022, Skysong Company sells equipment that it purchased for $203,520...

    *Exercise 11-15 a On March 10, 2022, Skysong Company sells equipment that it purchased for $203,520 on August 20, 2015. It was originally estimated that the equipment would have a life of 12 years and a salvage value of $17,808 at the end of that time, and depreciation has been computed on that basis. The company uses the straight-line method of depreciation. Compute the depreciation charge on this equipment for 2015, for 2022, and the total charge for the period...

  • Exercise 11-15 a On March 10, 2022, Blue Company sells equipment that it purchased for $234,240...

    Exercise 11-15 a On March 10, 2022, Blue Company sells equipment that it purchased for $234,240 on August 20, 2015. It was originally estimated that the equipment would have a life of 12 years and a salvage value of $20,496 at the end of that time, and depreciation has been computed on that basis. The company uses the straight-line method of depreciation. Compute the depreciation charge on this equipment for 2015, for 2022, and the total charge for the period...

  • On March 10, 2022, Skysong Company sells equipment that it purchased for $203,520 on August 20,...

    On March 10, 2022, Skysong Company sells equipment that it purchased for $203,520 on August 20, 2015. It was originally estimated that the equipment would have a life of 12 years and a salvage value of $17,808 at the end of that time, and depreciation has been computed on that basis. The company uses the straight-line method of depreciation. Compute the depreciation charge on this equipment for 2015, for 2022, and the total charge for the period from 2016 to...

  • On March 10, 2019, Lost World Company sells equipment that it purchased for $192,000 on August...

    On March 10, 2019, Lost World Company sells equipment that it purchased for $192,000 on August 20, 2012. It was originally estimated that the equipment would have a life of 12 years and a salvage value of $16,800 at the end of that time, and depreciation has been computed on that basis. The company uses the straightline method of depreciation. Following are the assumptions with respect to partial periods: (1) Depreciation is computed for the exact period of time during...

  • On March 10, 2019, Lost World Company sells equipment that it purchased for $192,000 on August...

    On March 10, 2019, Lost World Company sells equipment that it purchased for $192,000 on August 20, 2012. It was originally estimated that the equipment would have a life of 12 years and a salvage value of $16,800 at the end of that time, and depreciation has been computed on that basis. The company uses the straightline method of depreciation. Following are the assumptions with respect to partial periods: (1) Depreciation is computed for the exact period of time during...

  • On March 10, 2022, Lost World Company sells equipment that it purchased for $192,000 on August...

    On March 10, 2022, Lost World Company sells equipment that it purchased for $192,000 on August 20, 2015. It was originally estimated that the equipment would have a life of 12 years and a salvage value of $16,800 at the end of that time, and depreciation has been computed on that basis. The company uses the straight-line method of depreciation. Following are the assumptions with respect to partial periods: 1. Depreciation is computed for the exact period of time during...

  • 22. Lost World Company inally estimated that the E11.15 (LO 1,2) (Depreciation for Fractional Periods) On March 10,...

    22. Lost World Company inally estimated that the E11.15 (LO 1,2) (Depreciation for Fractional Periods) On March 10, 2022, Lost World sells equipment that it purchased for $192,000 on August 20, 2015. It was originally estimated equipment would have a life of 12 years and a salvage value of $16,800 at the end of that time preciation has been computed on that basis. The company uses the straight-line method of depreciation Instructions a. Compute the depreciation charge on this equipment...

  • 22. Lost World Company inally estimated that the E11.15 (LO 1,2) (Depreciation for Fractional Periods) On...

    22. Lost World Company inally estimated that the E11.15 (LO 1,2) (Depreciation for Fractional Periods) On March 10, 2022, Lost World sells equipment that it purchased for $192,000 on August 20, 2015. It was originally estimated equipment would have a life of 12 years and a salvage value of $16,800 at the end of that time preciation has been computed on that basis. The company uses the straight-line method of depreciation Instructions a. Compute the depreciation charge on this equipment...

  • Problem 9-7A a-b Sandhill Productions Corp. purchased equipment on March 1, 2012, for $60,000. The company...

    Problem 9-7A a-b Sandhill Productions Corp. purchased equipment on March 1, 2012, for $60,000. The company estimated the equipment would have a useful life of three years and produce 12,000 units, with a residual value of $9,000. During 2018, the equipment produced 4,900 units. On November 30, 2019, the machine was sold for $17,000 and had produced 5,600 units that year. Record all the necessary entries for the years ended December 31, 2018 and 2019, using the following depreciation methods:...

Free Homework App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
Share Your Knowledge

Post an Article
Post an Answer
Post a Question with Answer

Self-promotion: Authors have the chance of a link back to their own personal blogs or social media profile pages.