A truck acquired at a cost of $435,000 has an estimated residual value of $26,900, has an estimated useful life of 53,000 miles, and was driven 4,200 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. (a) The Depreciable Cost $fill in the blank 1 (b) The Depreciation Rate $fill in the blank 2 per mile (c) The Units-of-activity Depreciation for the Year $fill in the blank 3

A truck acquired at a cost of $435,000 has an estimated residual value of $26,900, has an estimated useful life of 53,000 miles, and was driven 4,200 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. (a) The Depreciable Cost $fill in the blank 1 (b) The Depreciation Rate $fill in the blank 2 per mile (c) The Units-of-activity Depreciation for the Year $fill in the blank 3

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter18: Accounting For Long-term Assets

Section: Chapter Questions

Problem 3CE: A machine costing 350,000 has a salvage value of 15,000 and an estimated life of three years....

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A machine costing 350,000 has a salvage value of 15,000 and an estimated life of three years. Prepare depreciation schedules reporting the depreciation expense, accumulated depreciation, and book value of the machine for each year under the double-declining-balance and sum-of-the-years-digits methods. For the double-declining-balance method, round the depreciation rate to two decimal places.
When depreciation is recorded each period, what account is debited? a. Depreciation Expense b. Cash c. Accumulated Depreciation d. The fixed asset account involved Use the following information for Multiple-Choice Questions 7-4 through 7-6: Cox Inc. acquired a machine for on January 1, 2019. The machine has a salvage value of $20,000 and a 5-year useful life. Cox expects the machine to run for 15,000 machine hours. The machine was actually used for 4,200 hours in 2019 and 3,450 hours in 2020.
A truck acquired at a cost of $445,000 has an estimated residual value of $26,500, has an estimated useful life of 45,000 miles, and was driven 4,100 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. (a) The depreciable cost $fill in the blank 1 (b) The depreciation rate $fill in the blank 2 per mile (c) The units-of-activity depreciation for the year $fill in the blank 3 Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $32,000 in cash and giving a short-term note for $337,000. Legal fees paid were $1,620, delinquent taxes assumed were $11,900, and fees paid to remove an old building from the land were $18,900. Materials salvaged from the demolition of the building were sold for $5,500. A contractor was paid $1,121,800 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.$fill in the…
A truck acquired at a cost of $130,000 has an estimated residual value of $7,600, has an estimated useful life of 34,000 miles, and was driven 3,400 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. Line Item Description Amount (a) The depreciable cost $fill in the blank 1 (b) The depreciation rate $fill in the blank 2 per mile (c) The units-of-activity depreciation for the year $fill in the blank 3
A truck acquired at a cost of $60,000 has an estimated residual value of $2,000, has an estimated useful life of 200,000 miles, and was driven 15,000 miles during the year. Determine the following. If required, round your answer for the depreciation rate to 2 decimal places. Line Item Description Amount (a) The depreciable cost $fill in the blank 1 (b) The depreciation rate $fill in the blank 2 per mile (c) The units-of-activity depreciation for the year $fill in the blank 3
A truck acquired at a cost of $465,000 has an estimated residual value of $27,900, has an estimated useful life of 62,000 miles, and was driven 4,300 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. a. The depreciable cost b. The depreciation rate per mile c. The units-of-activity depreciation for the year
A truck acquired at a cost of $202,800 has an estimated residual value of $18,000, has an estimated useful life of 440,000 miles, and was driven 113,000 miles during the year. Determine the following. If required, round your answer for the depreciation rate to 2 decimal places. a. The depreciable cost $ b. The depreciation rate $ per mile c. The units-of-activity depreciation for the year $
Calculate the total cost, total depreciation, and annual depreciation (in $) for the following assets by using the straight-line method. (Round your answers to the nearest cent.) Estimated Shipping Charges Setup Charges Total Salvage Value Total Annual Useful Life (years) Cost Cost Depreciation Depreciation $88,700 $625 $2,500 $7,000
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A utility vehicle purchased by Knox industries should last 110,000 miles . the accusation cost was 21,200 and the salvage value is 1,913. Using the units of production depreciation method given the annual usage information calculate the accumulated depreciation at the end of year to round your depreciation per unit to three decimal places run your answer to the nearest cent. year one 22,029. Your two 22,724. Year 3 23,420. year 4 23,188. Answer key A.3,976.70 B.4,098.50 C.7,831.78 D.13,368.23
Answer the following questions related to depreciation expense calculation. Be sure to read each question carefully. NOTE: (Round Each Answer to the Nearest dollar, Do NOT use any Commas, Dollar Signs or Periods. - Example 6000). 1. A machine with a useful life of 12 years and residual value of $10,000 was purchased for $120,000 on January 1. What is the annual depreciation expense using the straight line method? 2. A truck with a useful life of 7 years and a residual value of $0 was purchased for $49,000 on January 1. What is depreciation expense in year 5 under the straight line method? 3. A machine with a useful life of 5 years and residual value of $2,000 was purchased for $30,000 on January 1. What is the depreciation expense in year 2 using the double declining balance method? 4. A Semi-Truck with a useful life of 7 years and residual value of $50,000 was purchased for $225,000 on January 1. What is the depreciation expense for year 2 using the double declining balance? (NOTE:…
Units-of-Activity Depreciation A truck acquired at a cost of $305,000 has an estimated residual value of $18,100, has an estimated useful life of 38,000 miles, and was driven 3,000 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. a. The depreciable cost b. The depreciation rate c. The units-of-activity depreciation for the year Check My Work SAMSUNG $ S per mile Previous Next 4:56 A 4/15/2

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(a)	The Depreciable Cost	$fill in the blank 1
(b)	The Depreciation Rate	$fill in the blank 2	per mile
(c)	The Units-of-activity Depreciation for the Year	$fill in the blank 3