The ember 31, 2021.
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- Chapman Inc. purchased a piece of equipment in 2018. Chapman depreciated the equipment on a straight-line basis over a useful life of 10 years and used a residual value of $12,000. Chapmans depreciation expense for 2019 was $11,000. What was the original cost of the building? a. $98,000 b. $110,000 c. $122,000 d. $134,000On May 10, 2019, Horan Company purchased equipment for 25,000. The equipment has an estimated service life of 5 years and zero residual value. Assume that the straight-line depreciation method is used. Required: Compute the depreciation expense for 2019 for each of the following four alternatives: 1. Horan computes depreciation expense to the nearest day. (Use 12 months of 30 days each and round the daily depreciation rate to 2 decimal places.) 2. Horan computes depreciation expense to the nearest month. Assets purchased in the first half of the month are considered owned for the whole month. 3. Horan computes depreciation expense to the nearest whole year. Assets purchased in the first half of the year are considered owned for the whole year. 4. Horan records one-half years depreciation expense on all assets purchased during the year.Albany Corporation purchased equipment at the beginning of Year 1 for 75,000. The asset does not have a residual value and is estimated to be in service for 8 years. Calculate the depreciation expense for Years 1 and 2 using the double-declining-balance method. Round to the nearest dollar.
- On January 1, 2019, Woodstock, Inc. purchased a machine costing $42.400. Woodstock also paid $2,200 for transportation and installation. The expected useful life of the machine is 6 years and the residual value is $6.200. If Woodstock uses the straight-line depreciation method, which of the following statements is incorrect? Multiple Cholce The December 31, 2020 book value Is$25.600. The annual depreclation expense Is $6.400. The December 31, 2019 book value Is $38.200. The December 31, 2021 accumulated depreclation balance is $19.200,Peter Company acquired a machine at a cost of $530,000 on 1August2018. The machine had an estimated residual value of $50,000 and an estimated useful life of 8 years. Peter uses straight-linemethod of depreciation. The financial year of the company ends on 31 March of each year. On 31 March 2020, the machine was accidentally damaged. Itcan still operate though at a reduced capacity. It was then expected that the remaining useful life will only be 3 years. The fair value less costs to sell of the machine at 31 March 2020 was $190,000. In addition, it is estimated that the net cash inflows from the machine will be: Year ended 31 March 2021 $155,000 Year ended 31 March 2022 $120,000 Year ended 31 March 2023 $80,000 Estimated residual value on 31 March 2023 $5,000 Peter Company’s cost of capital is 10%.Required: (a)Prepare journal entries to record depreciation expenses on the machine for the years ended 31 March 2019 and 2020. (b)Prepare journal entry to record the impairment loss at 31…1. On January 2, 2017, Greenwood Company purchased and placed in operation a machine estimated to have a 10-year life and no salvage value. The machine cost P600,000 and was depreciated on a straight-line basis. On December 27, 2020, a P60,000 device that increased the machine's output by one fourth was added to the machine. The new device made no change in the machine's estimated life and salvage value. During the first week of January, 2024 the machine was completely overhauled at a cost of P180,000. The overhaul added three additional years to the machine's estimated life but did not change its salvage value. Prepare entries in general form to record: a) the purchase of the machine b) the 2017 depreciation c) the addition of the new device d) the 2021 depreciation e) overhauling of the machine f) the 2024 depreciation
- 1. On January 2, 2017, Greenwood Company purchased and placed in operation a machine estimated to have a 10-year life and no salvage value. The machine cost P600,000 and was depreciated on a straight-line basis. On December 27, 2020, a P60,000 device that increased the machine's output by one fourth was added to the machine. The new device made no change in the machine's estimated life and salvage value. During the first week of January, 2024 the machine was completely overhauled at a cost of P180,000. The overhaul added three additional years to the machine's estimated life but did not change its salvage value. Prepare entries in general form to record: d) the 2021 depreciation e) overhauling of the machine f) the 2024 depreciationOn Jan 1, 2021, ABC Company acquired a machinery at a cost of P250,000. It was estimated to have a useful life of 10 years and no residual value. The company uses the cost model to account for the machinery and the straight-line method is used in depreciating the machinery. On Dec 31, 2022, the company tested the machinery for possible impairment and determined that the recoverable value of the said machinery amounted to P150,000. On Dec 31, 2023, it was revealed that the recoverable value of the machinery had increased to P187,500. Q-29. 8.How much is the impairment loss reported in 2022? 9.What is the carrying amount of the machinery on Dec 31, 2023 before reversal of impairment? 10.What is the carrying amount of the machinery on Dec 31, 2023 on the basis that it was not impaired? 11.What amount of gain on reversal of impairment should be reported in profit or loss for 2023?Popeye Company purchased a machine for $340,000 on January 1, 2020. Popeye depreciates machines of this type by the straight-line method over a five-year period using no salvage value. Due to an error, no depreciation was taken on this machine in 2020. Popeye discovered the error in 2021. What amount should Popeye record as depreciation expense for 2021? The tax rate is 25%. Multiple Choice $102,000. $136,000. $51,000. $68,000.
- On January 1, 2018, Alan Company purchased an equipment for P8,000,000. The equipment is depreciated using straight line method based on a useful life of 8 years with no residual value. On January 1, 2021, after 3 years, the equipment was revalued at a replacement cost of P12,000,000 with no change in residual value. On June 30, 2021, the equipment was sold for 10,000,000. How much is the gain (loss) on sale of equipment?Dewey Corporation purchased a machine for $340,000 on January 1, 2012. The machine had an estimated useful life of 12 years and an estimated residual value of $40,000. The machine was depreciated using the straight-line method. On April 1, 2021, the company no longer needed the machine and sold it for $80,000. Dewey takes a half-year depreciation for the year an asset is disposed. a. What is the book value of the machine at the end of 2020? $115,000 b. Calculate and record the depreciation for 2021 in the journal provided. c. Calculate the book value of the machine at the time of sale. $102,500 d. Record the sale of the machine on April 1 in the journal provided.Mario Ltd purchased a machine for GHS 50,000 on 1 January 20X1. The machine was judged to have a five-year life with a residual value of GHS 5,000. During 20X3, the market for the product declined and the machine was sold on 1 January 20X4 for GHS 7,000. According to IAS 16 Property, Plant and Equipment, what was the loss on disposal? A. GHS 27,000 B. GHS 13,000 C. GHS 16,000 D. GHS 23,000