Question

On 1/1/17, LeDuc bought a steamroller for $63,000. It has a $7,000 salvage value and a...

  1. On 1/1/17, LeDuc bought a steamroller for $63,000. It has a $7,000 salvage value and a 4 year useful life.

    Under double declining balance, 2018 depreciation and 12/31/18 book value are:

    A.

    $14,000 and $49,000 respectively.
    B.

    $14,000 and $7,000 respectively.
    C.

    $15,750 and $8,750 respectively.
    D.

    $15,750 and $15,750 respectively.
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
On 1/1/18, Stewart bought a cement mixer for $45,000. It has a $9,000 salvage value and...
On 1/1/18, Stewart bought a cement mixer for $45,000. It has a $9,000 salvage value and 5 year useful life. Under sum of years digits, 2019 depreciation and 12/31/19 book value are: A. $9,600 and $23,400 respectively. B. $9,600 and $14,400 respectively. C. $9,600 and $28,200 respectively. D. $12,000 and $9,000 respectively.
Cutter Enterprises purchased equipment for $63,000 on January 1, 2018. The equipment is expected to have...
Cutter Enterprises purchased equipment for $63,000 on January 1, 2018. The equipment is expected to have a five-year life and a residual value of $6,000. Using the double-declining balance method, depreciation for 2018 and the book value at December 31, 2018, would be: Multiple Choice $22,800 and $40,200 respectively. $25,200 and $37,800 respectively. $25,200 and $31,800 respectively. $22,800 and $34,200 respectively.
Double Declining Balance Method -- Commercial Lawn Mower: Acquired January 1. Purchased for $14,000; salvage value...
Double Declining Balance Method -- Commercial Lawn Mower: Acquired January 1. Purchased for $14,000; salvage value is $2,000. Useful life is 5 years. A. Is the salvage value used to compute book value (circle the answer)? Yes or No B. How is the double declining rate computed? C.Complete the following Double Declining Balance Table: Year Book Value: Start of Year DDB Percent Annual Depreciation Expense Accumulated Depreciation Book Value: End of Year Year 1 Year 2 Year 3 Year 4...
On April 1, 2018, Milgard Corp bought a delivery truck at a cost of $20,000. The...
On April 1, 2018, Milgard Corp bought a delivery truck at a cost of $20,000. The truck has a 5-year useful life with an estimated salvage value of $5,000. Required: Using the straight-line method, compute the depreciation expense for December 31, 2018. Using the straight-line method, compute the depreciation expense for December 31, 2019. (c)       Using the straight-line method, what is the Accumulated Depreciation on December 31, 2018. Using the straight-line method, what is the Accumulated Depreciation on December 31,...
A company called Addison Company bought a vehicle on January 1, 2002 that had an original...
A company called Addison Company bought a vehicle on January 1, 2002 that had an original costs of 60,000, with an estimated salvage value of 5,000 and an estimated useful life of 5 years. What is the book value as of 12-31-05 using the double-declining balance method?
Based on the following information: 1) Equipment cost: 63,200 2) Salvage value: 12,000 3) Useful life:...
Based on the following information: 1) Equipment cost: 63,200 2) Salvage value: 12,000 3) Useful life: 6 Years 4) Equipment purchased on 4/30/Y1 What is the Depreciation Expense entry amount at the end of Year 2 using Double Declining Balance Depreciation method? What is the Book Value at the beginning of Year 3 using Double Declining Balance Depreciation method?
Carla Industries purchased a new lathe on January 1, 2017, for $285,000. Carla estimates that the...
Carla Industries purchased a new lathe on January 1, 2017, for $285,000. Carla estimates that the lathe will have a useful life of four years and that the company will be able to sell it at the end of the fourth year for $57,000. Compute the depreciation expense that Carla Industries would record for 2017, 2018, 2019, and 2020 under each of the following methods: (1) Straight-line depreciation (2) Double-declining-balance depreciation Date Straight-line depreciation method Double-declining-balance depreciation method 12/31/17 $...
E 9-3A. Depreciation Methods A delivery truck costing $20,000 is expected to have a $2,000 salvage...
E 9-3A. Depreciation Methods A delivery truck costing $20,000 is expected to have a $2,000 salvage value at the end of its useful life of four years of 100,000 miles.  Assume that the truck was purchased on January 2.  Calculate the depreciation expense for the second year using each of the following depreciation methods: (a) straight-line, (b) double-declining balance, and (c) units-of-production.  (Assume that the truck was driven 30,000 miles in the second year.) a. Straight-line depreciation = (Acquisition Cost - Salvage value)...
A depreciable asset is purchased for $50,000. The expected salvage value is zero at the end...
A depreciable asset is purchased for $50,000. The expected salvage value is zero at the end of it’s 8 year useful life. Compute the depreciation schedule by using double declining balance (DDB) to switch over straight line depreciation. Also, determine the book value of the asset after 6 years.
For a $10,000 communications system with a useful life of 5 year and salvage value of...
For a $10,000 communications system with a useful life of 5 year and salvage value of $778, construct the annual depreciation allowance table (including depreciation amounts and book values), using double-declining depreciation method.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT