Question

Bramble Company purchased equipment on January 1, 2020 at a total invoice cost of $347000; additional...

Bramble Company purchased equipment on January 1, 2020 at a total invoice cost of $347000; additional costs of $5000 for freight and $32000 for installation were incurred. The equipment has an estimated salvage value of $11000 and an estimated useful life of five years. The amount of accumulated depreciation at December 31, 2021 if the straight-line method of depreciation is used is:

$136400.

$153600.

$134400.

$149200.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #2

answered by: anonymous
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
Question 1.) On July 1, 2020, Soprano Company purchased 10 computers with an invoice price of...
Question 1.) On July 1, 2020, Soprano Company purchased 10 computers with an invoice price of $50,000. Other costs incurred were sales tax $2,100, Freight $300, installation of $2,300, testing of $300, and prepaid insurance to cover the computers; $3,600. The computers are estimated to have a 5-year life and $5,000 salvage value. Instructions: Find the cost of new computers.        What is depreciation for 2020 and 2021 if the company uses the double-declining balance method?:    2020 Depreciation?: 2021...
Problem 11-02 The cost of equipment purchased by Bramble, Inc., on June 1, 2020, is $92,400....
Problem 11-02 The cost of equipment purchased by Bramble, Inc., on June 1, 2020, is $92,400. It is estimated that the machine will have a $8,400 salvage value at the end of its service life. Its service life is estimated at 7 years, its total working hours are estimated at 42,000, and its total production is estimated at 600,000 units. During 2020, the machine was operated 6,900 hours and produced 63,200 units. During 2021, the machine was operated 6,320 hours...
On January 1, 2017, Wesley's Machining & Welding, Inc. (WMW) purchased equipment for $62,000. It cost...
On January 1, 2017, Wesley's Machining & Welding, Inc. (WMW) purchased equipment for $62,000. It cost an additional $3,000 to deliver, install, and calibrate the equipment. This machine has a service life of 5 years, at which time it is expected that the device will be scrapped for a $5,000 salvage value. WMW uses the straight-line depreciation method. Use the attached worksheet to complete the following: Prepare a worksheet to determine annual depreciation. Prepare a depreciation schedule showing annual depreciation...
Blue Spruce Corp. purchased equipment on January 1, 2021 for $162,000. It is estimated that the...
Blue Spruce Corp. purchased equipment on January 1, 2021 for $162,000. It is estimated that the equipment will have a $9,000 salvage value at the end of its 5-year useful life. It is also estimated that the equipment will produce 180,000 units over its 5-year life. Answer the following independent questions. Compute the amount of depreciation expense for the year ended December 31, 2021 using the straight-line method of depreciation. Straight-line method $enter the depreciation expense under the straight-line method...
Swifty Corporation purchased equipment in January of 2011 for $405000. The equipment was being depreciated on...
Swifty Corporation purchased equipment in January of 2011 for $405000. The equipment was being depreciated on the straight-line method over an estimated useful life of 20 years, with no salvage value. At the beginning of 2021, when the equipment had been in use for 10 years, the company paid $54000 to overhaul the equipment. As a result of this improvement, the company estimated that the useful life of the equipment would be extended an additional 5 years. What will be...
9) Cedar Company purchased equipment that cost $100,000 on January 1, 2019. The entire cost was...
9) Cedar Company purchased equipment that cost $100,000 on January 1, 2019. The entire cost was recorded as an expense. The equipment had a ten-year life. Cedar uses the straight-line method to account for depreciation expense. The error was discovered on December 10, 2022. Cedar is subject to a 20% tax rate. What is the adjustment to retained earnings at January 1, 2022? _______ 11) Saturn Company purchased a machine on January 1, 2018, for $900,000. At the date of...
Sheffield Corp. purchased equipment on January 1, 2021 for $139,500. It is estimated that the equipment...
Sheffield Corp. purchased equipment on January 1, 2021 for $139,500. It is estimated that the equipment will have a $7,750salvage value at the end of its 5-year useful life. It is also estimated that the equipment will produce 155,000 units over its 5-year life. Answer the following independent questions. Compute the amount of depreciation expense for the year ended December 31, 2021 using the straight-line method of depreciation. Straight-line method $enter the depreciation expense under the straight-line method for the...
Sanders Company purchased the following on January 1, 2019:    • Office equipment at a cost of...
Sanders Company purchased the following on January 1, 2019:    • Office equipment at a cost of $53,000 with an estimated useful life to the company of three years and a residual value of $15,900. The company uses the double-declining-balance method of depreciation for the equipment. • Factory equipment at an invoice price of $782,000 plus shipping costs of $32,000. The equipment has an estimated useful life of 110,000 hours and no residual value. The company uses the units-of-production method of...
On January 1, 2018, Poultry Processing Company purchased a freezer and related installation equipment for $42,000....
On January 1, 2018, Poultry Processing Company purchased a freezer and related installation equipment for $42,000. The equipment had a three-year estimated life with a $3,000 salvage value. Straight-line depreciation was used. At the beginning of 2020, Poultry Processing revised the expected life of the asset to four years rather than three years. The salvage value was revised to $2,000. Required Compute the depreciation expense for each of the four years, 2018–2021. deprecial expense 2018 2019 2020 2021
On January 1, 2017, Sandhill Company purchased a building and equipment that have the following useful...
On January 1, 2017, Sandhill Company purchased a building and equipment that have the following useful lives, salvage values, and costs. Building, 40-year estimated useful life, $49,200 salvage value, $828,000 cost Equipment, 12-year estimated useful life, $11,200 salvage value, $99,400 cost The building has been depreciated under the double-declining-balance method through 2020. In 2021, the company decided to switch to the straight-line method of depreciation. Sandhill also decided to change the total useful life of the equipment to 9 years,...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT