Question

he Lopen Company purchased a piece of equipment on June 1, 2018 for $75,000. The equipment...

he Lopen Company purchased a piece of equipment on June 1, 2018 for $75,000. The equipment had a salvage value of $8,000 and a useful life of 6 years. Lopen elected to use the sum-of-the-years digits method to depreciate the asset.

What is the balance in accumulated depreciation as of December 31, 2020?

$15,952

$47,857

$19,143

$17,282

$28,448

$35,095

$11,167

None of the other answer choices is correct.

$12,762

$42,540

$14,091
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

If any clarifications please comment below

THANK YOU, ?

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
XYZ Industries purchased a new asset on March 31, 2020. The cost of the asset was...
XYZ Industries purchased a new asset on March 31, 2020. The cost of the asset was 140,000, with an estimated useful life of 8 years, and a salvage value of $15,000. XYZ uses the sum-of-the-years-digits method to depreciate the asset. What is the book value of the asset on December 31, 2022? 67,709 72,291 21,701 72,917 74,027 118,299 67,083 None of the other answer choices is correct. 65,973
The Black Company purchased equipment on June 1, 2020.  Assuming the cost of the equipment is $66,000,...
The Black Company purchased equipment on June 1, 2020.  Assuming the cost of the equipment is $66,000, the residual value is $6,000, a useful life of 5 years and the use of the straight line method. The company's year end is December 31. 1) What is depreciation expense at December 31, 2020? 2) What is accumulated depreciation at December 31, 2022? 3) What is the carrying value of the asset at December 31, 2023? 4) What is the carrying value of...
Mike's Company purchased equipment that cost $118,000 on August 1, 2018. The equipment has an estimated...
Mike's Company purchased equipment that cost $118,000 on August 1, 2018. The equipment has an estimated useful life of eight years with an estimated salvage of $10,000. Mike's Company has a December 31 year-end. Calculate the following, showing all of your computations well-labeled and in good form under each of the followingindependent scenarios: 1. The equipment is depreciated using machine hours. The machine is expected to be used for a total of 110,000 hours over it estimated useful life. The...
The Red Company purchased equipment on June 1, 2020.  Assuming the cost of the equipment is $66,000,...
The Red Company purchased equipment on June 1, 2020.  Assuming the cost of the equipment is $66,000, the residual value is $6,000, a useful life of 5 years and the use of the straight line method. The company's year end is December 31. 1) What is depreciation expense at December 31, 2020? $ Answer 2) What is accumulated depreciation at December 31, 2022? $ Answer 3) What is the carrying value of the asset at December 31, 2023? $ Answer 4)...
On January 1, 2018, Iron Limited purchased a piece of equipment for production of goods. The...
On January 1, 2018, Iron Limited purchased a piece of equipment for production of goods. The purchase price of the equipment was $670,000. Iron Limited paid on the date of purchase by the issue of ordinary shares. Iron Limited estimated that the equipment has an expected useful life of 4 years with a residual value of $30,000 on December 31, 2021. On February 15, 2020, Iron Limited disposed of equipment for cash amount of $358,000. Iron Limited adopts revaluation model...
Five Satins Company purchased a piece of equipment at the beginning of 2014. The equipment cost...
Five Satins Company purchased a piece of equipment at the beginning of 2014. The equipment cost $430,000. It has an estimated service life of 8 years and an expected salvage value of $70,000. The sum-of-the-years'-digits method of depreciation is being used. Someone has already correctly prepared a depreciation schedule for this asset. This schedule shows that $60,000 will be depreciated for a particular calendar year. Determine for what particular year the depreciation amount for this asset will be $60,000.
A company purchased factory equipment on April 1, 2018 for $166000. It is estimated that the...
A company purchased factory equipment on April 1, 2018 for $166000. It is estimated that the equipment will have a $18000 salvage value at the end of its 10-year useful life. Using the straight-line method of depreciation, the amount to be recorded as depreciation expense at December 31, 2018 is
On May 1, 2016, Lion, Inc. purchased equipment for $110,000 cash. Lion estimates that the equipment...
On May 1, 2016, Lion, Inc. purchased equipment for $110,000 cash. Lion estimates that the equipment will have a salvage value of $8,000 and a useful life of 7 years. Lion is on a calendar year basis ending December 31. Required: Compute the depreciation expense under each of the following methods for 2016 and 2017. Straight line method for 2016 and 2017 Sum of the years digits method for 2016 and 2017 Double Declining balance method for 2016 and 2017
Jan. 1: Retired a piece of machinery that was purchased on jan 1 2010. the machine...
Jan. 1: Retired a piece of machinery that was purchased on jan 1 2010. the machine cost $63,300 on that date. it had a useful life of 10 years with no salvage value June 30.:Sold a computer that was purchased on January 1, 2017. The computer cost $45,000. It had a useful life of 5 years with no salvage value. The computer was sold for $14,300. Dec. 31 Discarded a delivery truck that was purchased on January 1, 2016. The...
On July 1, 2020, Flint Company purchased for $3,960,000 snow-making equipment having an estimated useful life...
On July 1, 2020, Flint Company purchased for $3,960,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $165,000. Depreciation is taken for the portion of the year the asset is used. (a) Complete the form below by determining the depreciation expense and year-end book values for 2020 and 2021 using the 1. sum-of-the-years'-digits method. 2. double-declining balance method.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT