Question

On January 2, 2010, Sayre Company purchased a machine for $45,000. The machine has a five-year...

On January 2, 2010, Sayre Company purchased a machine for $45,000. The machine has a five-year

         estimated useful life and a $3,000 estimated residual value. In addition, the company expects to use

        the machine 200,000 hours. Assuming that the machine was used 35,000 and 45,000 hours during 2010

         and 2011, respectively, complete the following chart.

Depreciation Expense 1st Year Depreciation Expense 2nd Year Accumulated Depreciation Carrying(Book) Value
Straight-line method
Units-of-Production Method
Double declining Balance Method
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

The answer has been presented in the supporting sheet. All the parts has been solved with detailed explanation and format. For detailed answer refer to the supporting sheet.

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
Part A. On January 2, 2019, a machine was purchased for $180,000. It has an estimated...
Part A. On January 2, 2019, a machine was purchased for $180,000. It has an estimated useful life of ten years and an estimated residual value of $14,000. The company uses the declining-balance method of depreciation with a declining balance rate of 20%. Depreciation expense for 2019 = $________________________.    Depreciation expense for 2020 = $_________________________.
XYZ Company purchased a new machine on January 1, 2020 for $160,000. The machine was assigned...
XYZ Company purchased a new machine on January 1, 2020 for $160,000. The machine was assigned a 40-year life and a $3,000 residual value. XYZ Company will depreciate the machine using the double-declining balance depreciation method. Calculate the amount of accumulated depreciation related to the new machine that would appear in XYZ Company's December 31, 2023 balance sheet.
Depreciation Methods Gruman Company purchased a machine for $198,000 on January 2, 2016. It made the...
Depreciation Methods Gruman Company purchased a machine for $198,000 on January 2, 2016. It made the following estimates: Service life 5 years or 10,000 hours Production 200,000 units Residual value $20,000 In 2016, Gruman uses the machine for 1,800 hours and produces 44,000 units. In 2017, Gruman uses the machine for 1,500 hours and produces 35,000 units. If required, round your final answer to the nearest dollar. Required: Compute the depreciation for 2016 and 2017 under each of the following...
Archie Co. purchased a framing machine for $45,000 on January 1, 2018. The machine is expected...
Archie Co. purchased a framing machine for $45,000 on January 1, 2018. The machine is expected to have a four-year life, with a residual value of $5,000 at the end of four years. Using the double-declining balance method, accumulated depreciation and book value at December 31, 2019, would be: $33,750 and $11,250 $32,000 and $15,000 $30,000 and $15,000 None of the above $11,250 and $22,500
Burrell Company purchased a machine for $35,000 on January 2, 2016. The machine has an estimated...
Burrell Company purchased a machine for $35,000 on January 2, 2016. The machine has an estimated service life of 5 years and a zero estimated residual value. The asset earns income before depreciation and income taxes of $17,500 each year. The tax rate is 30%. Required: Compute the rate of return earned (on the average net asset value) by the company each year of the asset's life under the straight-line and the double-declining-balance depreciation methods. Assume that the machine is...
On January 1, 2017, a machine was purchased for $90,000. The machine has an estimated residual...
On January 1, 2017, a machine was purchased for $90,000. The machine has an estimated residual value of $6,000 and an estimated useful life of 5 years. The machine can operate for 100,000 hours before it needs to be replaced. The company closed its books on December 31 and operates the machine as follow; 2017, 20,000 hours; 2018, 25,000 hours; 2019, 15,000 hours; 2020, 30,000 hours; and 2021, 10,000 hours. ((((((((((((((Instructions)))))))))))))))) A) Compute the annual depreciation charges over the machine’s...
Your Corporation, a calendar-year company, acquired a new machine on January one of Year one.  The machine...
Your Corporation, a calendar-year company, acquired a new machine on January one of Year one.  The machine cost $340,000 and the machine has an estimated useful life of 10 years.  The machine has an expected salvage value of $30,000.  Calculate depreciation expense using the double-declining balance method for year 4. Accumulated depreciation at the beginning of year 4 was $165,920. ENTER YOUR ANSWER WITHOUT DOLLAR SIGNS OR OTHER DISCRIPTIONS.
SBS Company purchased a new machine on January 1, at a cost of $420,000. The machine...
SBS Company purchased a new machine on January 1, at a cost of $420,000. The machine has an expected useful life of four years and an expected salvage value of $40,000. The company expects to use the machine for 1,300 hours in the first year, 1,900 hours in the second year, and 900 hours in the third and fourth year, respectively. (b) Calculate Depreciation Expenses for each year using Double-Declining-Balance Method A working table is provided on the next page....
Sofie’s Soda Co purchased a soda drink machine on January 1st, 2016 for $600,000. The company...
Sofie’s Soda Co purchased a soda drink machine on January 1st, 2016 for $600,000. The company provided the following additional information: Expected useful life is 10 years or 100,000 drinks. In 2016, 6,000 drinks were sold. In 2017, 16,000 drinks were sold. Residual value $20,000. In 2018, 12,000 bottles were sold. The company also provided the following information using three (3) deprecation methods at the end of 2016 and 2017: Method A Year Annual Depreciation Expense Accumulated Depreciation 2016 $         ...
On January 1, 2018, ABC Company purchased a new machine for $200,000. The machine was assigned...
On January 1, 2018, ABC Company purchased a new machine for $200,000. The machine was assigned a $5,000 residual value and a 20-year life. ABC Company will depreciate the machine using the double-declining balance depreciation method. Calculate the book value of the machine at December 31, 2022.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT