Question

Marigold Company purchased a new plant asset on April 1, 2020, at a cost of $723,000....

Marigold Company purchased a new plant asset on April 1, 2020, at a cost of $723,000. It was estimated to have a service life of 20 years and a salvage value of $59,400. Marigold’ accounting period is the calendar year.

(a)

Compute the depreciation for this asset for 2020 and 2021 using the sum-of-the-years'-digits method. (Round answers to 0 decimal places, e.g. 45,892.)
Depreciation for 2020 $enter a dollar amount
Depreciation for 2021
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
Windsor Company purchased a new plant asset on April 1, 2020, at a cost of $735,000....
Windsor Company purchased a new plant asset on April 1, 2020, at a cost of $735,000. It was estimated to have a service life of 20 years and a salvage value of $58,800. Windsor’ accounting period is the calendar year. PLEASE SHOW WORK Compute the depreciation for this asset for 2020 and 2021 using the sum-of-the-years'-digits method. (Round answers to 0 decimal places, e.g. 45,892.) Depreciation for 2020 $enter a dollar amount Depreciation for 2021 $enter a dollar amount Compute...
Sunland Company purchased a new plant asset on April 1, 2020, at a cost of $750,000....
Sunland Company purchased a new plant asset on April 1, 2020, at a cost of $750,000. It was estimated to have a service life of 20 years and a salvage value of $61,200. Sunland’ accounting period is the calendar year. Compute the depreciation for this asset for 2020 and 2021 using the sum-of-the-years'-digits method. (Round answers to 0 decimal places, e.g. 45,892.) Depreciation for 2020 $enter a dollar amount Depreciation for 2021 $enter a dollar amount eTextbook and Media   ...
Exercise 11-03 Oriole Company purchased a new plant asset on April 1, 2020, at a cost...
Exercise 11-03 Oriole Company purchased a new plant asset on April 1, 2020, at a cost of $771,000. It was estimated to have a service life of 20 years and a salvage value of $65,400. Oriole’ accounting period is the calendar year. Your answer is incorrect. Try again. Compute the depreciation for this asset for 2020 and 2021 using the sum-of-the-years'-digits method. (Round answers to 0 decimal places, e.g. 45,892.) Depreciation for 2020 $enter a dollar amount Depreciation for 2021...
The cost of equipment purchased by Sheffield, Inc., on June 1, 2020, is $100,800. It is...
The cost of equipment purchased by Sheffield, Inc., on June 1, 2020, is $100,800. 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 46,200, and its total production is estimated at 660,000 units. During 2020, the machine was operated 7,080 hours and produced 64,900 units. During 2021, the machine was operated 6,490 hours and produced...
Marigold Company purchases equipment on January 1, Year 1, at a cost of $576,870. The asset...
Marigold Company purchases equipment on January 1, Year 1, at a cost of $576,870. The asset is expected to have a service life of 12 years and a salvage value of $49,200. Compute the amount of depreciation for Years 1 through 3 using the straight-line depreciation method. (Round answers to 0 decimal places, e.g. 5,125.) Depreciation for Year 1 $ Depreciation for Year 2 $ Depreciation for Year 3 $ LINK TO TEXT Compute the amount of depreciation for each...
Whispering Company purchased machinery on January 1, 2020, for $88,800. The machinery is estimated to have...
Whispering Company purchased machinery on January 1, 2020, for $88,800. The machinery is estimated to have a salvage value of $8,880 after a useful life of 8 years. Compute 2020 depreciation expense using the sum-of-the-years'-digits method. Depreciation expense $enter Depreciation expense in dollars eTextbook and Media       Compute 2020 depreciation expense using the sum-of-the-years'-digits method, assuming the machinery was purchased on April 1, 2020. (Round answer to 0 decimal places, e.g. 5,125.) Depreciation expense $enter Depreciation expense in dollars...
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...
Marigold Company purchased Machine #201 on May 1, 2020. The following information relating to Machine #201...
Marigold Company purchased Machine #201 on May 1, 2020. The following information relating to Machine #201 was gathered at the end of May. Price $91,800 Credit terms 2/10, n/30 Freight-in $ 864 Preparation and installation costs $ 4,104 Labor costs during regular production operations $11,340 It is expected that the machine could be used for 10 years, after which the salvage value would be zero. Marigold intends to use the machine for only 8 years, however, after which it expects...
Marigold Corp. purchased a depreciable asset for $617000 on January 1, 2018. The estimated salvage value...
Marigold Corp. purchased a depreciable asset for $617000 on January 1, 2018. The estimated salvage value is $59000, and the estimated useful life is 9 years. The straight-line method is used for depreciation. In 2021, Marigold changed its estimates to a total useful life of 5 years with a salvage value of $96000. What is 2021 depreciation expense? $62000 $186000 $92400 $167500
A machine cost $800,000 on April 1, 2020. Its estimated salvage value is $80,000 and its...
A machine cost $800,000 on April 1, 2020. Its estimated salvage value is $80,000 and its expected life is 4 years. Calculate the depreciation expense by straight-line for 2020. (Round answer to 0 decimal places, e.g. 5,275.) Depreciation expense $ Calculate the depreciation expense by double-declining balance for 2021. (Round answer to 0 decimal places, e.g. 5,275.) Depreciation expense $ Calculate the depreciation expense by sum-of-the-years'-digits for 2021. (Round answer to 0 decimal places, e.g. 5,275.) Depreciation expense $ Which...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT