Exact Photo Service purchased a new color printer at the beginning of Year 1 for $39,070.

Exact Photo Service purchased a new color printer at the beginning of Year 1 for $37,490....

Exact Photo Service purchased a new color printer at the beginning of Year 1 for $37,490. The printer is expected to have a four-year useful life and a $3,100 salvage value. The expected print production is estimated at $1,770,900 pages. The printer was sold at the end of Year 4 for $3,500. Actual print production for the four years was as follows: YEAR 1 : 546,300 YEAR 2: 476,800 YEAR 3: 384,400 YEAR 4: 385,400 TOTAL: 1,792,900 Compute the depreciation...

Primo Industries purchased a new printing press at the begining of 2018 for $76,000. The printer...

Primo Industries purchased a new printing press at the begining of 2018 for $76,000. The printer is expected to have a 5 year useful life and a $6,000 salvage value. The expected print production is estimated at $1,400,000 pages as follows:    2018 $280,000 2019 320,000 2020 350,000 2021 300,000 222 50,000 TOTAL $1,400,000 REQUIRED: Calculate the depreciation for 2018 and 2019 using the Straight Line, Units of Production and Double Declining Balance methods. Please show work.

Strong Metals Inc. purchased a new stamping machine at the beginning of the year at a...

Strong Metals Inc. purchased a new stamping machine at the beginning of the year at a cost of $950,000. The estimated residual value was $50,000. Assume that the estimated useful life was five years, and the estimated productive life of the machine was 300,000 units. Actual annual production was as follows: Year Units 1 70,000 2 67,000 3 50,000 4 73,000 5 40,000 Calculate depreciation expense, accumulated depreciation, and net book value of the machine for the first two years...

Emerson purchased a car intended for business use on January 1. The car’s useful life is...

Emerson purchased a car intended for business use on January 1. The car’s useful life is 8 years and has a residual value of $6,000. The car was purchased for $30,000. Shipping cost $1,000. Taxes applied were $3,000. Because Emerson financed it, she paid $500 for interest expense. Using the Straight Line Method and the Units of Production Method, calculate the accumulated depreciation, depreciation expense, and the book value for the 1st three years. Table amounts should be the expected...

Equipment was purchased at the beginning of 2016 for $1,700,000. At the time of its purchase,...

Equipment was purchased at the beginning of 2016 for $1,700,000. At the time of its purchase, the equipment was estimated to have a useful life of six years and a salvage value of $200,000. The equipment was depreciated using the straight-line method of depreciation through 2018. At the beginning of 2019, the estimate of useful life was revised to a total life of ten years (from the beginning Jan 1, 2016) and the expected salvage value was changed to $50,000....

Depreciation of assets On January 1, 2020, a company purchased and placed in service some manufacturing...

Depreciation of assets On January 1, 2020, a company purchased and placed in service some manufacturing equipment with a cost of $480,000. The company estimated the machine's useful life to be 5 years or 100,000 units of output with an estimated salvage value of $80,000. During the second year, 18,000 units were produced. What is the depreciation for the second year of the machine’s useful life, assuming the company uses: a. The straight-line method of depreciation b. The units-of-production method...

Equipment was purchased at the beginning of 2018 for $900,000. At the time of its purchase,...

Equipment was purchased at the beginning of 2018 for $900,000. At the time of its purchase, the equipment was estimated to have a useful life of five years and a salvage value of $100,000. The equipment was depreciated using the straight-line method of depreciation through 2021. At the beginning of 2022, the estimate of useful life was revised to a total life of eight years and the expected salvage value was changed to $30,000. The amount to be recorded for...

Equipment purchased at the beginning of the fiscal year for $720,000 is expected to have a...

Equipment purchased at the beginning of the fiscal year for $720,000 is expected to have a useful life of 10 years, or 28,000 operating hours, and a residual value of $10,000. Compute the depreciation for the first and second years of use by each of the following methods: (12 points) (a) straight-line (b) units-of-production (2,200 hours first year; 5,000 hours second year) (c) double declining balance (Round the answer to the nearest dollar.)

3.   Central Supply purchased a new printer for $67,500. The printer is expected to operate for...

3.   Central Supply purchased a new printer for $67,500. The printer is expected to operate for nine (9) years, after which it will be sold for salvage value (estimated to be $6,750).       How much is the first year’s depreciation expense if the company uses the double-declining-balance method? A) $15,000 B) $ 7,500 C) $18,000 D) $13,500 E) None of the above 4.   Dow Chemical Corporation plans to build a laboratory dedicated to a special project. The company will not...

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