Question
In: Accounting
Tamarisk Corp. purchased machinery for $327,600 on May 1, 2017. It is estimated that it will...
Tamarisk Corp. purchased machinery for $327,600 on May 1, 2017. It is estimated that it will have a useful life of 10 years, salvage value of $15,600, production of 249,600 units, and working hours of 25,000. During 2018, Tamarisk Corp. uses the machinery for 2,650 hours, and the machinery produces 26,520 units.
From the information given, compute the depreciation charge for 2018 under each of the following methods. (Round intermediate calculations to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 45,892.)
(a) Straight-line
$Entry field with correct answer
(b) Units-of-output
$Entry field with correct answer
(c) Working hours
$Entry field with correct answer
(d)
Sum-of-the-years'-digits
$Entry field with incorrect answer
(e) Declining-balance (use 20% as
the annual rate)
$Entry field with incorrect answer
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Concord Corp. purchased machinery for $465,000 on May 1, 2017. It is estimated that it will...
Concord Corp. purchased machinery for $465,000 on May 1, 2017.
It is estimated that it will have a useful life of 10 years,
residual value of $15,000, production of 360,000 units, and 25,000
working hours. The machinery will have a physical life of 15 years
and a salvage value of $3,000. During 2018, Concord Corp. used the
machinery for 2,550 hours and the machinery produced 25,500 units.
Concord prepares financial statements in accordance with
IFRS.
From the information given, calculate...
Marigold Corp. purchased machinery for $327,600 on May 1, 2017. It is estimated that it will...
Marigold Corp. purchased machinery for $327,600 on May 1, 2017.
It is estimated that it will have a useful life of 10 years,
salvage value of $15,600, production of 249,600 units, and working
hours of 25,000. During 2018, Marigold Corp. uses the machinery for
2,650 hours, and the machinery produces 26,520 units.
From the information given, compute the depreciation charge for
2018 under each of the following methods. (Round intermediate
calculations to 2 decimal places, e.g. 5.25 and final answers...
Question 9 Bridgeport Corp. purchased machinery for $492,000 on May 1, 2017. It is estimated that...
Question 9
Bridgeport Corp. purchased machinery for $492,000 on May 1,
2017. It is estimated that it will have a useful life of 10 years,
residual value of $12,000, production of 192,000 units, and 40,000
working hours. The machinery will have a physical life of 15 years
and a salvage value of $3,000. During 2018, Bridgeport Corp. used
the machinery for 2,350 hours and the machinery produced 25,000
units. Bridgeport prepares financial statements in accordance with
IFRS.
From the information...
Question 9 Bridgeport Corp. purchased machinery for $492,000 on May 1, 2017. It is estimated that...
Question 9
Bridgeport Corp. purchased machinery for $492,000 on May 1,
2017. It is estimated that it will have a useful life of 10 years,
residual value of $12,000, production of 192,000 units, and 40,000
working hours. The machinery will have a physical life of 15 years
and a salvage value of $3,000. During 2018, Bridgeport Corp. used
the machinery for 2,350 hours and the machinery produced 25,000
units. Bridgeport prepares financial statements in accordance with
IFRS.
From the information...
Jon Blue Spruce Furnace Corp. purchased machinery for $462,000 on May 1, 2020. It is estimated...
Jon Blue Spruce Furnace Corp. purchased machinery for $462,000
on May 1, 2020. It is estimated that it will have a useful life of
10 years, residual value of $12,000, production of 300,000 units,
and working hours of 37,500. During 2021, Blue Spruce Corp. uses
the machinery for 2,850 hours, and the machinery produces 23,000
units.
From the information given, calculate the following.
1. Calculate the depreciation charge for 2021 under
straight-line method.
Depreciation charge
$Enter your answer in accordance...
Shamrock Company purchased machinery on January 1, 2017, for $ 97,600. The machinery is estimated to...
Shamrock Company purchased machinery on January 1, 2017, for $
97,600. The machinery is estimated to have a salvage value of $
9,760 after a useful life of 8 years. 1. Compute 2017 depreciation
expense using the sum-of-the-years'-digits method. 2.Compute 2017
depreciation expense using the sum-of-the-years'-digits method,
assuming the machinery was purchased on April 1, 2017.
Whispering Company purchased machinery for $165,900 on January 1, 2017. It is estimated that the machinery...
Whispering Company purchased machinery for $165,900 on January
1, 2017. It is estimated that the machinery will have a useful life
of 20 years, salvage value of $14,700, production of 91,100 units,
and working hours of 46,100. During 2017, the company uses the
machinery for 13,369 hours, and the machinery produces 12,754
units. Compute depreciation under the straight-line,
units-of-output, working hours, sum-of-the-years’-digits, and
double-declining-balance methods. (Round intermediate
calculations to 5 decimal places, e.g. 1.56487 and final answers to
0 decimal...
Kingbird Company purchased machinery on January 1, 2017 for $99200. The machinery is estimated to have...
Kingbird Company purchased machinery on January 1, 2017 for
$99200. The machinery is estimated to have a salvage value of
$9,920 after a useful life of 8 years.
A. Compute the 2017 depreciation expense using double-declining
balance method.
B. Compute 2017 depreciation expense using the
double-declining-balance method, assuming the machinery was
purchased on October 1, 2017.
1. Jalloh Company purchased machinery for $162,000 on January 1, 2017. It is estimated that the...
1. Jalloh Company purchased machinery for $162,000 on January 1,
2017. It is estimated that the machinery will have a useful life of
20 years, salvage value of $15,000, production of 84,000 units, and
working hours of 42,000. During 2017, the company uses the
machinery for 14,300 hours, and the machinery produces 20,000
units. Compute depreciation under the straight-line, unit of
output, working hours, sum of the year’s digits, and
double-declining balance methods.
Machinery purchased for $47,800 by Bramble Corp. on January 1, 2015, was originally estimated to have...
Machinery purchased for $47,800 by Bramble Corp. on January 1,
2015, was originally estimated to have an 8-year useful life with a
residual value of $3,000. Depreciation has been entered for five
years on this basis. In 2020, it is determined that the total
estimated useful life (including 2020) should have been 10 years,
with a residual value of $3,600 at the end of that time. Assume
straight-line depreciation and that Bramble Corp. uses IFRS for
financial statement purposes.
Prepare...
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