Question
In: Accounting
The book value of Victor's equipment was $140,000 at the beginning of the year and $180,000...
The book value of Victor's equipment was $140,000 at the beginning of the year and $180,000 at year end. Depreciation expense for the year was $10,000. If no equipment was sold during the year, how much equipment did Victor purchase?
Group of answer choices
A. $40,000.
B. $50,000.
C. $60,000.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
During the year, Murray Company sold equipment with a book value of $125,000 for $175,000 (original...
During the year,
Murray Company sold equipment with a book value of $125,000 for
$175,000 (original purchase cost of $225,000). New equipment was
purchased.
Murray provided the
following comparative balance sheets:
Murray Company
Comparative Balance Sheets
At December 31, 20X1 and 20X2
20X1
20X2
Long-Term Assets
Plant and equipment
$1,000,000
$1,025,000
Accumulated depreciation
(500,000)
(525,000)
Land
500,000
741,750
Required:
Calculate the
investing cash flows for the current year. Use a minus sign to
indicate a cash outflow.
$
Prepare a schedule of depreciation expense, accumulated depreciation, and book value per year for the equipment...
Prepare a schedule of depreciation expense, accumulated
depreciation, and book value per year for the
equipment under the three depreciation methods: straight-line,
units-of-production, and double-declining-balance. Show your
computations. Note: Three depreciation schedules must be
prepared.
2.
Which method tracks the wear and tear on the equipment most
closely?
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Annual payment, payable in advance on 30 June each year
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equipment with a value of $7,000, and $70,000 of drafting equipment
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payable for $47,900. The company purchased a portable building with
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Sale of Equipment Equipment was acquired at the beginning of the year at a cost of...
Sale of Equipment Equipment was acquired at the beginning of the
year at a cost of $34,000. The equipment was depreciated using the
double-declining-balance method based on an estimated useful life
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$38,500. The equipment was depreciated using the
double-declining-balance method based on an estimated useful life
of ten years and an estimated residual value of $750.
a. What was the depreciation for the first
year?
$
b. Assuming the equipment was sold at the end
of year 2 for $8,900, determine the gain or loss on the sale of the
equipment.
$ Loss
Feedback
Book value is the asset...
Sale of Equipment Equipment was acquired at the beginning of the year at a cost of...
Sale of Equipment
Equipment was acquired at the beginning of the year at a cost of
$29,500. The equipment was depreciated using the
double-declining-balance method based on an estimated useful life
of ten years and an estimated residual value of $570.
a. What was the depreciation for the first
year?
$
b. Assuming the equipment was sold at the end
of year 2 for $6,820, determine the gain or loss on the sale of the
equipment.
$
c. Journalize the...
Sale of Equipment Equipment was acquired at the beginning of the year at a cost of...
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straight-line method based on an estimated useful life of 9 years
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Required:
a.
What was the depreciation expense for the first year?
b.
Assuming the equipment was sold at the end of the second year
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equipment.
c.
Journalize the entry to record...
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