Question
In: Accounting
Oriole Enterprises purchased equipment on March 15, 2018, for $68,620. The company also paid the following...
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Solutions
ekkarill92 answered 2 years agoRelated Solutions
Crane Enterprises purchased equipment on March 15, 2018, for $81,030. The company also paid the following...
Crane Enterprises purchased equipment on March 15, 2018, for
$81,030. The company also paid the following amounts: $550 for
freight charges; $219 for insurance while the equipment was in
transit; $1,690 for a one-year insurance policy; $2,012 to train
employees to use the new equipment; and $2,521 for testing and
installation. The equipment was ready for use on April 1, but the
company did not start using it until May 1.
Crane has estimated the equipment will have a 10-year...
On March 10, 2022, Oriole Company sells equipment that it purchased for $230,400 on August 20,...
On March 10, 2022, Oriole Company sells equipment that it
purchased for $230,400 on August 20, 2015. It was originally
estimated that the equipment would have a life of 12 years and a
salvage value of $20,160 at the end of that time, and depreciation
has been computed on that basis. The company uses the straight-line
method of depreciation.
Compute the depreciation charge on this equipment for 2015, for
2022, and the total charge for the period from 2016 to...
On March 31, 2018, the Herzog Company purchased a factory complete with machinery and equipment. The...
On March 31, 2018, the Herzog Company purchased a factory
complete with machinery and equipment. The allocation of the total
purchase price of $930,000 to the various types of assets along
with estimated useful lives and residual values are as follows:
Asset
Cost
Estimated Residual Value
Estimated Useful
Life in Years
Land
$
135,000
N/A
N/A
Building
430,000
none
20
Machinery
230,000
12% of cost
10
Equipment
135,000
$
13,000
4
Total
$
930,000
On June 29, 2019, machinery included...
On March 31, 2018, the Herzog Company purchased a factory complete with machinery and equipment. The...
On March 31, 2018, the Herzog Company purchased a factory
complete with machinery and equipment. The allocation of the total
purchase price of $1,090,000 to the various types of assets along
with estimated useful lives and residual values are as follows:
Asset
Cost
Estimated Residual Value
Estimated Useful
Life in Years
Land
$
145,000
N/A
N/A
Building
590,000
none
20
Machinery
150,000
12% of cost
8
Equipment
205,000
$
16,000
6
Total
$
1,090,000
On June 29, 2019, machinery included...
On March 31, 2018, the Herzog Company purchased a factory complete with machinery and equipment. The...
On March 31, 2018, the Herzog Company purchased a factory
complete with machinery and equipment. The allocation of the total
purchase price of $1,050,000 to the various types of assets along
with estimated useful lives and residual values are as follows:
Asset
Cost
Estimated Residual Value
Estimated Useful
Life in Years
Land
$
125,000
N/A
N/A
Building
550,000
none
20
Machinery
190,000
12% of cost
8
Equipment
185,000
$
13,000
4
Total
$
1,050,000
On June 29, 2019, machinery included...
On March 31, 2018, the Herzog Company purchased a factory complete with machinery and equipment. The...
On March 31, 2018, the Herzog Company purchased a factory
complete with machinery and equipment. The allocation of the total
purchase price of $950,000 to the various types of assets along
with estimated useful lives and residual values are as follows:
Asset
Cost
Estimated Residual Value
Estimated Useful
Life in Years
Land
$
125,000
N/A
N/A
Building
450,000
none
20
Machinery
250,000
12% of cost
10
Equipment
125,000
$
13,000
4
Total
$
950,000
On June 29, 2019, machinery included...
On March 31, 2018, the Herzog Company purchased a factory complete with machinery and equipment. The...
On March 31, 2018, the Herzog Company purchased a factory
complete with machinery and equipment. The allocation of the total
purchase price of $1,050,000 to the various types of assets along
with estimated useful lives and residual values are as follows:
Asset
Cost
Estimated Residual Value
Estimated Useful
Life in Years
Land
$
125,000
N/A
N/A
Building
550,000
none
20
Machinery
190,000
12% of cost
8
Equipment
185,000
$
13,000
4
Total
$
1,050,000
On June 29, 2019, machinery included...
On March 31, 2018, the Herzog Company purchased a factory complete with machinery and equipment. The...
On March 31, 2018, the Herzog Company purchased a factory
complete with machinery and equipment. The allocation of the total
purchase price of $1,040,000 to the various types of assets along
with estimated useful lives and residual values are as follows:
Asset
Cost
Estimated Residual Value
Estimated Useful
Life in Years
Land
$
120,000
N/A
N/A
Building
540,000
none
25
Machinery
200,000
10% of cost
6
Equipment
180,000
$
15,000
5
Total
$
1,040,000
On June 29, 2019, machinery included...
Crane Company purchased equipment on March 27, 2018, at a cost of $228,000. Management is contemplating...
Crane Company purchased equipment on March 27, 2018, at a cost of
$228,000. Management is contemplating the merits of using the
diminishing-balance or units-of-production method of depreciation
instead of the straight-line method, which it currently uses for
other equipment. The new equipment has an estimated residual value
of $4,000 and an estimated useful life of either four years or
80,000 units. Demand for the products produced by the equipment is
sporadic so the equipment will be used more in some...
Crane Company purchased equipment on March 27, 2018, at a cost of $284,000. Management is contemplating...
Crane Company purchased equipment on March 27, 2018, at a cost
of $284,000. Management is contemplating the merits of using the
diminishing-balance or units-of-production method of depreciation
instead of the straight-line method, which it currently uses for
other equipment. The new equipment has an estimated residual value
of $4,000 and an estimated useful life of either four years or
80,000 units. Demand for the products produced by the equipment is
sporadic so the equipment will be used more in some...
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