Reference no: EM13986455
1. A machine originally had an estimated useful life of 6 years, but after 2 complete years, it was decided that the original estimate of useful life should have been 11 years. At that point the remaining cost to be depreciated should be allocated over the remaining:
2. Peavey Enterprises purchased a depreciable asset for $28,000 on April 1, Year 1. The asset will be depreciated using the straight-line method over its four-year useful life. Assuming the asset's salvage value is $3,200, Peavey Enterprises should recognize depreciation expense in Year 2 in the amount of:
3. Wickland Company installs a manufacturing machine in its production facility at the beginning of the year at a cost of $108,000. The machine's useful life is estimated to be 4 years, or 140,000 units of product, with a $2,000 salvage value. During its second year, the machine produces 28,000 units of product. Determine the machines' second year depreciation under the units-of-production method. (Do not round intermediate calculations.)
$21,200.
$26,500.
$27,000.
$21,600.
$27,500.
4. Gaston owns equipment that cost $13,500 with accumulated depreciation of $2,700. Gaston asks $12,700 for the equipment but sells the equipment for $9,700. Which of the following would not be part of the journal entry to record the disposal of the equipment?
Debit Accumulated Depreciation $2,700.
Credit Equipment $13,500.
Debit Loss on Disposal of Equipment $1,100.
Credit Gain on Disposal of Equipment $1,100.
Debit Cash $9,700.
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Determine the machines second year depreciation under the
: Wickland Company installs a manufacturing machine in its production facility at the beginning of the year at a cost of $108,000. The machine's useful life is estimated to be 4 years, or 140,000 units of product, with a $2,000 salvage value. During it..
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