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On January 2, 20X1, Machinery Unlimited purchased a second-hand trailer at a cost of €63 000. Before placing the trailer in service, the company spent €2200 painting it, €800 replacing tyres, and €4000 overhauling the chassis. Machinery Unlimited management estimates that the trailer will remain in service for six years and have a residual value of €14 200. The trailer's annual mileage is expected to be 18 000 miles in each of the first four years and 14 000 miles in each of the next two years. In deciding which depreciation method to use, Brett Coombs, the general manager, requests a depreciation schedule for each of the following depreciation methods: (a) straight-line and (b) depletion.
You are asked to:
(a) Prepare a depreciation schedule (i.e. for the six year period) for each depreciation method, showing asset cost, depreciation expense, and asset book value.
(b) For income tax purposes, the company wishes to use the depreciation method that minimizes income tax payments in the early years of as- set use. Identify the depreciation method that meets this requirement.
steve drake sells a rental house on january 1 2011 and receives 130000 cash and a note for 55000 at 10 percent
Over the next few years companies will be shifting away form GAAP to IFRS (International Financial Reporting Standards). GAAP was a rules based approach to accounting where IFRS is a more principals based approach to accounting.
tammie contributes 50000 cash in exchange for a 25 interest in the profi ts and capital of the xyz partnership. the
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what does the consolidated statements of earnings-the income statement-tell you about a company? why is this statement
Shown here are condensed income statements for two different companies ( both are organized as LLCs and pay no income taxes).
wong corporation sold 2534000 7 5-year bonds on january 1 2012. the bonds were dated january 1 2012 and pay interest on
ortiz companys sales budget projects unit sales of part 198z of 10000 units in january 12000 units in february and
what are some examples of accelerated cost allocation methods? what is the rationale for using an accelerated
Analyzing and preparing adjusting entries
deep space co. manufactures one product - spaceship exhaust pipes. it incurs direct materials costs of 1500 per unit.
At the end of its first year, the trial balance of Wooster Company shows Equipment $32,000 and zero balances in Accumulated Depreciation-Equipment and Depreciation Expense.
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