Record the depreciation expense

Assignment Help Accounting Basics
Reference no: EM132604450

Question - On April 1, 2019, the KB Toy Company purchased equipment to be used in its manufacturing process. The equipment cost $59,800, has an ten-year useful life, and has no residual value. The company uses the straight-line depreciation method for all manufacturing equipment. On January 4, 2021, $14,750 was spent to repair the equipment and to add a feature that increased its operating efficiency. Of the total expenditure, $3,200 represented ordinary repairs and annual maintenance and $11,550 represented the cost of the new feature. In addition to increasing operating efficiency, the total useful life of the equipment was extended to 12 years. Record the depreciation expense for 2021.

Reference no: EM132604450

Questions Cloud

Governance reference model diagram : Order to interpret the Information Governance Reference Model (IGRM) diagram. It is recommended that we start from the outside of the diagram.
What would be the accumulated value of the loan : What would be the accumulated value of the loan at the end of the term, if it was received at the interest rate of 4.37% compounded monthly
Find what is size of the final payment : second payment of $1000 nine months from now and a final payment 18 months from now. What is size of the final payment if interest is 6.8% compounded quarterly
The path to information value : we have learned from "The Path to Information Value" that Seventy percent of managers and executives say data are "extremely important"
Record the depreciation expense : In addition to increasing operating efficiency, the total useful life of the equipment was extended to 12 years. Record the depreciation expense for 2021
Demonstrate the number of common shares outstanding : The stock was currently selling for $360 per share. Determine the number of common shares outstanding and the par value after the split.
Discuss current patient safety characteristics : Discuss the current patient safety characteristics used by your current workplace or clinical site
Find the amount of the stock dividend : Find the amount of the stock dividend. Show the effects of the stock dividend on the financial statements using a horizontal statements model.
Christian forgiveness : Reflect on how Forgiveness and Reconciliation from the Christian worldview can be better enacted in your life.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd