What is the carrying amount of the equipment on December

Assignment Help Managerial Accounting
Reference no: EM133001539

Question - Navigation Inc. acquired an equipment on January 1, 2014 at a cost of $2,200,000 including an estimated residual value of $200,000 and twenty (20) years estimated useful life. The replacement cost of the equipment is $2,400,000 on December 30, 2017. The depreciated replacement cost declined to $1,470,000 after two years. If there is a need to gross up, round off percentage to whole number and to nearest dollar.

Required -

1. What is the carrying amount of the equipment on December 31, 2020?

2. What is the balance of the revaluation surplus immediately after revaluation?

Reference no: EM133001539

Questions Cloud

What are some issues that are occurring in industry today : What are some issues that are occurring in the industry today? What am interested in learning about pertaining to my background and future profession
What is Jessie basis in Restaurant Ventures LLC : Jessie's basis in the building was $25,000. Restaurant Ventures LLC assumed the mortgage balance. What is Jessie's basis in Restaurant Ventures LLC
Determine the optimal order quantity : Determine (a) the optimal order quantity, (b) the order frequency, and (c) the annual holding and setup cost. If, through automation of the purchasing process
Prepare a statement of owner equity for the year : Road Runner Delivery Services reported a net loss of $34,500. Prepare a statement of owner's equity for the year ended December 31, 20Y3
What is the carrying amount of the equipment on December : The replacement cost of the equipment is $2,400,000 on December 30, 2017. What is the carrying amount of the equipment on December 31, 2020
What is the amount of Star Corp gross profit : During 2020, Star Corp had gross sales of $300,000,000 and returns of $10,000,000. What is the amount of Star Corp.'s gross profit
What is a computer virus : Question - What is a computer virus and how do organisations protect themselves from computer viruses? Illustrate your answer with examples
How much are cash payments for interest : Interest Payable was $45,000 at the beginning of the year and $55,000 at the end of the year. How much are cash payments for interest
Determine any borrowing that would be needed : A cash budget. Show the budget by month and in total. Determine any borrowing that would be needed to maintain the minimum cash balance of $67,000

Reviews

Write a Review

Managerial Accounting Questions & Answers

  How many units of product bold would need to be sold next

Pass any on to its customers in the form of raised prices how many units of product Bold would need to be sold next round to break even on the product?

  What will be the total manufacturing cost for this line

Presley Products Inc. is a manufacturer of limited edition dolls. They use operations costing to measure and track the costs incurred for specific product lines.

  How skill set for modern day management accountant

Comparing Employee requirement to management accounting roll to the literature suggestion? how Skill set for modern day management accountant?

  Determine the after tax net cash inflow on the investment

Determine after tax net cash inflow on the investment. The asset to be depreciated using straight line method with no savage value and tax rate is 40 percent.

  Wellington chemicals division

One common approach in analyzing a situation like to prepare a comprehensive, multi-year cash spreadsheet for the various options

  Determine total cost of ending inventory for tucson company

Determine the total cost of the ending inventory for Tucson Company. Tucson determines inventory quantity by a physical count of inventory

  Calculate the net present value and profitability index

Calculate the net present value and profitability index of each machine. Assume a 9% discount rate

  Prepare the journal entry to record the payment of interest

On January 1, 2020, Crane Company issued $505,000, 10%, 10-year bonds at face value. Prepare the journal entry to record the payment of interest

  Find what is the ending balance of accounts receivable

Find What is the ending balance of accounts receivable for September assuming uncollectible balance is written off after the second month?

  Discuss the importance of keeping score in business

Question - Discuss the importance of "keeping score" in business. Discuss what information should be shown and to whom it should be shown

  Prepare the sales budget for the second quarter

At the beginning of the second quarter, Zachry Berhad had 4,000 units of inventory. Prepare the Sales Budget for the second quarter

  Compute the accounting rate of return for this equipment

Costs Materials, labor, and overhead (except depreciation on new equipment) 80,000. Compute the accounting rate of return for this equipment

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