Reference no: EM133088786
Questions -
Q1. On January 1, 2020, AUS Company purchased a depreciable asset for $200,000. The estimated salvage value is $20,000, and the estimated useful life is 20 years. The straight-line method used for depreciation. What is the depreciation for 2021?
Q2. Lebanon Company purchased a depreciable asset for $400,000. The estimated salvage value is $20,000, and the estimated useful life is 20,000 hours. Lebanon used the asset for 2,200 hours in the current year. The activity method used for depreciation. What is the depreciation expense on this asset?
Q3. On 1-1 2020, UAE Company purchased a depreciable asset for $ 300,000. The estimated salvage value is $20,000, and the estimated useful life is 16 years. The double-declining balance method used for depreciation. What is the depreciation expense for the 2021 on this asset?
Q4. On January 1, 2020, Samsung Company purchased a new machine for $4,200,000. The new machine has an estimated useful life of 18 years and the salvage value estimated to be $150,000. Depreciation was computed on the sum-of-the-years'-digits method. What is depreciation expense for 2021?
Q5. Sharjah Corporation owns machinery with a book value of $380,000. It is estimated that the machinery will generate future cash flows of $400,000. The machinery has a fair value of $280,000. What is the impairment loss if any and give the journal entry?
Q6. In March 2020, Dubai Mines Co. purchased a coalmine for $6,000,000. Removable coal estimated at 1,500,000 tons. Dubai is required to restore the land at an estimated cost of $720,000, and the land should have a value of $630,000. The company incurred $1,500,000 of development costs preparing the mine for production. During 2020, 450,000 tons removed and 300,000 tons sold. The total amount of depletion that Dubai should record for 2020 is?
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