What the amount that sunland should record as depreciation

Assignment Help Financial Accounting
Reference no: EM132708710

On January 1, 2019, Sunland Corporation acquired machinery at a cost of $1600000. Sunland adopted the straight-line method of depreciation for this machine and had been recording depreciation over an estimated life of ten years, with no residual value. At the beginning of 2022, a decision was made to change to the double-declining balance method of depreciation for this machine.

Problem 1: The amount that Sunland should record as depreciation expense for 2022 is

Option 1: $160000.

Option 2: $0.

Option 3: $320000.

Option 4: $480000.

Reference no: EM132708710

Questions Cloud

Give an example of one that would pose a threat : Stakeholder conflict can occur when the goals, Give an example of one that would pose a threat to the long-term valuation of a firm.
Which cost flow method should Quality Diamonds select : Quality Diamonds carries only one brand and size of diamonds - all are identical. Which cost flow method should Quality Diamonds select
Explain the nature of the gain : Maria meets all of the requirements of § 1237 (subdivided realty). Explain the nature of the gain (i.e., ordinary income or capital gain).
What is the warranty expense : One Company sells 500 laptop computers in 20X9 for $100,000 each. In 20X9, the company actually incurs warranty cost of $1,000,000. What is the warranty expense
What the amount that sunland should record as depreciation : On January 1, 2019, Sunland Corporation acquired machinery, What the amount that Sunland should record as depreciation expense for 2022 is?
Prepare journal entries for the transactions occurred : Prepare journal entries for the transactions occurred in 2017 and make the appropriate entry to apply the fair market valuation for these investments
What amount will be debited to construction in process : Cullumber Inc., a real estate developing company, What amount will be debited to Construction in Process account, to record the change at beginning of 2021?
What is the labor rate variance : The job was completed in 540 hours and the average actual labor rate was $18.20 per hour. What is the labor rate variance
Find what is the amount of depreciation expense on machine : Find what is the amount of depreciation expense on this machine that should be charged in Carla Vista's income statement for the year ended December 31, 2022?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Find what would incomplete units physically look

Find what would incomplete units physically look like at the end of any given part of the process? For example, at end of the distillation process and then at end of the final bottling process

  Compute the break-even point in dollar sales for year

[The following information applies to the questions displayed below.] Astro Co. sold 19,500 units of its only product and incurred a $45,700 loss (ignoring taxes) for the current year as shown here. Compute the break-even point in dollar sales for ye..

  Calculate the initial investment associated with purchase

Calculate the initial investment associated with the proposed purchase of the new machine in the three steps shown below. Show calculations.

  Prepare the journal entries to record income taxes

Kamtech Properties uses straight - line depreciation for financial reporting purposes for equipment costing $1,000,000 and with an expected useful life of four years and no salvage value. For tax purposes, the deduction is 40%, 30%, 20% and 10% in th..

  Preparation of cash flow statementuse the following

preparation of cash flow statement.use the following information to prepare a cash flow statement for oju company for

  Edgar a widower is a retired trade executive in 2011 edgar

edgar a widower is a retired trade executive. in 2011 edgar received 200000 in pension payments 30000 in interest from

  Local government was awarded a federal grant

The federal government provided the funds the following months. The local government would recognize revenues for the fiscal year ended June 30, 2009 in which amount?

  Purchase of treasury stock as a reduction

What is the reasoning behind treating the purchase of treasury stock as a reduction in stockholders' equity as opposed to treating it as an investment asset?

  Earnings per share-return on common stockholders equity

The comparative statements of Osborne Company are presented here. OSBORNE COMPANY Income Statements For the Years Ended December 31 2014 2013 Net sales $1,894,859 $1,754,819 Cost of goods sold 1,062,859 1,010,319 Gross profit 832,000 744,500. Earning..

  Briefly explain the impacts if any of business risk

Briefly explain the impacts, if any, of business risk and financial risk of all-equity and leveraged firms on respective weighted average costs of capital.

  Do lays and walmart would use the same method

What do you need to take into consideration when setting an inventory method? do you think Lays and Walmart would use the same method?

  Describe types of input edits used data in payroll system

Describe the types of input edits used for the following data in a payroll system.

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