Reference no: EM133057449
Question -
Q1. A refrigerator used by a meat processor has a cost of $198,000, an estimated residual value of $30,500., and an estimated useful life of 15 years. What is the amount of the annual depreciation computed by the straight-line method?
Q2. John Deere acquired a tractor on January 1st at a cost of $44,800 that has an estimated useful life of 16 years. Assuming that it will have no residual value, determine the depreciation for each of the first two years
a. by the straight-line method
b. by the double-declining balance method. Round to the nearest dollars.
Q3. Equipment acquired on January 1, 2015, at a cost of $147,500, has an estimated useful life of 8 years and an estimated residual value of $17,500.
a. What was the annual amount of depreciation for the years, 2015, 2016, 2017, using the straight-line method of depreciation?
b. What was the book value of the equipment on December 31, 2017 / January 1, 2018?
c. Assuming that the equipment was sold on January 1, 2018, for $95,000, determine the gain or loss on the sale and prepare the entry to record the sale.
d. Assuming that the equipment had been sold for $100,000 instead of $95,000 what difference would that make and prepare the entry to record the sale.
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